Full Project – Social and economic benefits of cooperative thrift and loan societies

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CHAPTER ONE

1.0 INTRODUCTION

This chapter deals with background of the study, statement of the problems, objectives of the study, significance of the study, and research questions, scope and definitions of the study.

1.1 BACKGROUND OF THE STUDY

The essence of a credit society is to create a pull of fund. It has from its beginning been charged with the designing and building members owned and controlled co-operative finance system. This greatest handicap to goal attainment is fund. This society encourages the extension of micro and other credit facilities to rural and urban to galvanize their economic activities, which will create employment and raise the statement of human existence.

Consequently, co-operative have given much thought and effort in up their own financial institution so as to marshal the financial resources necessary to provide the many services necessary to provide the many services that modern co-operative business requires. It was largely the credit problems of farmers co-operative the arose major public concern and caused the first widespread co-operative the finance association to be formed in the farming sector, although consumed co-operatives have also encountered the need for more credits.

Those days, the citizens helped themselves by communal efforts as well as embarking on personal or collective savings. In Ibo land for instance, “Isusu” clubs provided a forum for collection of savings from members of the society. The members agreed on how the money was to be given out as loans to the members. Though the weakness of “Isusu” as that members dial not always get the money they needed. As a result of the problems of lack of credit there arose a need for cooperative thrift and loan society to combat the problems and short coming of the Isusu clubs.

A co-operative thrift and loan society is a co-operative society that provides its members with convention and secured means of interest. This is must suitable for is in one organization. These members pay for their savings and loans from the their savings and loans from the sources of their income.

They do not as a rule, have a regular weekly or daily income, but receive a comparatively large sum of money at the end of the monthly, which enable the deduction of their payment from the extravagant spending which so often occurs when there is money in the pocket.

1.2 STATEMENT OF THE PROBLEM

Members are always in need of money to meet up with emergency, investment or provision for their retirement, what they need is loan that will be granted to them from production or emergency purpose.

But in spite of all the effort of credit co-operatives, it is still experiencing low or decreasing productivity as it relates to the satisfaction in the rural and sub-urban areas. These are relatively low levels of productivity as some of the members are no more interested in their society. What are the causes of this low productivity in their services? Is it as a result of poor management, poor inspection by the co-operative assistance, lack of co-operation among the co-operators.

1.3 PURPOSE OF THE STUDY

The general objectives of the study is to determine the problem of the co-operatives thrift and loan society limited in Owerri, (FMKT), Imo state zone 1998-2004.

To determine the general federal polytechnic Nekede co-operative thrift and loan society and society in Owerri Imo state.

To access the operation of co-operative thrift and loan society, and in relation to the members, to determine the sources of capital and how members obtain.

To access how often the director of co-operative inspects co-operative societies in Oweri, Imo state and its impact on the effective management of the co-operative thrift and loan societies.

1.4 SIGNIFIANCE OF THE STUDY

If the purpose of this study are achieved, it is point to be a great importance to the management of the co-operative thrift and loan society/ the members, other co-operative society, the economy of our society to the institution of the researcher in the following ways.

To the management of co-operative thrift and loan society. It is necessary to investigate their budget planning and execution and evaluate their effectiveness especially today that comping is going on for every body to became a member of co-operative society. This study will determine why co-operative thrift and loan societies do not thrive as other co-operative societies.

Moreover, the committee members will know that co-operative thrift and loan societies must achieve their objective in order to justify the existence.

To the members of co-operative thrift and loan society, through this study they will know that they have an important role to play in order to ensure the viability for the co-operative thrift must be co-operation between them and the management.

Therefore, everybody should put his or her best to achieve the goal of the right to vote and be voted for. Besides, the general meeting is the supervisor authority of a co-operative society.

To other co-operative societies, the solution to the problem of co-operative thrift and loan society can put them in a right position to solve theirs. Also, they can loan a lesion from the efficient management of the co-operative thrift and loan society if enhanced.

The society as a whole will benefit a lot from the viability of a co-operative thrift and loan societies, as it will go a long way in reducing unemployment problems in the country. Moreover, production of co-operative thrift and loan society if enhanced, will increased the national income of our economy.

To the researchers institute, it will be a thing of honour and prestige and a successful study like this, which shows the quantity of education, which the institution offers.

To the researcher, this has exposed him to various publications in his field of studies as well as knowing in details the practice of co-operatives. Finally, it qualifies him the aware of Higher national Diploma in Co-operative Economic and Management.

1.5 SCOPE AND LIMITATION OF THE STUDY

The researcher of this study intended to study the problems of co-operative thrift and loan societies in Owerri Imo State but will limit the study to co-operative thrift and loan society Owerri, Imo state.

For co-operative to carry out this study within the given scope, some of the limiting factors, existed which reduced the pace at which the study was carried out. Such limiting factors are scarcity of co-operative establishments which federal polytechnic are lacks of time. Also among the numerous problem face during the conducts of this work or research work is financial constraint which provided enough financial resources the work would given a more vivid study of the scope.

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