Download complete project material on Impact of Thrift And Loan Society In Financing Members Developmental Projects from chapter one to five.
CHAPTER ONE
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INTRODUCTION
Background of the Study
The essence of a loan society is to create a pull of fund. It has from its beginning, been charge with designing and building members owned and controlled cooperative finance system. The greatest handicap to goal attainment is fund.
This society encourages the extension of micro and other loan facilities to rural and unbars to galvanize their economic activities, which will create employment and raise the statement of human existence.
Consequently, cooperators 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 cooperative business requires.
It was largely the credit/loan problem of farmers cooperative that arose major public concern and caused the first widespread cooperative finance association to be formed in the farming sector, although consumer cooperative have also encountered the need for loan.
Those days, the citizens helped themselves by communal effort 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 member did not always get the money they needed it as a result of the problem of lack of credit there arose a need for cooperative thrift and loan society to combat the problem and shortcomings of the “ISUSU” clubs
A cooperative thrift and loan society is a cooperative society that provides its member with convenient and secured means of interest. This is most suitable for workers in one organization. These worker s 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 no money in the pocket.
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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 for production or emergency purpose.
But in spite of all the effort of credit cooperatives, it is still experiencing low or decreasing productivity as it relates to the satisfaction of the members need especially in rural 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 cooperative assistance lack of cooperative among cooperators.
Objective of the Study
1. To find out if thrift and loan cooperative society satisfy its member needs.
2. To find out whether the debtor member of thrift and loan cooperative society pay their debts as at when due.
3. To determine the extent of compliance of the management committee of thrift and loan cooperative society with the principle and law of cooperative in management of their society.
Research Question
1. Does cooperative thrift and loan society satisfy its member needs?
2. Do debtor member of cooperative thrift and loan society pay their debts as at when due?
3. Does the management committee of thrift and loan cooperative societies apply the principles and law of cooperative in management of their society?
1.5 Significant of the Study
If the purposes of this study are achieved it is point to be a great importance of the management of the cooperative thrift and loan society. The members of other cooperatives societies, the economy of our society to the institution of the researcher in the following ways:
To the management of the cooperative thrift and loan society it is necessary to investigate their budget planning and execution and evaluate their effectiveness especially today that is going on for everybody to become a member of cooperative thrift and loan society.
This study will determine why cooperative thrift and loan societies do not thrive as other cooperative societies.
Moreover, the committee member will know that cooperative thrift and loan society must achieve their objective in order to justify their existence.
To the member of cooperative 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 cooperative thrift and loan society.
According to self -help value of cooperative, there must be cooperation 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 to be voted for besides, and The general meeting is the superior authority of a cooperative society.
To other cooperatives, The solution to the problem of cooperative thrift and loan society can put them in a right position to solve theirs. Also they can loan a lesion from the efficient management to the cooperative thrift and loan society it enhanced.
The society as a whole will benefit a lot from the viability of cooperative thrift and loan societies, as it will go a long way in reducing unemployment problem in the country.
Moreover, the production of cooperative thrift and loan society it 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 research, this has exposed him to various publications in his field of studies as well as knowing in detail the practice of cooperatives
Scope of the Study
The study examines an assessment of the impact of thrift and loan society in financing member development project. An examination of how activities of the cooperative affect the welfare of members.
The study equally covers an indebt examination of possible problem that could be militating against the impact of thrift and loan society on its members, the research work is restricted to (Hamdala Hotel Thrift and Credit society limited kaduna)
Also the researcher of this study in the study the problems of cooperative thrift and loan societies in Hamdala Hotel Thrift and Credit society limited Kaduna.
Definition of Term
Cooperative society: is an autonomous association of person united voluntary to meet their common economic, social and cultural needs and aspiration through a jointly owned and democratically controlled enterprise (I.C.A 1995).
Loans: this is an amount of money cooperative society receive from financial institutions, individuals or other cooperatives organization affiliated to and pay back with interest at an agreed time and terms.
Interest: a payment made by cooperative for the use of money.
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