IMPACT OF THRIFT ORGANIZATION ON ECONOMIC WELL-BEING OF INDIVIDUALS AND ORGANIZATION (Case Study Of Enugu State)
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IMPACT OF
THRIFT ORGANIZATION ON ECONOMIC WELL-BEING OF INDIVIDUALS AND ORGANIZATION (Case
Study Of Enugu State)
ABSTRACT
This study
was undertaken to investigate the impacts of thrift organizations on the
economic well-being of individuals and groups in Enugu. The first step was to
find out the meanings of thrift means the habit of saving money and carefully
spending it so that none is wasted. Organization we discovered means a group of
people in business. From this we deduce that thrift organization are a group of
persons who encourage people to save money, use money carefully to avoid
wasting money. Banks mortgage institution, micro credit institutions were also
studied and were found to be thrift organization. After reviewing the opinions
of those involved in the informal thrift organizations as well as reviewing
relevant literature on the formal ones banks co-operative society, data were
collected by way of interviewing, method of data analysis and presentation,
sample size and sampling techniques, and instrument for data collection. We
found that most potent thrift organizations are the mutual assistance groups
organized in towns and villages in Enugu State. In Enugu metropolis, it was
found that traders engage in (ISUSU) to help them improve and increase the wars
in their shops some buy Cars, Motorcycles etc. we recommended that Government
should encourage people though education on radio and television on the
benefits of mutual aid assistance to enable more people join the groups.
TABLE OF
CONTENT
Title
Page Approval Page Certification
Dedication Acknowledgement Table Of Content Abstracts
Chapter One
1.0
Introduction 1.1 Background Of The Study
1.2 Statements Of The Study 1.3
Objectives Of The Study 1.4 Significance
Of The Study 1.5 Research Questions 1.6 Scope Of The Study 1.7 Limitations Of The Study 1.8 Formulation Of Hypotheses
1.9
Definition Of Terms
Chapter Two
2.0
Literature Review 2.1 Informal Thrift
Organizations 2.1.2 Issue Or Traditional
Or Contributions In The Rural Areas 2.1.2 Issue Or Traditional Thrifting In The
Urban Areas 2.2 Co-Operative
Society 2.2.2 Historical Overview 2.2.3 Co-Operative Movement In Nigeria 2.2.4 Types Of Co-Operative Societies 2.2.5 Thrift And Credit Co-Operative
Society 2.2.6 Motive For Forming Or
Joining Co-Operative Society 2.2.7 Factor Influencing Formation C/S 2.2.8 Benefits Of Joining Co-Operatives 2.2.9 Court Of Appeal Staff Enugu
Multipurpose Co-Operative Society Limited Enugu
2.3 Commercial Banks 2.4 Mortgage
Institutions 2.5 Micro Credit
Institutions 2.6 Insurance
Companies 2.7 The Impact Of Thrift
Organizations On Economics Well Being Of The People Of Enugu State
2.8 Summary
Of Review
Chapter
Three
3.0 Research
Methods 3.1 Research Design 3.2 Area Of Study 3.3 Population Of The Study 3.4 Sample Size And Sampling Techniques 3.5
Instrument For Data Collection 3.6
Method Of Data Collection 3.7 Validation
And Reliability Of The Instrument 3.8
Method Of Data Analysis And Presentation
3.9 Decision
Rule
Chapter Four
4.0 Data
Analysis And Presentation 4.1 Data
Analysis 4.2 Data Presentation
4.3
Discussion
Chapter Five
5.0 Summary
Of Findings, Conclusion, And Recommendation 5.1 Summary Of Findings 5.2 Conclusions 5.3 Recommendations Questionnaire
References
CHAPTER ONE
INTRODUCTION
We shall
begin the consideration of the topic of this project by defining the major
concepts in the topic. And these are impact, individuals etc. let us therefore
start with the concept of thrift.
1.1
Background of the study
What is
Thrift? The Oxford Advanced Learners Dictionary define thrifts as the habit of
saving money and spending it carefully so that none is wasted. Encyclopedic world dictionary defines thrift
as economical management, frugality and provident on its part. Chambers 20th
century dictionary define thrift as the state of thriving, frugality, economy,
prosperity, increase of wealth gain, profitable, occupation, savings etc. from
these definitions we can deduce that thrift is about saving money and sending
money carefully so that none is waste. Thrift is thus the avoidance of waste in
the use of money. If follows therefore that thrift increase wealth. It is also
concerned with the economic management of resources. From these definitions we
are faced with the fact that thrift result in increase of wealth. Let us at
this point define organization. Chambers again defines organization variously
but the one that is relevant to this study is “a group of people who form a
business club etc together in order to achieve a particular aim. Chambers 20th
century dictionary defines organization as a body, society etc.” Encyclopedic
dictionary defines organization as a body of persons organized for some end.
