This project work is on the design of impact of cooperative thrift and loan societies on workers with the selected cooperative society (ORCS) Enugu State. The project is based on the loaning of savings to members and the organization. Cooperative thrift and loan society in Enugu (ORCS LTD) offer reliable (Enugu) cooperative society limited was established with the aim to mobilize capital and give loans to the members at the end of the period (usually one year0 and with the opinion of making savings to raise money to be loaned to members (workers) which is to be refund in split or bulk at the end of 10 months of loaning with interest. The findings of this study will help to assess the performance of the cooperative thrift and loan society and the role it could play in finding their economic business growth and expansion when properly organized and managed. Finally the knowledge that the progress of this societies will eventually lead to a better economy to the nation at large.

TABLE OF CONTENT

Title page- - - - - - - - - - i

Approval page- - - - - - - - - ii

Dedication - - - - - - - - - iii

Acknowledgement - - - - - - - - iv

Abstract - - - - - - - - - - v

Table of content - - - - - - - - vi

CHAPTER ONE

1.0 Introduction - - - - - - - - 1

1.1 Background of the study- - - - - - 3

1.2 Statement of the problem- - - - - - 5

1.3 Objective of the study -- - - - - - 7

1.4 Significance of the study - - - - - - 8

1.5 Scope and limitation of the study - - - - - 9

1.6 Definition of term. - - - - - - - - 11

CHAPTER TWO

2.0 Review of literature - - - - - - - 13

2.1 History of cooperative - - - - - - - 16

2.2 The nature of cooperative - - - - - 19

2.3 Origin of cooperative thrift and loan societies - - 21

2.4 The nature of cooperative thrift and loan - - - 22

2.5 Contribution and problems of cooperative thrift

and loan societies -- - - - - - - 25

CHAPTER THREE

3.0 Research design and methodology - - - - 27

3.1.1 Sources of data - - - - - - - - 28

3.1.2 Primary data - - - - - - - - 28

3.2 Sample procedure-- - - - - - - 29

3.3 Return of completed questionnaire - - - - 30

3.4 Method of data analysis - - - - - - - 33

CHAPTER FOUR

4.0 Summary of findings, conclusion and Recommendation -35

4.1 Summary of findings - - - - - - - 35

4.2 Conclusion - - - - - - - - - 37

4.3 Recommendation -- - - - - - - 37

Bibliography -- - - - - - - - 39

Appendix - - - - - - - - - 40

CHAPTER ONE

1.0 INTRODUCTION

For concise understanding of impact of cooperative thrift and loan society on workers, this study attempts to investigate on the effects of cooperative thrift and loan societies on workers. This is necessary to examine it because it is classified as one of the societies under the primary level.

This society cooperative thrift and loan was designed for saving and loaning out of money to workers that needed money. The money is been paid back with interest.

The cooperative thrift and loan society in Enugu [ORCS LTD) offer Reliable(Enugu)Cooperative society was established with the aim to mobilize capital and give loans, to the members at the end of the period (usually one year) and with the opinion of making saving to raise money to be loaned to members (workers) which is to be refund in split or bulk at the end of 10 months of loaning with interest.

Offer Reliable (Enugu) cooperative society was established by the sum of 10 committee members of which only one among (initiator) has the knowledge of cooperative thrift and loan.

Offer Reliable (Enugu) cooperative society (ORCS) was established on the 31^st of Jan. 2007 and was certified by the Nigeria cooperative society Dec. 1993 under section 4 and was registered under section 5c, of the Nigeria cooperative Decree 1993 as No AB 7295 on the 22^nd of March 2007

1.1 Background of the Study

The sprit of cooperative has been common feature among Nigerians from earlier time. This has always been manifested in the existence of traditional cooperative institutions that cut across all the ethical groups that make up today’s Nigeria.

According to Ogujiofor (2003:1) cooperative organization is an organization voluntarily owned and operated by people (owner/members) that have identified their social and economic needs and have fixed a common reliable objectives to respond to those needs.

