PERFORMANCE OF COOPERATIVE THRIFT AND CREDIT SOCIETIES IN ENUGU METROPOLIS

Author: Ani Jude Ndubuisi
Department: Cooperative Economics and Management
Affiliation: Nnamdi Azikiwe University Awka

Cooperative thrift and credit societies (CTCS) as a form of business entity has numerous potentials towards economic growth and development. Some of these potentials include poverty reduction, employment generation, rural development and many others. It is only the societies that performed creditably will achieve the above mentioned potentials. As such, the study examined the performance of cooperative thrift and credit societies in Enugu Metropolis. The performance of CTCS in savings mobilization was in terms of ability to attract savings deposits from members. Meanwhile, the major assumption of this study is that the performance will to a large extent depend on the socioeconomic profile of the members: Specifically, the study is designed to study the socioeconomic characteristics of the members, examine savings activity and assess the volume of credit applied for, approved, disbursed and repaid by members. Data were gathered from some CTCS through questionnaires distribution, journals, textbooks etc. Data used for this study were collected from both primary and secondary sources. Primary sources of data were oral interview with the societies’ officers and administration of structured questionnaire to the members. While secondary sources include textbooks, academic journals, web pages on the internet and other reference materials. Data were analysed and three hypotheses were tested. It is shown in table 4.12 where most members who borrow between N50,000 – N400,000 repays while other members who borrowed N401,000 – N1,601,000 find it difficult to repay to the society. Such attitude deprives others from having access to the fund thereby hampering the society growth. Aggregate savings from the societies studied was enough to alleviate financial problems of the members although, some societies made very low savings within the period under consideration. The volume of loan disbursed were not enough for business expansion. The major problems facing CTCS in Enugu metropolis were overdue loan and inadequate capital. Recommendations were made which includes sensitization of members of CTCS on the need to save with the society, increase the volume of loans disbursed to members. They should intensify efforts in loan recovery and engage capable management team to manage the business affairs of the societies.

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