ZIMSEC O-Level Commerce (4049)
Banking and Money: notes
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Functions of money
Medium of exchange, store of value, measure of value, and standard for deferred payment.
Banks
- Commercial banks: keep deposits, lend, and offer cheques, cards and transfers.
- Reserve Bank of Zimbabwe: the central bank; it supervises banks.
Accounts
- Current account: cheques, no or low interest.
- Savings account: earns interest, limited withdrawals.
- Fixed deposit: money locked for a period at higher interest.
Mobile money
EcoCash and similar services send and store money by phone.
Common mistake
A cheque is an instruction to the bank, not money itself.
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