The association that encourages savings for the benefit of its members is known as

JAMB Commerce 2024 139 views
Source: JAMB · 2024

The association that encourages savings for the benefit of its members is known as

  1. Consumer co-operative society
  2. Credit and thrift co-operative society ✓
  3. Consumer association
  4. Producer co-operative society
Explanation

Credit and thrift societies pool members’ savings and give loans to members.

Consumer cooperatives help members buy goods cheaply. Producer cooperatives help farmers sell products.

Thrift means saving money. These societies encourage saving and provide credit access.

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