STUDY ON CO-OPERATIVE THRIFT AND LOAN SOCIETY.
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STUDY ON CO-OPERATIVE THRIFT AND LOAN SOCIETY.
ABSTRACT
The research project is titled “Co-operative Thrift and Loan Society of the Federal Ministry of Industry and Technology, Owerri, Imo State.” The study was inspired by the need for the award of a Higher National Diploma in Co-operative Economics and Management from the Institute of Management and Technology (IMT), Enugu. It sought to uncover the causes of the study of a cooperative thrift and lending association in Owerri, Imo State.
To address the research issues, both primary and secondary data were collected. The data were collected via a questionnaire and an oral interview. The respondents included members of the society, its employees, and some staff members from the Federal Ministry of Commerce and Industry in Owerri, Imo State.
Data was organised and presented using frequency tables, percentage charts, and degrees. Data analysis and interpretation yielded the following results, among others.
A. LOAN DISBURSEMENT.
Some dishonest leaders among the members, something fails to disburse the loan to the members, resulting in present and misappropriation of funds among cooperative practitioners.
B. Loan Recovery/Repayment
Some members fail to repay the debt when it is scheduled to be paid back to the society.
C. Loan defaulters
Some loan defaulters frequently fail to authorise the deduction of their funds when owed to society.
D. The cooperative thrift and loan society does not conduct an external co-operative audit. The study concludes that there is a problem with co-operative thrift and lending societies in that they fail to adequately meet the financial needs of their members.
This is due to a variety of issues, including inadequate administration and a lack of cooperation in society, among others. If the recommendations given above are implemented, the society’s members will be satisfied.
Chapter one
1.0 Introduction
This chapter discusses the study’s background, problem statement, aims, significance, research questions, scope, and definitions.
1.1 Background of the Study
The purpose of a credit society is to generate a draw of funds. It has been charged since its inception with establishing and developing a members-owned and controlled co-operative finance system.
The most significant barrier to achieving goals is a lack of funds. This society promotes the expansion of micro and other credit facilities to both rural and urban areas in order to stimulate economic activity, create jobs, and increase the standard of living.
As a result, co-operators have put a lot of thought and effort into establishing their own financial institutions in order to gather the financial resources needed to supply the numerous services required by modern co-operative businesses.
Farmers Co-operatives’ credit troubles sparked broad public concern, prompting the formation of the first extensive co-operative finance association in the farming sector, however consumer co-operatives have also needed additional financing.
Those days, citizens assisted themselves through community efforts and personal or group savings. In Ibo land, for example, “Isusu” clubs served as a platform for collecting savings from members of society.
The members agreed on how the money would be distributed as loans to members. The problem of “Isusu” was that members did not always receive the money they required.
As a result of credit shortages, there was a need for cooperative thrift and loan societies to counteract the faults and weaknesses of the “Isusu Clubs.”
A cooperative Thrift and Loan Society is a cooperative society that offers its members a quick and secure way to earn income. This is best suited for employees in a single organisation. These workers pay for their savings and loans with their wages.
They do not typically have a consistent weekly or daily income, but rather receive a relatively significant sum of money at the end of the month, allowing them to deduct their payment from the lavish spending that so often occurs when money is in the pocket.
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