COOPERATIVE THRIFT AND LOAN SOCIETY
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COOPERATIVE 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 investigation concludes that the co-operative thrift and lending society fails to meet the financial needs of its members fairly.
This is due to a variety of issues, including inadequate administration and a lack of cooperation in society, among others. The society will satisfy its members if the above-mentioned guidelines are implemented.
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