Financial institution definition in institutional finance to small industries
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The major categories of financial institutions include central banks, retail and commercial banks, internet banks, credit unions, savings and loans associations, investment banks, investment companies, brokerage firms, insurance companies and mortgage companies.
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➡️ The major Financial and Promotional Institution (SFPI) is a microfinance institution (MFI) that provides financial and non-financial services to around 37,000 farmers and low-income micro-entrepreneurs.Many small entrepreneurs rely on MFIs to get their businesses up and running.
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