In order to develop the banking habit of rural dwellers, the traditional money lenders should...
ECONOMICS
WAEC 2013
In order to develop the banking habit of rural dwellers, the traditional money lenders should be
- A. proscribed
- B. legalized
- C. subsidized
- D. heavily taxed
Correct Answer: C. subsidized
Explanation
In order to inculcate saving culture among rural dwellers, the activities of local money lenders in the area should be supported financially. The government or financial institutions can step in the gap and borne up some of the operational cost of the local lenders by granting credit facilities with little or no interest.
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