Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money to conduct economic activities such as making a profit or simply covering operating expenses. A bank is a financial institution licensed to receive deposits and make loans. It also provides various financial services to customers. Then why is banking important? Because those who are unbanked or underbanked are hindering their financial lives from enjoying services that lead to financial well-being. Many must resort to services outside the banking system to cash checks or borrow loans and incur higher transaction fees and interest unnecessarily.
The Banking self-study module guides learners to get familiar with how bank and banking operate and provides tips for using financial tips.