ABSTRACT
This study investigates and
examination of the role of cooperative thrift and credit societies to the
development of urban area. The study was based on the orphanage mother
multipurpose cooperative society. The research reviews the literature of
related study and was duly acknowledge data collected through constructed
questionnaires methods, comprising members of the study area. Using simple
random techniques. The perceptible equations and tabular illustration were used
to present data obtained in the study. Result obtained from the study suggested
that members of the study area and the public benefit immensely from the
activities of cooperatives societies. Hence cooperatives help in providing
loans amongst its members.
TABLE OF CONTENT
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 HISTORICAL BACKGROUND OF
THE AREA
1.3 STATEMENT OF THE STUDY
1.4 RESEARCH QUESTION
1.5 OBJECTIVE OF THE STUDY
1.6 SIGNIFICANCE OF THE
STUDY
1.7 OPERATIONAL DEFINITION
OF TERMINOLOGIES
CHAPTER TWO
LITERATURE REVIEW
2.1 INTRODUCTION
2.2 MEANING OF COOPERATIVE
THRIFT AND CREDIT
2.3 ASPECT OF COOPERATIVE
THRIFT AND CREDIT
2.4 PROBLEM
OF COOPERATIVE THRIFT AND CREDIT SOCIETIES
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION
3.2 RESEARCH DESIGN
3.3 POPULATION OF THE STUDY
3.4 SAMPLE SIZE
3.4.1
JUSTIFICATION FOR THE SAMPLE SIZE
3.5 SAMPLING TECHNIQUES
3.5.1 JUSTIFICATION FOR THE SAMPLING TECHNIQUE
3.6 INSTRUMENT OF THE STUDY
3.7 PROCEDURE FOR
ADMINISTRATIVE OF INSTRUMENT
3.8 METHOD OF DATA PRESENTATION AND STATISTICAL
ANALYSIS.
3.9 LIMITATION
OF THE STUDY
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1 INTRODUCTION
4.2 PRESENTATION AND ANALYSIS BASED ON PERSONAL DATA
4.3 DATA
ANALYSIS BASED ON QUESTIONNAIRE
CHAPTER FIVE
Summary, conclusion and Recommendation
5.1 INTRODUCTION
5.1 SUMMARY
OF FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATION
REFERENCES
CHAPTER ONE
1.0 INTRODUCTION
The thrift and Credit
cooperative has been formed with intention of improving the standard of living.
The thrift and credit society started in Germany under the leadership of
Fredrick Ra’ffeisen in the year 1818 who is now regarded as the father of
modern cooperative thrift and credit society.
Germany has always been referred to as the cradle of
credit cooperative. At that time, the economic condition of Germany was so
deplorable and the peasantry and artisans fiet crushed under the heavy weight
of indebtedness. Famine was a common phenomenon used as order of the day. The
Jews ruled over the market and the poor labourers and farmers had no way out,
except to buy articles of their need from them and sales their product to them.
The merchants were money lenders changing very high rate of interest for the
credit they gave and offered ridiculously prices for the produce they
purchased. With the hopeless life of the peasantry, Raiffeisen emerged to help
them out of their indebtedness and poverty years, therefore thought out plan
for cooperative societies.
Before the
advert of modern cooperative society the thrift and credit society serve at
urban area, the traditional mutual system is been called and addressed by
different name by various communities who practice it inform of traditional
form of saving.
The Hausa
call it “Adashe” “Bashi” in Nupe “Asusu in Ogogo etoto in Ibibio etc.” The
traditional systems of cooperative leaders of the society are elected purely on
the agreement of the members, while in modern cooperative.
Cooperative
at large, the management committees are elected democratically, and any person
contesting for any post must have the question of some vital requirement such
as payment of entrance fees, share deposit etc and the member must be voted for
any post in the society.
Cooperative
thrift and credit society are mainly found among the urban areas, low-income
earners, government employees etc. and a good number splitter around is the
urban area as well.
1.1 BACKGROUND OF THE STUDY
Thrift and credit
cooperative society like other sphere of life has it own problems. It is
generally believed that any organization irrespective of its size has problems,
if not identified and corrective measures applied is bound to hit the rock,.
Cooperative thrift and credit is not left out this philosophy identifying and
laying these problems is the primary aim of the write up of this project.
The project
is aim at highlighting the obstacle responsible for the show growth of
organization, it is also an attempt to highlight the aim and objectives of the
organization, it is living up to expectation?
The problems
are being highlighted analyzed and possible steps to be taken to alleviate the
problems.
