Effectiveness Of Investment And Credit Pattern Of Thrift And Credit Cooperatives And Members Welfare

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CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

This research work intended to discuss in depth on the effectiveness of investment and Pattern Thrift and Credit cooperative Welfare is now in existence in many institutions of higher learning.  Based on this, one might start to wonder what this research topic is all about.

Thrift and credit society are mostly found in any form of society or community. The popularly known among the rural dweller, even before the emergence of modern cooperative it serves as a rural bank before the coming of the modern thrift and credit society.  The traditional mutual system has called and addressed by different names, by various communities who practice it inform of traditional savings.

However, cooperative societies adopted in virtually all countries of the world for practical all aspect of human endeavours 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 school fees, vacation leave etc.

The societies also grant loans to members and such loans are repaid on monthly installments basis while regular savings continues.  No member of such societies may withdraw while still underemployment.  Usually the society’s money deposited with the post office saving banks.  However, in modern thrift and credit society 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 factors that militates against the enhancement of living standard of its members.

.Local Government And The Challenges Of Rural Development In Nigeria

.Problem Of Local Government Authonomy

Furthermore, in most cases, the members’ savings 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 of hand.

1.3 Objective of the Study

The study is guided by the following objective

1. To examine the effect of thrift and credit society in enhancing the living standard of hotel workers;

2. To examine the method and processes of the business activities in Hamdala Hotel thrift and credit society;

3. To ascertain the problems militating against the smooth operation of thrift and credit 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:

1. Does thrift and credit society societies have effect in enhancing the living standard of hotel workers?

2. What are the method and processes of the business activities in Hamdala thrift and credit society?

3. 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.

1.7     Definition of Terms

Cooperative:  Here it means an association of persons who voluntarily come together in order to achieve a target economic, social and cultural goals.

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.

Living standard:  Here it can be seen as the rising of social and economic welfare of members so as to be self reliance.

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 hotels which are solely owned by new Nigeria Development Company, providing accommodation and meals to the people.

Cooperative Welfare: The bonafide welfare, registered members of Hamdala Hotel thrift and credit cooperative society limited.

Management committee:  This are the governing body of the society whore they are elected during the annual general meeting to manage the affairs of the society on behalf of members.

Bye–law:  It means registered law of the society before any member assumes membership.

Effects: Here can be seen as a change that thrift and credit society can cause in the living standard of hotel workers

Society: Here can be seen as a group of people who join together for a particular purpose.

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