CO-OPERATIVE THRIFT AND CREDIT SOCIETY

This research project titled co-operative thrift and loan society (A case study of African thinkers and credit societies). This study consist of five chapters and the study aimed at indentifying the causes of establishing co-operate we thrift and loan societies in African thinkers C of Bod Enugu 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 respondent comprised of members of co-operative society especially in African thinkers in Enugu, Enugu State. In organizing and presenting data collected, frequency, distribution tables, charts percentages and degrees were used, data analysis and interpretation of data assisted to taking decisions on the findings/recommendation.
 

1.0    INTRODUCTION 
This chapter deals with the background of the study, Statement of the problems, purpose of the study, Significance of the study, research questions, scope and definition 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 charge with designing and building members owned and controlled cooperative finance system the greatest gandicap 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 set up their own financial institutions so as to marshal the financial resources necessary to provide many services that credit problems of farmers cooperative that arose major public concern and caused the first bides pread cooperative finance association to be formed in the farming sector, although consumers co-operative has also encountered the need for more credits. 
Those days, the citizens helped themselves by communal efforts as well as embarking on personal or collective savings, for example in Igbo Land for instance “Isusu” clubs provided a forum for collection of saving from their members, the members agreed on how the money will be given out as loans to their members, though the weakness of “Isusu” was that members would always get the money as at when needed therefore as a result of the problems of lack of credit they arose the need for cooperative thrift and loan society to reduce the problems and short comings of the “Isusu” clubs. 
Co-operative thrift and loan society is a cooperative society that provides it’s members with convenient and secured means of interest. This is most suitable for workers in one organization. These workers pay for their savings 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 packet.

1.2    STATEMENT OF THE PROBLEM 
Workers are always I 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 co-operative, the 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 level of productivity as some of the members are no more interested I their society. What are the causes of this low productivity in their services is it as a result of poor co-operation among the co-operative?

1.3    PURPOSE OF THE STUDY
The general objective of the study is to determine the problem of the co-operative thrift and loan society in African tinkers, Enugu State and always to access the operation of cooperative 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 African thinkers. Enugu state and its impact on the effective management of the co-operative thrift and loan societies.

1.4    SIGNIFICANCE OF THE STUDY 
If the purpose of this study are achieved, it is point to be of a great importance to the management of the 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 everybody to become 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 or her best to achieve the goal of the society more so every member has the right to vote and be voted for.
The solution to the problem of co-operative thrift and loan their issues. Also, they can loan a lesion from the efficient management of their co-operative thrift and loan society if enhanced.
The society as a whole will benift a lot from the viability of a co-operative  thrift and loan societies as the 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, this has exposed her to various publications in her field of study as well as knowing in details in practice of cooperative. 

1.5    SCOPE OF THE STUDY 
The researcher of this study intended to study  the problems of co-operative thrift and loan societies in African thinker Enugu but will  limit the study to co-operative thrift and loan society of the African thinkers thrift and credit Association Enugu State.

1.6    RESEARCHER QUESTIONS
1.    Does co-operative thrift and loan society satisfy its members need?
2.    Is there poor inspection in co-operative?
3.    Does co-operation exist within co-operative thrift and loan societies? 
4.    Does the management committee of co-operatives thrift and loan societies apply the principles and law of co-operative in their management?
5.    Is constant withdrawal of members a problem to co-operative thrift and loan societies?
6.    Do debtor-members of co-operative thrift  and loan society pay their debts as at when due? 
 
1.7    Definition of terms 
A co-operative society is an association of person who voluntarily joried  to achieve a common goal through the formation of a democratically controlled organization making equitable contribution of the capital required and accepting a fair share of the risk and benefit of the undertaking in which the members actively participate.
While co-operative thrift and loan society is an organization that is established in a workplace for the employees with the main aim of enabling the employees to save percentage of their salaries.