The Potentials For A Co-Operative Thrift Credit Society In A Higher Education Institution
The Potentials For A Co-Operative Thrift Credit Society In A Higher Education Institution
Abstract
This study aimed at assessing the contribution of cooperative societies in the development of the youth within Institute of Management and Technology in Enugu state. A total of 159 item structured and unstructured questionnaire containing five likert scale response was designed and distributed to the targeted respondent. The primary data were sourced from the questionnaires administered to officers and members of selected cooperative societies involved or other complement officials in institute of management and technology. A random sampling approach was adopted to select the respondent and an oral interview of the divisional cooperative officer was also conducted. The findings revealed that there is a significant change in the exposure of youth to development activities before and after membership of cooperative society. It reveals that adequate savings are not mobilized and loans provided by the society are limited and cooperative societies are finding it difficult in meeting and enhancing a very good percentage of their development activities.
Chapter One
Introduction
1.1 Background of the Study / Introduction
The Co-operative thrift and Credit Society is now in existence in many institutions of higher learning. Based on this, one might start to wonder what this research topic is all about, since such a programme is not a new one.
All the same, the truth remains that the existence of Co-operative, Thrift and Credit Society in our higher institutions, one side is lower than the other, badly balanced. This is to say that its present existence concern itself with only a particular section of the institution.
Institute of higher learning presently doing this programme only operate for the benefits of academic an non-academic staff (who are interested in the movement) in these institutions. Thrift and Credit programme for educational institutions with particular references to the students populace. To this time, student in institutions of higher learning have been deprived of enjoying the benefits of being members of co-operative movement as much as there is the urgency of the needs to inform students with the objective of the co-operative movement.
It is important for the cause of this research project to have a knowledge of the cooperative movement, the world over and in particular, Nigeria. This is because such knowledge and understanding gained, provides an invaluable background of the history and patterns of co-operative in different parts of the world.
In the modern form, however, the origin of co-operative, thrift and credit societies can be traced to the 19th century and to Germany.
In Germany, many of the farmers have very small area of land but by hand work and skillful farming, there was just enough to keep the farming going. The farmers got their credit from local merchants who charged high rate from them and paid low prices for the farm produce. The result was that the farmers were most heavily indebted and sank into poverty.
Fredrick Willhelm Raiffeison (1818 –1888) seeing all the poverty and hardship of farmers, he tried to help in the light of these he thought out a plan for co-operative thrift and credit society in which the good men of the village could join together to make fund available as loans to co-operative members. For each loan made there was the security of the property of the borrowed and two guarantors, who had to be members of the society.
History of Institute of Management and Technology (IMT) Enugu. The institute came into existence under the East central state edict NO.10 of 1973, promulgated by the Administrator of East Central State Ajie Ukpabi Asika.
Earlier to the establishment of the Institute of Management and Technology heading to the award of Ordinary Diploma, the institute of Administration which provided short in service training for civil servants of various grades, the cooperative studies to cooperative inspectors from the ministry.
The institution were autonomous and located differently, the college of technology which was part of the ministry of education were directly controlled by the ministry. The institute of Administration was controlled by the ministry of establishment while the cooperative college was directly under the ministry of Rural Development.
All the institutions were staffed by civil servants who were posted there from the ministry and could be reposted to other departments or ministries according to the need of the civil servants.
The need to establish a higher institution of learning by upgrading the training of our people technologically, managerial and engineering fields arose in 1970. this need was vigorously pursued in October, 1971. the Ukpabi Asika’s administration decided to merge the farmers college of technology and the college came under the unified control of the cabinet office on 1st April, 1972.
In October, 1972 a provisional council was charged with determining and recommending to the government appropriate structure of autonomous institution that would provide higher quality of technologists and technicians, as well as professional and managerial manpower in subject area indicate by the state and national need.
Institute of Management and Technology was occupying presently three different campuses but new two campuses. And the two campuses were merged in 1971. Institute of management and technology started with three school but have grown to eight schools and all made up of thirty five (35) departments.
1.2 Statement of Problem
It is important at this stage to try and identify the problems that this project seek to address in relation to cooperative thrift and credit society particularly in institute of management and technology, Enugu.
The problems are:
- To find out if students of institute of management and technology are aware of cooperative thrift and credit society progeamme and the benefit that the potentials in educational institutions.
- To find out factors hindering them from being members after being aware of the existence of the programme.
- To find solutions to the factor militating against students being members of the society.
- To make student know the need of a common forum where they can solve their financial and material problems. Such as school fees, book, etc.
1.3 Purpose / Objective of the Study
- To educate student about the special attributes of a cooperative thrift and credit.
- To educate students about the essence of cooperative society and its beloved feature.
- To engineer the creation of the co-operative thrift and credit programme in educational institutions of higher learning with a view to enhancing proper, efficient and thrift management of funds among students and provide credit facilities for them.
- To create awareness among students of the necessity of co-operative thrift and credit society programme to meet the students feeding, educational, material supply and financial upliftment needs.
- To educate students about the cooperative movement existence.
1.4 Scope and Limitation of Study
The scope of this research work will entail basic understanding of cooperative movement in the world and how it relates to Nigeria.
