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EFFECTS OF THRIFT AND
CREDIT SOCIETY ON ENHANCING MEMBERS LIVING STANDARD
ABSTRACT
The effect of thrift and credit society on enhancing members’
living standard cannot be overemphasized. This has prompt the researcher to
carryout a research work on the subject matter, the research started by
introducing the subject matter in chapter one, background of the study,
objectives of the study, research question, statement of the problem the
significance of the study was also highlighted in this chapter. The researcher
reviewed the work of different authors in the chapter two, the concept of cooperative,
meaning of thrift and credit, the effect of cooperative and credit society,
sources of fund, the problems they faced and the summary review is also
discussed. The researcher discussed the method of gathering data, the data
gathered were analyzed in chapter four. Lastly, the researcher draw a summary
of findings, conclusion in chapter five and made some recommendations among
which the researcher recommended that the problems of embezzlement,
misappropriation of resource dishonesty and other negative factors associated
with the management of cooperative especially in the area understudy should be
checked through supervision by the cooperative department.
TABLE OF CONTENT:
CHAPTER ONE
INTRODUCTION
1.1 Background of the
Study
1.2 Statement of the
Research Problem
1.3 Objectives of the
Study
1.4 Significance of
the Study
1.5 Research Questions
1.6 Research
Hypothesis
1.7 Conceptual and
Operational Definition
1.8 Assumptions
1.9 Limitations of the
Study
CHAPTER TWO
LITERATURE REVIEW
2.1 Sources of
Literature
2.2 The Review
2.3 Summary of
Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Method
3.2 Research Design
3.3 Research Sample
3.4 Measuring
Instrument
3.5 Data Collection
3.6 Data Analysis
3.7 Expected Result
CHAPTER FOUR
DATA ANALYSIS AND RESULTS
4.1 Data Analysis
4.2 Results
4.3 Discussion
CHAPTER FIVE
SUMMARY AND RECOMMENDATIONS
5.1 Summary
5.2 Recommendations
for Further Study
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE
STUDY
This research work focuses on how cooperative thrift and
credit societies influence or enhance member’s living standard. Unlike other
cooperative society, thrift and credit societies are formed with the aims of
improving the standard living of their members. Thrift and credit societies
started from Germany by Fredrick Wilhelm Raifferson in the year 1818,
Raifferson is therefore regarded as the father of modern cooperative thrift and
credit society.
Thrift and credit society are mostly found in any form of
society, community. The popularly known among the rural dweller, even before
the mergence of modern cooperatives it serves as a rural bank before the coming
of the modern thrift and credit society. The traditional mutual system has been
called and addressed by different names, by various communities who practice it
inform of traditional saving’s.
However, cooperative societies adopted in virtually all
countries of the world for practical all aspect of human endeavour’s modern
cooperative organization have penetrated into all the facets of human
activities and used of human activities and also to achieve both social and
economic goals.
In Nigeria, thrift and credit societies started in the year
1940, by the Roman Catholic teachers for salary earners and primarily to take
care of their old age and retirement. Members make regular thrift saving during
the period they are under employment and other saving for special purpose could
also be made by an individuals if they wished, such saving could be for
children’s schools fees, vacation leave etc.
The societies also grant loans to members and such loans are
repaid on monthly installmental basis while regular savings continues. No
members of such societies may withdraw while still under employment. Usually
the society’s money deposited with the post office saving banks.
However, in modern thrift and credit society contributions
are not necessarily the same, minimum monthly saving are fixed, and members who
share contributions as a regular monthly savings, some are removed directly
from-their salaries.
1.2 STATEMENT OF THE
PROBLEM
The primary aim of any cooperative society is to meet
economic, social and cultural needs of members if well operated and managed.
Despite the prospect and significance of thrift and credit
cooperative societies, some people are still reluctant in joining or
participating in thrift and credit societies. It has unfortunately been
discovered that most thrift and credit cooperatives societies are not very
effective in the business activities consequently they end up not achieving
their goals. As a result of this, the study will try to find out the factor
that militates against the enhancement of living standard of its members.
Furthermore, in most cases, the members saving are embezzled or
misappropriated. It is in the light of this that it is doubtful whether thrift
and credit cooperative societies actually perform their roles, that is why this
topic is conducted to examine their effect so that the situation can be
addressed before it get out or hand.
1.3 OBJECTIVE OF THE
STUDY
The study is guided by the following objectives:
To examine the
effect of thrift an credit society in enhancing the living standard of hotel
worker;
To examine the
method and processes of the business activities in Hamdala Hotel thrift and
credit society;
To ascertain the
problems military against the smooth operation of the different form of
cooperative ventures establishes to help workers.
1.4 RESEARCH QUESTION
To guide this study the research questions have been put
forward and the following are stated as research questions.
Does Hamdala thrift
and credit society help in the enhancement of the living standard of hotel
workers?
What are the method
and processes of the business activities in Hamdala thrift and credit society?
What are the
problems militating against the smooth operation of the different form of
cooperative ventures establishes to help workers?
1.5 SIGNIFICANCE OF THE
STUDY
This study is designed to help cooperative thrift and credit
societies over problems related to finance and management of cooperative
organizations.
The research also intended to find possible solution to the
above mentioned problems by giving recommendation on how to prevent the future
occurrence. The research aimed at finding the relevant contribution of
cooperative society toward the economic development of Nigeria. The study area
is Hamdala Hotel workers thrift and credit society, will be used to ascertain
all the basic facts needed.
At the end of this research the management and the members of
Hamdala hotel cooperative society can consider the present problems facing the
society. Scholars’ researchers and incoming student will benefits from these
research works because it will serve as reference material to them with a view
towards enhancing their knowledge.
1.6 SCOPE OF THE
STUDY
The scope of the study will be limited to the effect of
thrift and credit cooperative society on enhancing members’ living standard in
the Hotel industry in general and Hamdala Hotel in particular. As a result, the
product findings will be limited only to Hamdala hotel limited in Kaduna,
generalization can only be made of similar hotels with the same characteristics
as the subject matter.
1.7 DEFINITION OF
TERMS
Byelaw = It means registered law of the society before any
member assumes membership.
Cooperative = Here it means an association or persons who
voluntarily come together in order to achieve a targeted economic, social and
cultural goals.
Living Standard = Here it can be seen as the raising of
social and economic welfare or members so as to be self reliance.
Management Committee = This are the governing body of the
society where they are elected during the annual general meeting to managed the
affairs of the society on behalf of members.
Members = The bonafide members, registered members of Hamdala
Hotel thrift and credit cooperative society limited.
Thrift and Credit Society = Is a cooperative organization
that provide its members with convenient and secured means of saving money and
obtained credit at a reasonable rate of interest without collateral, but
deduction from salary on monthly basis.
Enhancement = Here is the improvement of quality, value of
member of Hamdala hotel cooperative
Hotel = This is the establishment which provide accommodation
and meals mostly for travelers and tourists.
Workers = Group of people that work in the Hamdala Hotel
Kaduna.
Hamdala Hotel = Is one of the international hotel which are
solely owned by new Nigerian development company, providing accommodation and
meals to the people.
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