Full Project – The activities of cooperative thrift and loan societies

Full Project – The activities of cooperative thrift and loan societies

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The increase in the demand for financial services has brought changes to cooperative societies as a factor in financial, economic and social science disciplines to the extent that over the years, local and international organizations have continued to explore the best modalities in the application of cooperative concept to almost every area of the economic needs of individuals at urban and rural areas. This may have necessitated the declaration of the year 2005 as the international year of microcredit and the year 2012 as the international year of cooperatives by the United Nations General Assembly. This chapter provides direction for this study and it is divided into six sections. Section two explains the aim of the research while section three highlights the objectives of the study. Section four focuses on the scope of the study while section five explains the significance of the study. The structure of the thesis is presented in section six.



The essence of a credit society is to create a pull of fund, which had at its beginning, been charged with designing and building members owned and controlled cooperative finance system. This society encourages the extension of micro and other credit facilities to rural and urban to improve their economic activities which will create employment and raise the standard of human existence.

Consequently, cooperative have given much thought and effort to setting up their own financial institution so as improving the financial resource necessary to provide many service that modern cooperative business which requires its ways largely that arose credit problems concern and caused the first wide spread cooperative finance association to be formed on the farming sector. Although consumers cooperative have also encouraged the need for more credit those days, the citizens helped themselves by communal efforts as well as embarking on personal or collective savings.

In Igbo land for instance, “ISSUES” clubs provided a forum the members agreed on how the money was to be given out as loans to the members though the weakness of issues was that members did not always get the money needed. As a result of the problem of lack of credit, there arose a need for a cooperative thrift and loan society to combat the problems and shortcoming of the “ISSUES” clubs.

A cooperative thrift and loan society is that cooperative society that provides its members with convenient and secured means of interest. This is most suitable for workers in one organization. These workers pay from their “income” they do that as a rule, have a regular weekly or daily income, but receive a comparatively large of money at the end of the month, which enable the deduction of their payment from the extravagant spending which often occurs when there is money on the pocket.



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 product or emergency purpose.

But in spite of all the effort of credit cooperative it is still experiencing low and decreasing production as it relates to the satisfaction of the members especially on the rural and sub-urban areas. These are relatively low levels of productivity in their services is it as a result of poor management, poor, inspection by the cooperative assistance, lack of cooperative among the cooperators.   


The activities of cooperative thrift and loan societies;

  • To identify the major activities of the CTLS, in the study area.
  • To determine whether the CTLS provide theirs service to members at terms and condition better than competitors.
  • To ascertain how cooperative audit can help cooperative enterprise to ensure efficient record keeping accounting and management.
  • To make policy recommendations based on findings.


  • Does cooperative thrift and loan society satisfy its member needs?
  • Is lack of sound cooperative one of the problem of cooperative thrift and loan society?
  • Is there any notification of poor inspection in cooperative?
  • How can we determine the factors that leads to mismanagement of funds in thrift and savings societies?


If the purposes of the study are achieved, it is point to be of a greater importance to the management of the cooperative thrift and loan societies, the members, other cooperative societies, the economy of our society. On that, the significance are as follows:

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 to become members of cooperative society.

Moreover, the committee members will know that cooperative thrift and society must achieve their objective of cooperative thrift and loan through this study they will know that they have an important role to play in order to ensure the viability of the cooperative, there must be cooperation among 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 meetings is the superior authority of cooperative society.

To other cooperative societies, the solution, to the problem of cooperative thrift and loan society can put them on a right position to solve theories. Also they can learn a lesson from the efficient management of the cooperative thrift and loan society.

The society as a whole will benefit a lot from the viability of a cooperative thrift and loan society as it will go a long way on reducing unemployment problems in the country.

Moreover the production of cooperative thrift and loan society if enhanced will increase the national income of our economy.

To the researcher institute, it will be a thing of honour and prestige to produce a student who could carry a successful study like this which shows, the quality of education which the institutions offers to the researcher this will expose him or her to various publication on his field of studies as well as knowing in details the practice of cooperatives.


Finally it qualifies him the award of Higher National Diploma on cooperative economics and management.



The research of this study intended to work on the problems of cooperative thrift and loan societies in Owerri. Imo state, but will limit the study to cooperative thrift and loan society of Ngor-Okpala Owerri Imo State.



Financial Constraint: Funds is one of the major constraint that hinder researcher to went far on the study. during the period of this work, money was not sufficient.

Time Constraint: There is a critical need for the researcher to spend a considerable amount of time in research setting in order to examine and aggregately the interactions reactions and activities of subject. Time as a chief limitation for data collection analysis and interpretation.

Unwillingness to Release Information: Management committee in charge the information needed for the study and respondent were unwilling to give out the relevant information.


LOAN: This is a money that is been given out or borrowed for investment.

SOCIETY: These are people living together on communities who share same custom, laws, etc. people who joint together for a particular purpose.

EFFECTIVENESS: An abstract measure of organizational performance the extent to which an objective is realized.

MANAGEMENT: This involves the process of planning contributing, conducting and forecasting through the use of human labour and raw materials in order to achieve the organization goals and objectives.

ENVIRONMENT: This is set conditions forces that affect the operations negatively or positively.

PERFORMANCE: The extent to which an objective is realized.


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Full Project – The activities of cooperative thrift and loan societies