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THE EFFECTS OF CREDIT ADMINISTRATION
AND CONTROL ON THE DEVELOPMENT OF COOPERATIVE SOCIETIES
CHAPTER ONE
INTRODUCTION
1.1 Background
of the Study
This research work focuses on the effects of
credit administration and control on the development of cooperative society.
Credit administration and control functions as a good instrument that brings about
rapid development in the cooperative
sector. It can be regarded as the essence of financial
instruction in an economy,
therefore the formulation and
implementation of sound and solid credit polices and
control are among the most
crucial responsibilities of the management of an organization.
Among the most essential functions of credit
cooperative is to provide loans to members and ensure the repayment of the
loans given to them, it is therefore important to develop policies that
will ensure the security of loans extended to members.
Due to lack
of credit administration and control, credit facilities made available is
spread among members of the cooperative societies and considered more of gift than loans to be paid within a
specific period of time and therefore cooperatives find themselves cripple
economically.
The implementation of credit administration and
control is a necessary condition of the society so as to achieve its objectives, to serve the members
in an efficient manner and more
importantly ensure safety of funds for
continuity and development of the society.
According to Iyowu (1985) an articulate credit
management policy not only seeks
to balance profit and liquidity.
It expects to determine whom credit
must be granted to how much to be granted, for how long and to ensure
successful recovery. The achievement of an efficient credit administration and
control entails an
elements of a subjective management.
This research work will look at the role of credit
administration and control, the disbursement of loans and its recovery
credit administration and control and
how it can be utilized for the development of the cooperative societies.
1.2 Statement of The Problem
The primary aim in a cooperative society is to
improve the economic and social position
of the members by extending credit facilities to them. It can either be short term or long
term loans. It is important that credit usage be productive which will enable
the borrower to earn enough to repay the principal and the interest and also
realize a surplus from the undertaking.
Cooperative societies are not making significant
impact in the growth and development
despite some level of credit administration and control, problems are faced
when there are no
checks and balances and therefore posses danger to it’s continued
existence and as such will not have achieved the objectives for which it was
initially established.
Due to this shortcoming and more,
like lack of experts to handle
the finance of the society, mismanagement of funds by officials, poor record keeping which makes most members not to get their
contributions as at when
due, which has led to loss of
confidence, withdrawal of the members
and consequently loss of contribution to the societies.
Furthermore, in most cases, the members savings are embezzled or misappropriated. As
a result societies do not live long due to dishonesty in handling funds.
Providing members with easy access to credit
facilities being among the aims and
objectives of most cooperative societies cannot be realized if such credit given
to the members are not efficiently and effectively administered to ensure
productive utilization and ability of the members to repay loans extended to
them. This can guarantee continued existence of the cooperative society.
It is against this background that this study will
venture into finding out the effects of credit administration and control in
the study areas.
1.3 Objectives of the Study
The
following are the objectives of this
study
i.
To find out
the role of credit administration and
control in improving cooperative societies
ii.
To determine
the extent to which cooperative societies recover loan disbursement to members.
iii.
To find out
problems associated with credit administration and control.
iv.
To identify
problems and proffer possible solutions.
1.4 Significance of the Study
This study is designed to help cooperative societies have a better understanding of the role credit
administration and control plays in the development of cooperative societies.
The research will also contribute in enhancing
appropriate measures from cooperative
societies which can improve the loan policies and securities and in extension encourage credit cooperation.
To government, it may also contribute in enhancing
appropriate measure from the government
to improve and encourage
prospects of cooperative societies in the rural and urban areas as it will instil hope in the minds of
the members and potential members.
Scholars, researchers and incoming student will also benefits from this research work as it will serve as reference to them.
1.5 Research Questions
The
following research questions will guide this study.
i.
what role does credit administration and control
play in improving cooperative societies?
ii.
To what extent do cooperative societies recover loans
disbursement to members?
iii.
What are the
problem of cooperative societies in connection with credit administration
and control?
iv.
What are the possible solutions to ensure the success of credit administration and control in
the development of cooperative societies?
1.6 Scope of the Study
The scope of the research is aimed at examining
the effects of credit administration and control on the development of
cooperative societies with reference to Arewa multipurpose cooperative society
and National Board for Technical Education investment and credit cooperative
society Kaduna
1.7 Definition Of Terms
All the terms
below will reflect the
operational meaning as used in
this project study.
i.
Cooperative society: According to ICA
ii.
Cooperation:
the association of two or more people
who voluntarily come together in order
to achieve target objectives.
iii.
Credit:
loans of money or equipment extended to
members to be used for productive purposes and with the agreement of repaying
same amount with the accured interest at
the future date.
iv.
Control:
the process of ensuring that actual activities conform to planning activities.
v.
Policy:
A standing plan that establishes general guidelines for decision making.
vi.
Credit
administration: Activities that
are done in order to plan, organize,
extend and recover loan extended to members of the cooperative societies.
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