AN EXAMINATION OF THE ROLE COOPERATION THRIFT AND CREDIT SOCIETIES TO THE DEVELOPMENT OF URBAN AREA (A Study of Orphanage Mother Multipurpose Cooperative Society Limited)
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AN EXAMINATION OF THE ROLE
COOPERATION THRIFT AND CREDIT SOCIETIES TO THE DEVELOPMENT OF URBAN AREA
(A Study of Orphanage Mother
Multipurpose Cooperative Society Limited)
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.
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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