A type of credit offered by both commercial and merchant banks in Nigeria is?

Assessment: JAMB UTME - Commerce - 2005 Subject: Commerce

Question 1 Report

A type of credit offered by both commercial and merchant banks in Nigeria is?
Answer Details
The type of credit offered by both commercial and merchant banks in Nigeria is an overdraft. An overdraft is a type of credit that allows an account holder to withdraw more money than they have in their account, up to a pre-agreed limit. It is a flexible form of credit that is often used by individuals and businesses to manage short-term cash flow problems. The interest is charged only on the amount that is borrowed and for the period it is borrowed.
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