A clear understanding of the meaning, need and essence of cooperation and of course good appreciation of the cooperative thrift and credit society programme. This research work will also concentrate on blending co-operative, thrift and credit societies programme.
1.5 Significance of the Study
The purpose of this research project is to assist in creating cooperative movement in our institution of higher learning. This is with a view to improve the cost and problems faced by students in the area of feeding (that is proper feeding.) This research project hopes to achieve this by educating the students populace about what the cooperative movement is, its early beginning the world over and with particular reference to the movement in Nigeria.
1.6 Definition of Terms
Co-Operative:
The organized action or movement of all the different types of co-operative societies.
Cooperators:
This means individuals, members of the co-operative societies who are participating in plans and programme of the society.
Co-Operative Movement:
The organized action (movement) of all the different types of cooperative societies.
Patron:
This refers to those who participate or patronize the co-operative society. It also refers to individual members of the cooperative programme.
Credit:
This refers to loans giving to individuals of the society to solve their pressing needs and again it refers to purchase made by members of the society on credit.
Programme:
This refers to the cooperative thrift and credit society actually.
IMT:
This refers to institute of management and Technology.
Students:
This refers to co-operative thrift and credit union a secondary society incorporating a number of primary society (that is C.T.C.S) operating in the same area.
Thrift:
This refers to act of saving by the members of the cooperative.
C.F.N:
This means co-operative Federation of Nigeria. An apex Financing body for co-operative society in Nigeria.
Chapter Five
Findings, Conclution and Recommendations
5.1 Summary of Findings
The analysis and interpretation of data collected, forms the basis on which the summary of the findings is presented as under-listed:
- Majority of the cooperative members are male. The average age of the cooperative members is 32 years. This shows that they are mostly in their youth age. Majority (31%) of the respondents had secondary education; (30%) had primary education; (21%) had no formal education while a low percentage (18%) of the respondents had post-secondary education. This shows that education could be a significant indicator that can effectively mobilize cooperative group to attract government presence to assist the group. This has been the reason why cooperative societies have existed in isolation to government assistance which is a hindrance to effective performance by cooperative society. MIT students’s cooperative association has the highest (23%) number of members.
- The average existence of most cooperative societies in Institute of Management and Technology is 10years. It implies that most of the societies are not new.
- The average range of current capital of the cooperative society is 55000 naira. The estimate of the current capital is low and requires proper attention. The average range of loan provided by the society is 4300,
- The major source of fund of cooperatives societies is thrift savings (30%) and the effectiveness of the cooperative society is determined by enough capital (36%)
- The average range of savings mobilized by the society is #66,000. Ten-man committee is appropriate for the management to get to a greater height and most of the cooperative societies do not have sub-committee.
- Majority (36%) of the cooperative members agreed to a great extent that cooperative society has influenced their development.
- Majority (40%) of the cooperative members agreed that the cooperative society finds’ it difficult in meeting and enhancing their development.
- There is a significant change in the exposure of youth to development activities before and after membership of cooperative society.
- The major development activities engage by society is crop production (19%)
- Weak financial strength of the society, fraud and financial malpractice, poor management of the society, lack of basic infrastructure are the major constraints faced by cooperative societies.
5.2 Conclusion:
From the findings, it reveals that adequate savings are not been mobilized and loans provided by the society is limited and cooperative societies are finding it difficult in meeting and enhancing a very good percentage of their development activities. education could be a significant indicator that can effectively mobilize cooperative group to attract government presence to assist the group. This has been the reason why cooperative society have existed in isolation to government assistance which is a hindrance to effective performance by cooperative soci“ in discharging it development activities. Failure of members to participate actively will reduce the performance of the society in savings mobilization.
It is therefore believed that if the recommendations of this study will be implemented by both members, committee members of the society and the government, it will aid the cooperative society in effectively contributing to youth development.
Based on the findings and conclusions of the study, the following recommendations were made towards effective contributions of cooperative societies to youth development.
5.3 Recommendations
- Members should show participation and being more active for a stronger and stable society. Education could be a significant indicator that can effectively mobilize cooperative group to attract government presence to assist the group. This has been the reason why cooperative societies have existed in isolation to government assistance which is a hindrance to effective performance by cooperative society in. Also lack of education could greatly hinder the leadership structure of the group. Education of members could also help to organize cooperative societies for an effective and efficient managements, which could help to bring back the already loss of trust and confidence in leaders. This could be achieved through capacity building of members in areas of bookkeeping, recording, general administration of the group, as well as improved welfare packages for Members.
- The bulk of savings mobilized should be increased by members contributing more.
- There should be judicious use of funds to strengthen the financial level of the society.
- Management should be more serious in dealing with the affairs of the society.
- Adequate knowledge of cooperative education should be instilled in members and committee members by organizing seminars and workshop.
- There should be diversification of the cooperative business to enhance it reserve.
- The youth should be encouraged to join cooperative society which will attract the attention of the government. Since most government policies revolves around the youth.
- Government should create an enabling environment for cooperative society by Providing basic infrastructural facilities for the society
- Government should support the promotion and spread of cooperative society particularly in rural communities and provision of subsidies.
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