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Abstract
Financial system is characterized by the presence of an integrates, organized and regulated financial markets, and institutions that meet the short term and long term financial needs of both the household and corporate sector. The financial system is possibly the most important institutional and functional vehicle for economic transformation. Finance is a bridge between the present and the future and whether it be the mobilization of savings or their efficient, effective and equitable allocation for investment, it is the success with which the financial system performs its functions that sets the pace for the achievement of broader national objectives.