LESSON NOTE: SS2 LESSON 1 WEEK 1 BANKING SYSTEM, CENTRAL BANK & SPECIALIZED INSTITUTIONS Notes: BANKING: Is all activities involved in the collection of deposits and providing loans for business dealings. BANK: Is an institution that provides safety to money and valuables, and loans for business dealings. BANKING TERMS: · ASSET: Resources of a bank. Ex. Land , buildings, vehicles, equipments, money etc · LIABILITY: What the bank is responsible for. Ex. Customers’ deposit, bills, reserves, debts etc. · CREDIT: Money. · LOAN: Arrangement for borrowing from a bank and paying back after a fixed time with interest. · OVERDRAFT: A way of borro...