Abstract

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.

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

JEL Classification: G2, G21 .

Cite as: Kowo, Ak.S., Owotutu, S. Ol., Adewale Ad. G. (2019). Enhancing the Operational Effectiveness of Savings and Credit Cooperative Societies for Sustainable Growth. Financial Markets, Institutions and Risks, 3(2), 59-68. http://doi.org/10.21272/fmir.3(2).59-68.2019.

References

1. Adekunle, J & Henson, S. (2007). Cooperative organizational strategies: A neo-institutional digest. Journal of Cooperatives 14, 44-67
2. Akinwumi, J. (2006). Road Map to re-engineering Cooperatives in Nigeria; A paper presented at the south west cooperative leaders conference, organized by cooperative federation of Nigeria South west zone at Obisesan Hall, Ibadan, September 7th, 2006..
3. Alaba, T.J, Alaba, K.K. & Ahiowa, A. (2007). Principal-agent relationships in agricultural cooperatives: An empirical analysis from rural. Journal of Cooperatives, 13, 21-33
4. Anderson, J.S. & Sullivan, P. (1993). Economic nature of the cooperative association: A retrospective appraisal. Journal of Agricultural Cooperation, 9, 86-94.
5. Aresvik, M. (2008). Grameen Bank, Microcredit and Millennium Development Goals; www.grameen.comwww.grameen-info.org(Accessed 05 March 2015).
6. Aryeetey, N. (1997). Social Capital, Microfinance and the Politics of Development. Feminist Economics, 8(1), 1-24.
7. Asaolu, T. O. (2004). Evaluation of the performance of the Cooperative Investment and Credit Societies (CICS) in financing Small-Scale Enterprises (SSEs) in Osun State, Nigeria.
8. Central Bank of Nigeria (2005). Microfinance Policy, Regulatory and Supervisory Framework.
9. Chaddad, J. M. (1970). AO and principles of cooperatives and Applications in different Asian countries (in Ilo Reports, Genva).
10. Cheney. (1995). Cooperatives: Pathways to Economic, Democratic and Social Development in the Global Economy.
11. Emelianoff, P. L. (1942). An Evaluation of Funding Arrangements for Small and Medium Scale Enterprises (SMEs) in Nigeria. PhD Dissertation, British West Indies: Project Department of Business and Management Studies, St Clements University.
12. Fornell, M.E. (1992). Putting theories of the firm in their place: A supplemental digest of the new institutional economics. Journal of Cooperatives 14, 68-76.
13. Garnett, H.T. (2012), the Evolution of financial Cooperatives in Nigeria: Do they have a place in financial intermediation? International Year of Cooperatives (ED Oluombo 2012).
14. Gounans, L. M. (2003); Attitudes Toward Cooperative Strategies: A Cross-Cultural Analysis of Entrepreneurs. Journal of International Business Studies.2(3). 56-71
15. Groves, H (1985). Making Cooperative societies work for you. Sunday business in Sunday Punch Newspa18th, February, 7.
16. Hammer, M. (2001). The Superefficient Company” Harvard Business Review, 79, 82-91.
17. Helmberger, P. & S. Hoos. (1962). Cooperative Enterprise and Organization Theory. Journal of Farm Economics, 44, 275–90.
18. Igwe, C. E. (1991). Relative Efficiency of Cooperative and Non-Cooperative Farmers in Food Production in Imo State. Press in AMSE Transactions, France 8, (4).72-75.
19. Ijere, M.O. (1986) Nigeria Agricultural Outlook, Nigeria Association of Agricultural Economists, Nsukka: University of Nigeria.
20. Kareem, R.O, Arigbabu, Y.D, Akintaro, J.A and Badmus, M.A (2012). The Impact of Co-Operative Society on Capital Formation (A Case Study of Temidere Co – Operative and Thrift- Society, Ijebu- Ode, Ogun State, Nigeria) Global Journal of Science Frontier Research Agriculture and Veterinary Sciences, (12)11. 17 – 29
21. Laidlaw, J. (1974). Self-Interest and the Concept of Self-Sacrifice, Canadian Journal of Philosophy 10 (1980): 105-118.
22. LeVay, C. (1983). Some Problems of Agricultural Marketing Co-operatives’ Price/Output Determination in Imperfect Competition. Canadian Journal of Agricultural Economics 31, 105–10.
23. Lopez, D. & Spreen G. (1985). Private Sector Development and Poverty Reduction in Nigeria: Mainstreaming the Small Medium Enterprises Sector ‘, The Nigeria Economic Submit Group (NESG) Economic Indicators, 11(1), 18 – 23
24. Micheal, M. (2009). Principles of Research Methodology. New York Press.
25. Munnad, D. (1993). Cooperative policy and village development in Northern Nigeria. J. Heyeretal(eds). 259 – 8
26. Hart O & Moore J (1990). Property rights and the nature of the firm. Journal of Political Economy 98(6), 1119-1158
27. Oja, I. (1993). Cooperatives Today and Tomorrow, Genera.
28. Olumidu, H. (2001). Poverty Reduction Through the Use of Cooperative Societies. Kaduna.
29. Onaolapo and Oladejo (2011). Impact of cooperative financing on MDGS of poverty eradication; lesson from nigeria research. Journal of finance and accounting, (2)11.
30. Osuala E.C. (1982). Introduction to Research Methodology. New York: Exposition Press.
31. Parfit, Derek. (1984). Reasons and Persons, Oxford: Clarendon Press.
32. Patterson C, Johnson, J&Spreng ML (1999). The internal organization of the cooperative firm: An extension of a new institutional digest. Journal of Cooperatives 14, 77-85.
33. Philips, SJ (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4), 691- 719.
34. Royer, T. (1994). Imperfect Information, Social Capital and the Poor’s Access to Credit. IRIS Centre Working Paper, 234, 1-25.
35. Sexton, P. (1995). Measuring Effectiveness of Social Capital in Microfinance: A Case Study of Urban Microfinance Programme in India. International Journal of Social Inquiry, (3)2, 25-43.
36. Sexton, R.J. Wilson, B.M. & J.J. Wann. (1989). Some Tests of the Economic Theory of Cooperatives: Methodology and Application to Cotton Ginning. Western Journal of Agricultural Economics, 14,56–66.
37. Sharma, N. & Patterson, P.G. (1999). A model of relationship, commitment among professional services. Journal of service marketing, 13(2), 151-170.
38. Sharma, N. & Patterson, P.G. (2000). Switching costs, alternatives attractiveness and experience as moderators of relationship commitment in professional, consumer services. International journal of services industry management,11(5), 470-490.
39. Torgerson, J.K. (1998). Marketing Cooperatives in Mixed Duopolies. Journal of Agricultural Economics 46, 33-45.