COOPERATIVE THRIFT AND CREDIT SOCIETY SYSTEM
Abstract
The development of a Cooperative Thrift and Credit Society System (CTCSS) for Cooperative Societies was the goal of this project. After doing a preliminary analysis of the current manual system, a web-based application was created. On the ASP.NET platform in the visual studio integrated development environment (IDE), we used the C# programming language, which is pronounced as C sharp, and Microsoft SQL Server was used as the database to implement the software. A mechanism that can be utilized to address issues and facilitate management in cooperative societies was created as a result.
CHAPITER 1
INTRODUCTION
1.0 Study’s Background
According to Godly and Wilfred (2011), the thrift and credit co-operative was the first cooperative to be established anywhere in the globe. Traditional contribution societies existed in Nigeria prior to the development of the modern co-operative thrift and credit society, which started in England in 1844 during the Industrial Revolution when workers throughout Europe lived in tremendous suffering. The Yorubas called them “Ajo,” the Hausas called them “Adashi,” and the Igbos called them “Isusu”s (Oseni, Ogunniyi, & Sanni, 2012). Co-operative membership is optional and open to all individuals who can use their services and are prepared to accept the obligations of membership, regardless of their social, political, religious, or gender identity (Yebisi, 2014). According to Kareem, Arigbabu, Akintaro, and Badmus (2012), it is a firm that was voluntarily created, functioning at cost, and owned, capitalized, and controlled by member customers as users, sharing risks and gains according to their involvement.
In a society where obtaining loans is challenging and people hardly ever meet the requirements of financial institutions to obtain loans, cooperatives help their members improve their business operations by giving them loans at low interest rates, giving them access to credit facilities, extension and advisory services, providing them with infrastructure for conducting business activities, and assisting the members with saving so they can raise enough capital for loans. Savings will lead to capital accumulation that will be used for investments, resulting in economic growth and ultimately bettering members’ businesses. By their very nature, cooperative organizations serve as a powerful tool for community development, fostering chances for small company development, family house construction, and child education (Muhammad, 2014). Cooperatives are established to address shared needs. based on the potent notion that when a group of people works together, they can accomplish something that no one person could do by themselves (Dogarawa, 2005).
1.1 Description of the Issue
Some factors that hinder cooperative development contribute to the poor social and economic development of the nation; these factors led to poor management of the business because of the project’s personnel. Poor managerial ability and ignorance are the main causes of the cooperative societies’ slow development. The issue with cooperative development is also a result of dishonesty in the leadership; several instances of fund misappropriation among cooperative practitioners as a result of errors in the cooperative society’s financial statements have a negative impact on the development of cooperative societies. The amount of time needed to analyze, validate, and do other CTCS-related tasks is another significant barrier for society. Therefore, the purpose of this study is to analyze, design, and create a reliable cooperative thrift and credit society application for managing CTCS operations, as well as to determine the extent to which an automated CTCS can aid in resolving issues related to the manual system of managing a CTCS.
1.2 Purpose and Goals
The purpose of this study is to design a web portal with the following goals in mind in order to develop a cooperative thrift and credit society application for managing the CTCS’s activities. System of Credit Societies
1. Create an online CTCS membership registration system.
2. Create a thorough loan application, approval process, and cooperative loan administration system.
3. Create a strong platform for dividends and joint investments for the benefit of members. System of Credit Societies
1.3 Importance of the Research
The suggested system will enable high level accuracy in financial transactions involving the cooperative society, such as loan application and disbursement of money, cooperative investment, and dividend sharing. It will also enable fast, effective, and reliable information processing. Members will have immediate and effective access to information, such as updates to policies, rules, and meetings, through alerts sent via electronic mail (e-mail) and short message service (SMS). Information management in a cooperative society that is efficient and quick. System of cooperative thrift and credit unions
1.4 Study’s Purpose and Limitations
The study’s scope includes automating cooperative thrift and credit society operations like online registration, online loan applications, special target savings, dividend sharing, savings withdrawal applications, membership withdrawal applications, and email and SMS alerts to members. However, the proposed system won’t be linked to a real payroll system, and online member payments won’t be implemented, so it won’t be possible to use electronic payment methods like PayPal. System of cooperative thrift and credit unions
Leave a Comment