One major advantage of a Credit and thrift Cooperative is that
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POST UTME OAU
One major advantage of a Credit and thrift Cooperative is that
- A) there are no legal restrictions
- B) each members has a vote during meetings
- C) it encourages saving habit
- D) it can approach government for a loan
Correct Answer: C) it encourages saving habit
Explanation
One major advantage of a Credit and thrift Cooperative is that it encourages a saving habit. This means that by being part of the cooperative, members are encouraged to save money regularly. This is important because saving money can help individuals and families to be financially secure and be prepared for unexpected expenses or emergencies.By saving money in the cooperative, members can also have access to loans when they need them. This is because the money saved by the members is used to provide credit to those who need it. So, being part of a Credit and thrift Cooperative not only helps members save money, but it also gives them the opportunity to borrow money when they need it.
In summary, one major advantage of a Credit and thrift Cooperative is that it encourages a saving habit. This helps members to be financially secure and have access to loans when they need them.
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