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)
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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