1.2 HISTORICAL BACKGROUND OF
THE AREA
Modern cooperative
thrift and credit has been in existence in early 20’s 2004 to be precisely in
orphanage mother multi purpose society. Before then, it was traditionally
practiced, low-income earner, petty traders peasant farmers etc. contribute
money weekly or monthly, they rotates one after the other which serves as urban
development area for its members, and then people have difficulties to secure
loan for its members from any financial institution due to the fact that mostly
are low income earners, urban areas etc where they have no collateral for
security while they normally requested before giving people loan.
But with the
establishment of orphanage mother multipurpose in that area, which was
established to help people of limited means, which find it difficult to save
and secure loan to better their socio economic, encourage, saving and also
provide other services to the communities at reasonable rate of interest
through application of self help and mutual help which is one of the guiding
idea of cooperative.
But most of
the people stated with drawing their membership, because they assumed that they
only want to dupe and run away with the little money learned due to the fact
that the time of establishment there was no emphasis on expansion and
diversification of cooperatives thrift and credit in their development plan and
there was nobody to educated and enlighten the people about, their aim and
objective. So people where complaining that they cannot meet up their needs as
a result of non provision of loan for as a whole, lack of proper book keeping
and auditing which is due to unskilled personnel, lack of adequate capital and
lastly there is also dishonesty and competition among committee members and
government which lead to the collapsed of the thrift and credit society.
1.3 STATEMENT OF THE STUDY
Cooperative thrift and
credit ensure rapid socio – economic development of urban areas and the
community at large
But due to
the fact that there wasn’t any serious emphasis on expansion and
diversification of cooperative movement in their development plan. Therefore it
resulted to low participation of people in cooperative society.
Secondly, it
also seems there wasn’t serious encouragement from government to ensure that
the people were enlighten and educated in other to joint the cooperative
society.
1.4 RESEARCH QUESTION
To carry out this
research the following question are put forward to guide the study:
1) What are the impacts of
cooperative thrift and credit has toward the transformation and development of
urban area.
2) How can the cooperative
thrift and credit be restructured so as to give the societies at large, maximum
benefit?
3) What are the problems
facing cooperatives thrift and credit societies in the urban areas.
1.5 OBJECTIVE OF THE STUDY
The following are the
objective of the study.
1) To find out the impact,
cooperative thrift and credit has towards, transformation and development of
urban area:
2) In order to know and
identify the problem associated with cooperative thrift and credit societies.
3) To suggest ways and
means through which cooperative thrift and credit movement can be restructure,
so as to give maximum benefit to its members.
1.6 SIGNIFICANCE OF THE
STUDY
This
study is significant in the sense through this study the orphanage will be able
to know the way to improve their community they
will also know the importance of becoming a member of cooperative
society, it will enhance a better well being of them and their family.
To the policy makers, this study will encourage members to save; objective
of the cooperatives should be thrift, saving definitively increases the poll
for further lending, loans must be given for.
To management the nature as credit management makes this types of
cooperatives one of the most cumbersome. Every credit cooperative must have at
least the following offices and positions to make for an effective credit
control.
1.7 OPERATIONAL DEFINITION
OF TERMINOLOGIES
Cooperatives: Can be defined as the
autonomous association of person united voluntary to meet their economic social
and cultural needs and aspiration through jointly owned democratically
controlled enterprises.
Cooperative thrift and
Credit: Are specialist cooperative that provide loan to its members and other
credit facilities with low interest rate and also encourage saving among
members.
Members: Are owners of
registered society who has the right and privileged as registered members of
cooperative thrift and credit
Fredrick Raiffeisen: The name of a German
who came out with the idea of modern cooperation thrift and credit society in
Germany in 19th century, he is regarded as the father of modern
cooperative thrift and credit society.
Modern Cooperative: This means the present
cooperative movement which is formatly recognized in a more clearly ways and have
the legal backing up the cooperative law, and the individual society by law
which makes it look more admirable than the traditional cooperative.
Adashe, Dashi, Asusu and
Etoto: The local term used in referring to cooperative thrift and credit among
the Hausa’s Nupe, Igbo’s, and Yoruba.
Management: Committee are
democratically elected officials of a registered cooperative society and they
are responsible for running day to day activities of the society. So in most
cases success and failure of the society is hinged on them.
Share: Amount of the money to
be contributed by all members of a cooperatives society for the sake of the
society business activities in some instance. The society sales each share at
the sum of one Naira and every members is expected to buy not more than 25
share in the society.
Deposit: Is the total amount of
saving collected from the members of the society and sometime from non-member
of the society, which is to be deposited in the banks.
Government Cooperative
Staff: They are government agents who link the government and the cooperative
society in the urban area. These staffs are empowered to inspect the society
books of account and give the society members a sound cooperative education.
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