Combining the definition of thrift and organizations are those business
organization for the purposes of saving money and spending money carefully
without wasting money. Since the key
word in the definition of thrift as used in this research study is saving money
and spending some without waster, we should include in our thrift organizations
that institutions that encourage individuals and group to save money. These
institutions are, for the purpose of this study, divided into informal thrift
organization and formal thrift organization, informal thrift organization. These will include the locally organized.
Contribution by groups of workers, traders, house wives etc. who agree to
contribute certain some of money which may be shared among the contributors at
the end of an agreed period of time. The Local name for this is called “ISUSU”,
Isusu can also be organization in such a manner that the group contributes
certain amount of money for which is collected by a member of the group at the
end of every month or week until all the members in the group have receive
their contributions. The amount may range from a little as N500 to as much as
N100,000 depending on the expected income of members of the group. To be
include in the informal thrift organization on the monthly and daily
contribution organization or institutions. Details of the method operation of
daily contributions shall be discussed in chapter two. Formal thrift
organizations may include the co-operative societies, micro credit institution
mortgage institutions, as well as banker.
However, the
study will concentrate on the informal thrift organizations and the
co-operative society
1.1 Impact
and economic well being, impact has been defined as the powerful effect
something has on somebody or something. Another authority defined impact as
influence or effect exerted by a new idea, concept etc. yet another authority
defines impact as the impulse resulting from a new idea or theory. Strong,
effect, influence etc. The phrase economic well being is not easily defined and
to recourse it taken, to as connected with trade, industry and development of
wealth of a country’s an area or society, it is also defined as process, a
business or an activity etc. Well being is simply define as welfare and welfare
is defined as the general health, happiness and safety of a person etc. it follows
from the above, that for the purpose of this research we are investigating or
studying the influence effect on thrift organization as defined above on the
trade, industry and development of wealth and the overall effect on the
happiness of individuals and groups in Enugu. The question that should now be
posed and answered is that, why the study or the impact of thrift organization
on the economic well being of individuals and organization important at even
necessary. It is to this question that we shall direct our attention presently.
1.2
Statement of the Problem
There is no
doubt that Nigeria is a rich country or at best a potentially rich country.
However, the truth is that in spite of the nation’s wealth, majority of our
country men and women are poor. According to Karl Maier (2000), half of
Nigeria’s 130 million that people live in abject poverty and Okoloagu posits
that since Karl Maier conducted his research in the year 200, poverty levels
reduce to 300%. Similarly, the limited nations humans development index ranks
Nigeria as the Fifth protest country in the world. The fact that Nigerians are
extremely poor.
However, the
view of the obvious excruciating and the apparent mobility, unwillingness of
governments at all level to lift the people from poverty, it becomes necessary
for individuals and groups to take the initiative to help members out of
poverty. Apart from poverty, development requires the mobilization of funds for
small and medium scale enterprises. It follows therefore, that for real poverty
alleviation programmes since it will provide answers to questions of how to
organize individuals and groups to take the respector destinies in their own
hands. So the researchers want to examine the impact of thrift organization.
1.3
Objectives of the Study
This study
will be carried out with the following objectives in view. (i) To investigate
the existence of organization on Enugu. (ii) To investigate the nature and
activities of such thrift organization in Enugu. (iii) To examine the level of
awareness of the member of the public of the existence of thrift organizations
in Enugu. (iv) It members of the public are aware of thrift organization
whether the public, especially the Urban, are making adequate and appropriate
use of the services of such thrift organization in Enugu (v) To examine the
benefit which individuals and groups derive for the activities of thrift
organization provided above, to investigate whether banks qualify as thrift
organization in the context of the study. (vi) To examine or determine whether
Isusu and daily contribution or monthly contribution organization and groups
qualify as thrift organizations. (vii) To determine whether co-operative
societies can in described as thrift organizations and if so, to determine the
level of encouragement government at all levels are giving to thrift
organizations if any.
(vii) To
suggest area of improvements in the activities of thrift organizations and
suggests ways of making more individual aware of the benefits of membership of
thrift organization to members of the public especially the rural and urban
poor in Enugu.
