THE ROLE OF CO-OPERATIVES THRIFT AND CREDIT SOCIETIES IN PROMOTING MEMBERS ECONOMIC PROBLEM AND PROSPECT.
(A CASE STUDY OF A SELECTED COOPERATIVES THRIFT AND CREDIT SOCIETIES IN ENUGU SOUTH LOCAL GOVERNMENT AREA, ENUGU STATE.)
This study title, the role of co-operative thrift and credit societies in promoting economic welfare, problem and prospects in Enugu South, Local Government Areas, Enugu State. The purpose of the study is to know the role of cooperative thrift and credit societies in promoting their member, economic welfare, challenges, contributions to the rural development in Enugu South Local Government Area. This study covered 399 members of succeeded co-operative thrift and credit societies. Due to the large population, the researcher used Yara Yamani formular to determine the sample size. Questionnaires and oral interview were used to collect data from the member of the societies. A simple percentage were used to analyze the data collected based on the analysis of the analyze of the societies who are analysis of the societies who are mainly business men are titling their possible blest to limit the liabilities through thrift savings, share capital contribution. I suggested that the societies must promote the interest, welfare, economic and social welfare of member so as to be encouraged in thrift savings. The societies must grant credit facilities to less prashade business men to develop their scale business and to start a new business.
TABLE OF CONTENT
Title page … … … … … … … … i
Approval page… … … … … … … … ii
Dedication … … … … … … … … iii
Acknowledgement … … … … … … … iv
Abstract … … … … … … … … … vi
Table of content … … … … … … … vii
1.1 Background of the study… … … … … 1
1.2 Statement of problem … … … … … 2
1.3 Research question/hypothesis … … … … 3
1.4 Research hypothesis … … … … … 5
1.5 Significance of the study … … … … … 6
1.6 Scope and limitation of the study … … … 7
1.7 Definition of terms … … … … … … 8
Review of Related Literature Review
2.1 Meaning of co-operative thrift and credit union…10
2.2 List of co-operative thrift and credit societies in
Enugu state (Enugu south local) … … … 11
2.3 Functions of co-operative thrift an credit societies
Societies in Nigeria … … … … … … 12
2.4 The meaning of economic members welfare … 15
2.5 The meaning of economic members welfare.. 20
2.6 The role of cooperative thrift and credit Societies
in promoting members economic welfare … … 23
2.7 Problems … … … … … … … … 26
Reference… … … … … … … … 29
Summary of Findings, Conclusion and Recommendations
3.1 Summary of Findings … … … … … 30
3.2 Conclusion … … … … … … … 31
3.3 Recommendations … … … … … … 31
Bibliography … … … … … … … 33
This project is based on the role of corporative thrift and credit societies in promoting member Economic Welfare.
1.8 BACKGROUND OF THE STUDY
The corporative thrift and credit societies are interested in saving and making provision of credit facilities to their customers and in turn members solve their social economic problem. They have been in existence over Ages, solving the problems of business men, generating micro scheme program serving as a bank to the rural directors.
In the 18th century Friendrich Wilhelm Rafecissen saw the poverty and hardship of farmers, he tried to help in the light of these he thought out a plan for a cooperative thrift and credit societies in which the good men fund available as loans to co-operative members. The procedure is that the member is to present two guarantors, who had to be members of the societies, this aim at providing loans to members and also promoting the welfare of their members either social or economic.
In the course of this study we will determine the role of co-operative thrift and credit society in promoting their member economic welfare knowledge their problems and prospects of their rote.
1.9 STATEMENT OF PROBLEM
The co-operative thrift and credit societies have tried their possible best in promoting their member interest. The need for this society is to have these members united employed, solving their problem but lack of finding in their business becomes their major problem.
Despite the impact to promote their interest; some of them could not utilize their credit. Even their little saving could not fetch them any lively hold because of their interest surcharged. Some of them are afraid of the liquidation of the society while some are ignorance of saving their money in the bank.
1.10 RESEARCH QUESTION/HYPOTHESIS
1. Do the co-operative thrift and credit societies promote their members economic welfare in Enugu South Local Government area of Enugu State?
2. What effort do the co-operative thrift and credit societies members made in building, their societies.
3. Is the non member of co-operative thrift and credit society active or the business (societies).
4. What impact have the society made to alleviate poverty in the rural areas.
5. Do bank assist the society in terms of credit facilities during bankruptcy.
6. What are the obstacle facing the co-operative thrift and credit societies in promoting their members Economic Welfare.
7. What are the percentage of the four old co-operative thrift and credit facilities and savings capacity.
8. What is the level of Government assistance in the provision and creation of more co-operative thrift and credit societies in Enugu South Local Government Area Enugu State.
1.11 RESEARCH HYPOTHESIS
i. To know if the co-operative thrift and credit societies members economic welfare is promoted.
ii. To know the effort made by the co-operative thrift and credit societies members in building their societies.
iii.To know the activeness of non members; the impact of the society in alleviating poverty.
iv.To know the obstacle facing the co-operative thrift and credit societies with credit in promoting their members economic welfare.
v. To know if the bank do assist the co-operative thrift and credit societies with credit facilities.
vi.To know the level of Government assistance in the Parisian and evocation of more co-operative thrift and credit in Enugu South Local Government Area, Enugu State.
1.12 SIGNIFICANCE OF THE STUDY
This case study will help to explain in details the co-operative welfare in Enugu State. It will also show case the role in granting micro credit finance to all growing business men for the development of the small scale business.
This work will also serve as a book for reference which anybody can use to study on the subject matter.
This is also a partial fulfillment for the award of National Diploma in Co-operative economics and management of the department co-operative economics and management Institute of Management and Technology, Enugu State.
1.13 SCOPE AND LIMITATION OF THE STUDY
a. The scope of this study is limited to the role of co-operative thrift and credit societies in promoting their members economic welfare in Enugu South Local Government Area of Enugu State as a case study.
b. The limitation factors to this work are as follows.
i. The researcher is short of find for this for that reason; the research coverage was affected.
ii. Time factor: This school programmes coupled with the short time for this project writing did not allow for a much detailed job. Thus there was not enough time for the Study/Research.
iii. Attitude and behavior: The reluctance and lack of openers of the co-operative and respondents in Enugu towards the Questionnaires forwarded to them and information received could not complete the analysis.
1.14 DEFINITION OF TERMS
i. Credit: This is the find/money borrowed so as to payback with interest rate by the society’s member or non member.
ii. Thrift: Care economy in the use of money or goods
iii. Co-operative: This is a process by which a group of persons who are banded in co-operative in order to achieve same goal or solve their problems. In other words according to (I.C.A 1995) it is the association of person united voluntary to meet their Social, Economic goals and aspiration through a jointly (owned) Demo or ethically controlled venture.
iv. Economic welfare: This is the interest of every society member to achieve (e.g) share/divided.
v. Members: This is a name given to the society groups. In otherworld’s, a member of a co-operative is a person who have meet up with membership requirement who have been found wordy to be a member.