THE EFFECT OF THRIFT AND SOCIETY ON ENHANCING MEMBERS LIVING STANDARD (A CASE STUDY OF UYO MODERN THRIFT AND CREDIT SOCIETY)
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THE EFFECT
OF THRIFT AND SOCIETY ON ENHANCING MEMBERS LIVING STANDARD (A CASE STUDY OF UYO
MODERN THRIFT AND CREDIT SOCIETY)
CHAPTER ONE
INTRODUCTION
BACKGROUND
OF THE STUDY
This
research work focuses on how cooperative thrift and credit societies influence
or enhance member’s living standard. Unlike other cooperative society, thrift
and credit societies are formed with the aims of improving the standard living
of their members. Thrift and credit societies started from Germany by Fredrick
Wilhelm Raifferson in the year 1818, Raifferson is therefore regarded as the
father of modern cooperative thrift and credit society.Thrift and credit
society are mostly found in any form of society, community. The popularly known
among the rural dweller, even before the mergence of modern cooperatives it
serves as a rural bank before the coming of the modern thrift and credit
society. The traditional mutual system has been called and addressed by
different names, by various communities who practice it inform of traditional
saving’s.However, cooperative societies adopted in virtually all countries of
the world for practical all aspect of human endeavour’s 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 schools
fees, vacation leave etc.The societies also grant loans to members and such
loans are repaid on monthly installmental basis while regular savings
continues. No members of such societies may withdraw while still under
employment. Usually the society’s money deposited with the post office saving
banks.However, in modern thrift and credit society contributions are not
necessarily the same, minimum monthly saving are fixed, and members who share
contributions as a regular monthly savings, some are removed directly
from-their salaries.
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 factor that militates against the enhancement of living
standard of its members. Furthermore, in most cases, the members saving 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 or hand.
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