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Functions of building societies

Answer Text:
functions of building societies:
definition:
- Are societies that aim at helping their customers acquire real estates
- They are registered by the building societies Act but controlled by the central bank.
- Account holders in these societies are considered as owners rather than customers.
Functions:
-they offer mortgages that assist individuals to buy or put up residential houses.
-they build housing estates which are sold to members of the public by selling housing bonds.
-they are able to develop housing units and earn income to investors.
-they offer fixed deposits accounts and savings
accounts to members of the public.