Encyclopedia America (Vol. 7) defined a cooperative as a voluntarily economic association in which the members share the earned divided” the financial benefit that results from doing business at cost or without profit. The study embarks on the economic and financial impacts which the cooperative thrift and loan societies can have on workers and how they (society) can achieve one of their objective.

According to Okonkwo (2005:14), these societies are concerned with the mobilization or credit and making the same available to members at low cost for either production, marketing or consumption purposes. In this era, the society has impact to make on workers either in financing them or mobilizing credit and making it available for them. Despite that they may not meet up to the requirements due to some certain things it is known in this study that they specially make positive impacts on workers.

This society was first realized in Germany in the middle 19^th century by a man named Schulze Delitzseh, during his time hardship was pronounced, known in Europe as the hungry forties (Awund 1810’s) and the workers in Germany were in penury due to ability to borrow at cheap rate of interest etc.

In line with Schulze Delitzsch, Frederic Wihelm Rainfterson formed loan with association of poor and rich men alike, he experimented on self help association, where members made savings in the association and took loans when needed.

1.2 STATEMENT OF THE PROBLEM

In cooperative, due to the size and structural members encounter a lot of financial hardship which form serious constraints that have slowed the pace, of growth of the societies, such problems as identified include the following:

- The problem of fund generated from the various sources

- The interest rate

- The impact of management

- The maximum credit obtainable by members

- How long does the loan last

- Lack of savings habit

- Inability of the society to meet or fulfil the needs of its members.

- The relationship between the society and its environments, members and non-members management and members.

1.3 OBEJCTIVE OF THE STUDY

The objective of this study includes the following:

µ To know the aim of establishing thrift and loan society in cooperative, their activities at general level and to ascertain the benefits derive by members.

µ To ascertain the kind of service which the organization renders and make recommendation.

µ To examine the provision of regular thrift savings by member without such savings being removed from their control.

µ To encourage the spirit and practice of cooperative through self and mutual help

µ Encourage thrift and loaning among members.

µ To determine the extent of the benefits that members derive from the society

1.4 SIGNIFICANCE OF THE STUDY

This study will be of immense value and benefit to all members of cooperative thrift and loan society intending members and other cooperative organization. It will enable the members to have the basic principle on their finger tips and as business practice and to enable them take financial problems in the organization.

The finding of this study will help to assess the performance of the cooperative loan and thrift society and the role it could play in finding their economic/business growth and expansion when properly organized and managed. It is the researcher’s opinion that the result obtained will help lenders of this society to improve on their services.

Thus this will discourage apathy among members and the issue of inactive members and those that would want to liquidate the society.

Finally, the findings will also encourage the formation of new societies where non is existing. Improving operation will help promote economic social and cultural development of the action in general.

1.5 SCOPE AND LIMITATION OF THE STUDY

The cooperative thrift and loan society Enugu is used as the case study of this project, it benefits members derive and its problem.

In the source of this study, the researcher could not carryout the work extensively due to the following;

Finance - Research involves money e.g

transportation fees, website browsing are expensive and some research meager financial resources, due to this the research could not cover up everything.

Data information - The un- cooperative attitude of some

of the staff and even some members of the society made it difficult for the researcher to collect all the necessary information needed for the study.

There is also the fear that the researcher will expose some vital secrets of the society, this made it impossible for the researcher to collected all the relevant data.

1.6 DEFINITION OF TERMS

1. Cooperative: This is a form of organization where in persons voluntarily associate together on the basic of promotion of their interest.

2. Cooperative society: This is an association having legal existence formed by persons of modest means in order to promote and develop according to their occupation and the improvement of their economic conditions.

3. Voluntary: This refers as the action(s) those one choose to do rather than have been forced to do.

4. Thrift: Act of saving money that group of person or a person borrow, usually from bank, cooperative organization government or other private organization and have to pay back in smaller amount with interest.

5. Loan: The act of leading money out to a group of person or a person.