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A
STUDY ON COOPERATIVE THRIFT AND LOAN SOCIETY (A CASE STUDY OF FEDERAL MINISTRY
OF INDUSTRY AND TECHNOLOGY, OWERRI, IMO STATE - 1998 – JUNE 2004)
ABSTRACT
This research project
titled “Co-operative Thrift and Loan Society of Federal Ministry of Industry
and Technology, Owerri, Imo state. The study was motivated by the
necessity of requirement for the award of Higher National Diploma in
Co-operative Economics and Management of Institute of Management and Technology
(IMT), Enugu. It aimed at identifying the causes of the study of
co-operative thrift and loan society in Owerri, Imo State.
To solve the research problems both
primary and secondary data were collected. The research instruments used
in collecting the data were questionnaire and oral interview. The
respondents comprised of members of the society its employees and some members
of staff of Federal Ministry of Commerce and Industry, Owerri, Imo State.
In organizing and presenting data
collected frequency, distribute tables; charts percentage and degrees were
used. Data analysis and interpretation gave the following findings and
among others.
A.
LOAN DISBURSEMENT
Some dishonesty
leaders among the members, something fails to disburse the loan to the members,
which leads to present and embezzlement of fund among co-operative
practitioners.
B.
RECOVERY/REPAYMENT OF LOAN
Some of the members
fails to pay back the loan, when its due for them to pay beck the loan to the
society.
C.
LOAN DEFAULTERS
Some loan defaulters
often fail to authorize the deduction of their money when indebted to the
society.
D. There
is no external co-operative audit in the co-operative thrift and loan
society. The conclusion of the study is that there is a problem in
co-operative thrift and loan society, which is the fail, that it does fairly
satisfy its member’s financial need. This is as a result of a number of
factors such as poor management, lack of co-operation in the society and many
other. The said society will satisfy its members if the above listed
recommendations are implemented in the society.
TABLE
OF CONTENTS
CHAPTER
ONE
1.0
INTRODUCTION
1.1
Background of the Study
1.2
Statement of the problem
1.3
Purpose of the Study
1.4
Significant of the Study
1.5
Scope and Delimitation of the Study
1.6
Research Questions
CHAPTER
TWO
2.0
Literature Review
2.1
Historical Development of Co-operative Thrift and Loan Society
2.2
Meaning of Co-operative Thrift and Loan Society
2.3
Sources of Co-operative Thrift and Loan Society (CTLS) Fund
2.4
Method of Disbursement of Loan in Co-operative Thrift and Loan Society
2.5
Recovery/Repayment of Loan
2.6
Benefit of Co-operative Thrift and Loan Society to It’s Members
2.7
Problem of Co-operative Thrift and Loan Society
CHAPTER
THREE
3.0
Research Design and Methodology
3.1
Introduction
3.2
Location of the Study
3.3
Population of the Study
3.4
Sources of Data
3.5
Sampling Method Sample size
3.6
Method of Investigation
CHAPTER
FOUR
4.0
Presentation and analysis of Data
4.1
Introduction
CHAPTER
FIVE
5.0
Discussion of findings, Recommendations and Conclusion
5.1
Introduction
5.2
Restatement of the problem
5.3
Research Findings
5.4
Recommendation
BIBLIOGRAPHY
‘APPENDIX ‘A’
‘APPENDIX ‘B’
CHAPTER
ONE
1.0
INTRODUCTION
This chapter deals with background of
the Study, statement of the problems, objectives of the study, significance of
the study, research questions, scope and definitions of the study.
1.1
BACKGROUND OF THE STUDY
The essence of a credit society is to
create a pull of fund. It has from it’s beginning, been charged with
designing and building members owned and controlled co-operative Finance
System. The greatest handicap to goal attainment is fund. This
society encourages the extension of micro and other credit facilities to rural
and urban to galvanize their economic activities, which will create employment
and raise the statement of human existence.
Consequently, co-operators have given
much thought and effort to setting up their own financial institutions so as to
marshal the financial resources necessary to provide the many services that
modern co-operative business requires. It was largely the credit problems
of farmers Co-operative that arose major public concern and caused the first
widespread co-operative finance association to be formed in the farming sector,
although consumers co-operatives have also encountered the need for more
credits.
Those days, the citizens helped them
selves by communal efforts as well as embarking on personal or collective
savings. In Ibo land for instance, “Isusu” clubs provided a forum for
collection of saving from members of the society. The members agreed on
how the money was to be given out as loans to the members. Though the
weakness of “Isusu” was that members did not always get the money they needed
it. As a result of the problems of lack of credit, there arose a need for
co-operative thrift and loan society to combat the problems and shortcomings of
the “Isusu Clubs.
