AN EXAMINATION OF THE ROLE COOPERATION THRIFT AND CREDIT SOCIETIES TO THE DEVELOPMENT OF URBAN AREA

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• INTRODUCTION
  • BACKGROUND OF THE STUDY
  • OBJECTIVE OF THE STUDY
  • STATEMENT OF THE PRINCIPLES
  • DEFINITION OF TERRMS

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.AN EXAMINATION OF THE ROLE COOPERATION THRIFT AND CREDIT SOCIETIES TO THE DEVELOPMENT OF URBAN AREA