CO-OPERATIVE THRIFT AND CREDIT SOCIETY

CO-OPERATIVE THRIFT AND CREDIT SOCIETY

ABSTRACT

The cooperative thrift and loan society research project (A case study of African thinkers and credit societies). The goal of this five-chapter study was to identify the factors that led to cooperative collective thrift and loan organizations being established in the African intellectuals’ community of The Enugu state. The respondent was made up of members of the cooperative society, particularly in African thinkers in Enugu, Enugu State, and both primary and secondary data were collected in order to solve the research problems. The research instruments used to collect the data were a questionnaire and an oral interview. Frequency, distribution tables, charts, percentages, and degrees were utilized to organize and present the data obtained. Data analysis and interpretation aided in the decision-making process regarding the results and recommendations.

1.0    INTRODUCTION

The background, statement of the problems, purpose, significance, research questions, scope, and definition of the study are all covered in this chapter.
A credit society’s main goal is to attract money.

1.1    BACKGROUND OF THE STUDY

A credit society’s main goal is to attract money. The biggest barrier to goal fulfillment is money, hence it has been charged from the start with designing and constructing a cooperative financial system that is owned and controlled by its members. This society supports the provision of microcredit and other credit facilities to both urban and rural areas in order to stimulate their economies, generate jobs, and improve the quality of life.

Since credit issues with farmers’ cooperatives caused significant public concern and led to the formation of the first bides plead cooperative finance association in the farming sector, although consumers’ cooperatives have also experienced the need for more credits, cooperatives have given much thought and effort to setting up their own financial institutions in order to marshal the financial resources necessary to provide many services.

In those days, people supported themselves through communal efforts as well as individual or group savings. For instance, in Igbo Land, “Isusu” clubs offered a forum for members to save money, and the members decided how the money would be distributed as loans to their members. However, “Isusu” had the drawback that members would always receive the money when needed, which led to problems with a lack of credit.

A cooperative society that offers its members easy and safe ways to earn income is the cooperative thrift and loan society. This works well for employees of a single company. These employees use the source of their income to pay for their loans and savings. They typically don’t have a consistent weekly or daily income but instead receive a sizable chunk of money at the end of the month, allowing them to subtract their salary from the lavish spending that so frequently takes place when there is money in the packet.

1.2    STATEMENT OF THE PROBLEM

There are always workers They need a loan that will be given to them for production or an emergency, while I need money to cover an investment or retirement provision. But despite all of their efforts, credit cooperatives continue to have low or declining productivity when it comes to meeting the needs of their members, particularly in rural and sub-urban areas. This productivity is particularly low in these areas because some of the members have lost interest in their community. Does the lack of cooperation among the cooperative members account for the low output in their services?

1.3    PURPOSE OF THE STUDY

The overall goal of the study is to identify the issue with the cooperative thrift and loan society in Enugu State, Africa, and to always access how the society operates in relation to its members. This includes figuring out where the money comes from, how members obtain loans, and how they repay those loans.
to learn how frequently African thinkers’ cooperative organizations are inspected by the director of cooperatives. The impact of Enugu State on the efficient operation of cooperative thrift and loan societies.

1.4    SIGNIFICANCE OF THE STUDY

The administration of cooperative societies, our society’s economy, and the institution of the researcher stand to benefit much if the study’s goals are met in the following manner.
To the co-operative thrift and loan society’s administration. It is important to look at how they plan and implement their budgets and assess how well they work, especially since that everyone is encouraged to join cooperative societies by camping out. The purpose of this study is to ascertain why cooperative thrift and lending institutions do not prosper as much as other cooperative society.
The committee members will also be aware that the cooperative thrift and loan society needs to accomplish its goal in order for its existence to be justified. In this study, the co-operative thrift and loan society’s members will be made aware of the crucial role they must play to ensure the survival of the organization. Cooperatives must cooperate with management in accordance with their self-help values.
As a result, everyone should work hard to forward the society’s objective so that everyone has the opportunity to vote and be elected.
The issue with cooperative lending and thrift has a solution. Also, if improved, they can borrow money from the effective administration of their cooperative thrift and lending society.

The existence of cooperative thrift and lending societies will be very beneficial to society as a whole since they will significantly help to solve the nation’s problems with unemployment.
Also, if co-operative thrift and loan society production is increased, our economy’s national revenue will rise.
This has given the researcher access to several articles in her area of study and given her in-depth knowledge of cooperative practice.

1.5    SCOPE OF THE STUDY

Nevertheless, the study will only focus on the cooperative thrift and loan society of the African Thinkers Thrift and Credit Association in Enugu State. The researcher of this study sought to investigate the issues facing cooperative thrift and loan societies in African Thinker Enugu.

1.6    RESEARCHER QUESTIONS

1. Does the cooperative thrift and loan society meet the needs of its members?
2. Does cooperative inspection do poorly?
3. Do cooperative thrift and loan societies practice cooperation?
4. Do cooperative thrift and loan society management committees apply cooperative law and principles to their management?
5. Does having members leave frequently affect cooperative thrift and loan societies?
6. Do co-operative thrift and loan society members who owe money pay their debts when they are due?

1.7    Definition of terms 

A co-operative society is a group of people who have come together voluntarily to work toward a common objective through the establishment of a democratically controlled organization while contributing an equitable amount of the necessary capital and accepting a fair share of the risk and reward of the venture in which the members actively participate.
The co-operative thrift and loan society, on the other hand, is a group created at a workplace for the purpose of enabling employees to save a portion of their salary.