A co-operative Thrift and Loan Society
is a co-operative society that provides its members with convenient and secured
means of interest. This is most suitable for workers in one organization.
These workers pay for their saving and loans from the source of their income.
They do not as a rule, have a regular
weekly or daily income, but receive a comparatively large sum of money at the
end of the month, which enable the deduction of their payment from the
extravagant spending which so often occurs when there is money in the pocket.
1.2
STATEMENT OF THE PROBLEM
Workers are always in need of money to
meet up with emergency, investment or provision for their retirement, what they
need is loan that will be granted to them fro production or emergency purpose.
But in spite of all the effort of
credit co-operatives, it is still experiencing low or decreasing productivity
as it relates to the satisfaction of the members need especially in the rural
and sub-urban areas. These are relatively low levels of productivity as
some of the members are no more interested in their society. What are the
causes of this low productivity in their services? Is it as a result of
poor management, poor inspection by the co-operatives assistance, lack of
co-operation among the co-operators?
1.3
PURPOSE OF THE STUDY
The general objective
of the study is to determine the problem of the co-operatives thrift and loan
society Limited in Owerri, (FMKT), Imo State Zone 1998 – 2004.
To determine the general study of
co-operative thrift and loan society in Owerri Imo State.
To access the operation of co-operative
thrift and loan society, and in relation to the members, to determine the
sources of capital and how members obtain loan and their pay-back system.
To access how often the director of
co-operative inspects co-operative societies in Owerri, Imo State and its
impact on the effective management of the co-operative thrift and loan
societies.
1.4
SIGNIFICANCE OF THE STUDY
If the purposes of this study are
achieved, it is point to be of a great importance to the management of the
co-operative thrift and loan society. The members, other co-operative
societies, the economy of our society to the institution of the researcher in
the following ways:
-
To the management of the co-operative thrift and loan society. It is
necessary to investigate their budget planning and execution and evaluate their
effectiveness especially today that camping is going on for every body to
became a member of co-operative society. This study will determine why
co-operative thrift and loan societies do not thrive as other co-operative
societies.
Moreover, the
committee members will know that co-operative thrift and loan society must
achieve their objective in order to justify the existence.
To the members of co-operative thrift
and loan society, through this study they will know that they have an important
role to play in order to insure the viability of the co-operative thrift and
loan society. According to self-help value of co-operative, there must be
co-operation between them and the management.
Therefore, everybody should put in his
best to achieve the goal of the society. Therefore every member has the
right to vote and be voted for. Besides, the general meeting is the
superior authority of a co-operative society.
To other co-operative societies, the
solution to the problem of co-operative thrift and loan society can put them in
a right position to solve theirs. Also, they can loan, a lesion from the
efficient management of the co-operative thrift and loan society if enhanced.
The society as a whole will benefit a
lot from the viability of a co-operative thrift and loan societies, as it will
go a long way in reducing unemployment problems in the country. Moreover,
the production of co-operative thrift and loan society if enhanced, will increase
the national income of our economy.
To the researcher’s institute, it will
be a thing of honor and prestige to produce a student who could carry out a
successful study like this, which shows the quantity of education, which the
institute offers.
To the researcher, this has exposed him
to various publications in his field of studies as well as knowing in details
the practice of co-operatives. Finally, it qualifies him the award of
Higher Nation Diploma in co-operative Economics and Management.
1.6
RESEARCH QUESTIONS
1.
Does co-operative thrift and loan society no satisfy its members’ need?
2.
Is lack of sound co-operative one of the Problems of co-operative thrift and
loan societies?
3.
Is there poor inspection in co-operatives?
4.
does there exist co-operation within co-operative thrift and loan societies?
5.
Does the management committee of co-operatives thrift and loan
societies apply the
principles and laws of co-operatives in the management of their societies.
6.
Is constant withdrawal of members a prolem to co-operative thrift and
societies?
7.
Is constant withdrawal of members of problem to co-operative thrift and loan
society?
8.
Do debtor-members of co-operative thrift and Loan society pay their debts as at
when due?
Lack of co-operative education poses
another problem to co-operative thrift and loan society. Bonna 91996:118)
quoting Duberon at the First congress of co-operative union of 1869, one of the
greatest difficulties among co-operators was the want of education on the part
of the managers and officers. Staner (A Swedish Co-operative expert as in
Onoh (1996), “If I am given to choose between two alternative of capital with
out educated members and a co-operative society with small amount of capital
but with educated members, I will choose the later” People cannot be good
co-operators unless they are men of business and they cannot be good business
unless they are men of education. If the co-operative movement were to
continue to pursue its mission, it must educate its members with the objective
of making the good co-operative citizens (Bonua) 1961:199).
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