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Enhancing the Operational Effectiveness of Savings and Credit Cooperative Societies for Sustainable Growth

Journal: Financial Markets, Institutions and Risks (FMIR) (Vol.3, No. 2)

Publication Date:

Authors : ;

Page : 59-68

Keywords : Co-operatives; Modus of Operandi; Loan repayment; Savings Plan.;

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The problem of cooperative societies in developing countries has received the attention of many ex-perts and researchers as well the government, this is because it constitutes a serious bottleneck to the economic development of the country as well the communities. For the purpose of this study, the survey method and ex-post facto method was employed. Relevant data was collected at the same in-stance; a cross-sectional design was adopted. The population was limited to all co-operators of the cooperative's societies in two (2) selected Paramilitary Organizations in Ogun state. The two coopera-tives chosen are Nigeria Security and Civil Defence Corps (NSCDC) and the Nigeria Immigration Ser-vice (NIS). For this study the sample size was determined using Yarmane formula. The data was ana-lyzed using manual and electronic based methods through the data preparation grid and statistical package for the social sciences, (SPSS). It also made use of statistical tools which included: analysis of variance (ANOVA), correlation efficient and regression analysis in testing the research hypotheses. Internal consistency was measured by Cronbach Alpha of 0.885. The study found out that there is a significant relationship between loan repayment, savings plan and satisfaction of members of cooper-ative societies in Paramilitary in Ogun state and also there exist a significant relationship between mo-dus operandi of cooperative societies and membership of Paramilitary in Ogun state. Thus, the study recommends that active collaboration of cooperative society with the Organized Private Sector, Bank of Industry as well as the Federal Ministry of Trade and Investment could go a long way in ensuring that the objectives of this Agency are realized for the benefit of the average Nigerian.

Last modified: 2020-01-09 20:46:53