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Question 3 A financial intermediary is an institution or individual that serves as a middleman among diverse parties in order to facilitate financial transactions. Common types include commercial banks, investment banks, stockbrokers, pooled investment funds, and stock exchanges. a) Discuss the role of banking and non-banking financial institution towards the soundness of the financial system. (4 Marks) b) The banking institution, especially the commercial banks are more important for economic development than other financial institutions. Briefly explain. (3 Marks)