1.4
Significance of the study
This study
is new in the sense that this is the first time a study of the impact of thrift
organization is being examined. Perhaps there has seen so many studies on the
impact of co-operative societies the banks primary mortgage institutions, the
formal thrift organization, but this is the first time the informal thrift
organization are focused on. This study is therefore, not only highlight the
activities of organizations of Isusu daily and monthly contributions suggest
ways of bringing such activities under formal control, so as to protect members
of the public especially urban and rural poor on the benefit of organizing thrift
organizations. This study will also be useful to government and their agencies
involved. The study will be useful to non-governmental organizations involved
in poverty alleviation. Students and lecturers of higher institutions who are
involved in the study extremely useful as the report will provide answers to
the questions posed by quality of research materials of the oldest from of
co-operative (Isusu), which has been practiced in rural villages and towns by
farmers, traders, market women, workers their various offices yet no meaningful
research which has been done on the activities and impact of this form
co-operatives. Finally the study will increase the body of acknowledge and will
provide materials for reference to student and teachers in the area of thrift
organization such as co-operative societies etc. The result of this study will
open a flood gate for similar studies in the future. Since poverty and its
deviating impacts is likely to remain with us for a very long time, the study
of institutions and activities geared towards poverty alleviation, eradication
or elimination are likely to be interest or hold the attention of researcher
for very long times.
1.5 Research
Questions
The study
will generally be guided by the following question. (i) What are the thrift
organizations? (ii) What are the functions of thrift organization? (iii) Are thrift organizations necessary?
(iv) Have they any economic and social relevance to people of Enugu. In other
words, are they beneficial and if so how can their activities be improved? (v) Is poverty a problem in Enugu and if so
are thrift organizations important in the war against poverty? (vi) In what
ways have individuals and groups benefited or suffered from the activities of
thrift organization? Mobilized for small
and medium scale entrepreneur against poverty. Be encouraging the masses to
save and pool their resources together. Thrift organizations as defined above
will make and have made a huge difference in the lives of rural and urban,
poor. The problem is therefore that in the face of government unwillingness or
inability to come to the aid of the poor. If is left for the poor to organize
themselves, in thrift organization through which they can save small amount of
their money in order to lift them selves from poverty by pooling their
resources together to establish micro, small and medium scale business units.
1.6 Scope of
the study
The work
will cover only Enugu State of Nigeria. It will also study informal financial
groups as exemplified by the “Isusu” credit scheme. Emphasis will be placed on
these group located in Enugu, Abakaliki, Nsukka and Oji-River Local Government
Areas. Ten informal financial groups will be selected from each local
government area while small scale business entrepreneurs who will form part of
the respondents will be selected from each local government area, for the
study.
All the
delimitations enumerated above are considered normal for a study of this nature
in a developing country like Nigeria, with paucity of information and data.
None of them should be considered serious as to invalidate the results.
1.7
Limitations of the study
Like any
other human activity, this study has its limitation and constraints. Due to
high cost of materials and increasing transport fares, financial resources
constituted a major constraint. Time considerations and the distance involved
in collecting the primary data is another limitation of the study. This is
because the time lapse between the end of course work and the submission of the
project is greatly inadequate. Moreover interview bias and attitude of
respondents constituted a constraint on the researcher as some respondents gave
inaccurate information or failed to return their questionnaires. Another
constraint to the study is the same size. Not all the informal financial groups
in the local government areas of interest were considered. 40 informal groups
and 500 small scale business entrepreneurs chosen for the study do not cover
all the groups and people concerned in the study.
Finally, there
is a limitation on the generation of the study because the work is a case study
of the informal groups in Enugu state. Although the limitation have been high
lighted, it is import to state that this will in no way invalidate the findings
of the study.
1.8
Formulation of Hypotheses
For the
purpose of this study, and in order to give direction for the achievement of
the stated specific objectives set by study, four hypotheses were formulated.
The null hypotheses each dealing with a specific objective were formulated. The
rejection of the null hypothesis automatically means the acceptance of the
alternative hypothesis. The formulated hypotheses are: i The informal financial
groups in Enugu state do not help in the formation of savings habits among members.
ii The quantum of financial assistance to members by the groups are too small
to support any meaningful economic activities. iii Members of the informal
financial groups do not obtain credit more easily form the groups than from
other financial institutions.
iv The issue
of default in the repayment of loans granted is not a major problem for the
informal groups.
1.9
Definition of Terms i. Thrift: Means saving money and careful spending of money
to avoid waste of money. ii. Organization: In the context of this study, means
individuals and groups that are engaged in thrift business or who are likely to
enjoy the benefit of thrifting. iii. Individuals: In this context are people
who save their money with thrift organization expecting all kinds of benefits
from the activities of thrift organizations.
iv. Impact: Means in the context of this study the effect or influence
which the activities of thrift organization is like to make in the economic and
social lines of individuals and groups who are members of thrift organization.
v.
Well-being: Means the manifestations in the form of improved economic and
social status of individual and groups engaged in thrift as members and
organizing etc.
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