This post will show you 3 Financial Services Sector Services You Must Know About. If you want to operate or start a business in the financial service industry in Nigeria, then this post is just right for you.
About the financial services sector in Nigeria
The financial services sector is one of the most important and the most influential segments of the economy of Nigeria. It is, therefore, necessary for you to know the different services that comprise this sector.
This article looks at three different services under this segment of the economy.
What is the Financial Services Sector?
The primary function of the financial services sector is to make available financial services to the public. The International Monetary Fund defines financial services as, “not the financial good itself—say a mortgage loan to buy a house or a car insurance policy—but something that is best described as the process of acquiring the financial good.”
What Comprises the Financial Services Sector?
The financial services sector of the economy comprises both large and small firms. Though operations in this sector are dominated by large companies. This sector of the economy comprises financial firms like:
- Insurance firms
- Banks and credit unions
- Finance companies
- Investment houses
- Real-estate brokers
- Private equity and venture capital
Examples of Services under the Financial Services Sector
The following are examples of services under the financial services sector of the economy:
Banking Services
Banking services are the core operation under the financial services sector. They render services like direct saving and lending to people and organizations. These services are rendered by community banks, large commercial banks, and other entities.
Investment Services
Investment Services are other services rendered under the financial services industry. These services give individuals the opportunity to invest in the bond and stocks investment market.
There are investment brokers within this industry that take a commission after facilitating the buying and selling of these securities for people and organizations.
Insurance Services
Insurance services are also provided under the financial services sector of the economy. These services assist individuals and organizations to receive protection against death, injury, property loss or damage, or against lawsuits or liability.
In this industry, there are different professionals who operate playing different roles. There are brokers, insurance agents, underwriters, and reinsurers.
More about the Financial Services Industry
Financial services help people and organizations to put money to fruitful use. Customers can give their savings to firms in the financial services industry to put them in good investments that will bring a return on investment.
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