Cooperative Society’s Fund Creation and Economic Strength Promotion among Teachers in Ibadan, Oyo State, Nigeria

  • Olusola Bolarinwa Adeniyi University of Ibadan
  • Prof Tolulope Wale YOLOYE University of Ibadan
Keywords: Cooperative Society, Fund creation, Teachers, Economic strength, Economic Strength Promotion

Abstract

This paper examines various means of funding cooperative societies owned by teachers to promote members economic strength. This is a self-financing body with no grant or support from the government or agencies. This paper sought to identify various means used in generating funds by cooperative societies and how this has helped promote members' economic strength. One hundred and forty-five (145) members of eight (8) societies participated in the study. The instruments used in collecting data were; Fund Creation Checklist (FCC) and Members Economic Strength Questionnaire (MESQ). Data were analysed using Descriptive Statistics and Pearson Product Moment Correlation (PPMC). Result revealed an insignificant negative relationship between fund creation and members economic strength promotion with (r= -0.085, > .05). Thus, it shows that it is not certain that the fund generated by the cooperative society solely accounted for the promotion of members’ economic strength. It was concluded that cooperative societies and members should engage in viable businesses that will yield high profits, and proper fund management should be of priority for society and members.

Metrics

Metrics Loading ...

Author Biographies

Olusola Bolarinwa Adeniyi, University of Ibadan

Olusola B. ADENIYI is a Ph.D. student at the Institute of Education, University of Ibadan. His current research interest is on assessment and evaluation in education, economics, finance, and programmes.

Prof Tolulope Wale YOLOYE, University of Ibadan

Tolulope W. YOLOYE is a Professor of Guidance and Counselling and Science Education at the Institute of Education, University of Ibadan.

References

Adeniyi O. B. (2018). Cooperative societies capital formation: means to poverty reduction among low-income earners in Nigeria. In A. Okunoye, I.T. Sanusi (Eds.). 1st Small Town and Rural Development Conference, Center for Rural Affairs and Community Development Proceeding (pp 65-74). https://www.ceracode.org/wp-content/uploads/2018/12/Conference-Proceedings.pdf#page=69

Agbo, F, & Chidebelu, S. (2010). Socio-economic determinants of cooperative societies’ access to the services of the Nigerian Agricultural Cooperative and Rural Development Bank, Field Actions Science Reports. The Journal of Field Actions, 4(1), 20-25. http://journals.openedition.org/factsreports/614

Akerele, E. O., & Adekunmbi, S. S. (2018). Impacts of cooperative thrift and credit facilities on members’ business output in Ogun State, Nigeria. Sustainable Agriculture Research, pp10-15,7(3), 28-38. https://doi.org/10.5539/sar.v7n3p28

Anyanwoucha, R. A. I. (2000). Fundamental of economics for secondary schools. Onisha/Ibadan. African-FEP Publisher Ltd.

Bamiduro, T. A. (2011). Poverty analysis: a statistician’s dilema. A Seminar Paper of the Department of Mathematical Science, Redeemer’s University, Ogun State, Nigeria, pp. 22-25.

Chahayo, S. A., Bureti, F., Juma, M. M., & Aketch, R. A. (2013). Analysis of financial mismatch in cooperative societies: A case of Kakamega County, Kenya. International Journal for Management Science and Technology, 1(5), 1-10.

Elumilade, D. O, Asaolu T. O. & Oladele P. O., (2005). The evaluation of financing of micro- enterprise in Osun State of Nigeria. Journal of Agriculture Extension, 8(1).

Otto, G., & Ukpere, W. (2011). Credit and thrifts cooperatives in Nigeria: A potential source of capital formation and employment. African Journal of Business Management, 5(14), 5675-5680. https://doi.org/10.5897/AJBM10.1477

Karagu, J. M., & Okibo, B. (2014). Financial factors influencing the performance of savings and credit cooperative organisation in Kenya. International Journal of Academic Research in Accounting, Finance and Management Sciences. http://hdl.handle.net/123456789/95

Kimani A. W. (2007). In financial performance and ineffectiveness in credit administration. A Case Study of Chuma SACCOs Society Ltd. MBA Thesis, Jomo Kenyatta University of Agriculture and Technology, Kenya.

Kinulthia P. M. (2007). Management of loan default problems in SACCOs in Nairobi Province. MBA Thesis JKUAT Technology, Jiya Kenya.

Krishna, K. T. (2001). Cooperatives in Asia from reform to reconstructive. International Labour Organisation, 4, 312-320.

Makori J., Munene C., & Muturi W. (2013). The Challenges Facing Deposit-Taking Savings and Credit Cooperative Societies’ Regulating Compliance in Kenya. A Case of Gusii Region. Interdisciplinary Journal of Contemporary Research in Business, 4(12), 1013- 1081.

Mugambi A., & Ondabu M., (2015). Study on Effect of Loan Repayment on Financial Performance of Deposit Taking SACCOs in Mount Kenya Region MBA Thesis, Jomo Kenyatta University of Agriculture and Technology, Juja Kenya.

Mwakajunmilo, S. L. I. (2011). The Role of Informal Microfinance Institutions in Saving Mobilisation, Investment and Poverty Reduction, a Case of Saving and Credit Cooperative Societies (SACCOs) in Tanzania from 1961-2005. Unpublished Doctoral Thesis, St Clements University, British West.

Njogu, A. M (2017). Loan administration and financial performance of savings and credit cooperative societies in Kirinyaga County, Kenya. http://ir-library.ku.ac.ke/handle/123456789/19245

Ochoki, A. N. (2007). Factors Influencing Failure of Front Offices of FOSA in SACCO Society in Kenya. MBA Thesis, Moi University, Kenya.

Okoli, E., (2018). Assessment of the contribution of cooperative societies in the development of the youth: A case study of selected cooperative societies in Dunukofia Local Government Area, Anambra State, Nigeria. https://mpra.ub.uni-muenchen.de/84380/

Olao, T. (2014). Influence of Financial Stability on Deposit Taking SACCOs in Kenya, MBA Thesis, Management University of Africa, Kenya.

Owojuyigbe, S., (2007). Cooperative administration and fieldwork in Nigeria. Ibadan: Samolly Publisher.

Pankhurst, H. (2002). Passing the buck? Money literacy and alternatives to credit and savings schemes. Gender & Development, 10(3), 10-21.

Yusuf N., Ijaiya G. T., & Ijaiya M. A. (2009). Informal financial institutions and poverty reduction in the informal sector of Offa Town, Kwara State: A Case Study of Rotating Savings and Credit Associations (ROSCAs). Journal of Social Sciences 20(1),71-81.

Published
2021-08-02
How to Cite
Adeniyi, O., & Yoloye, T. W. (2021). Cooperative Society’s Fund Creation and Economic Strength Promotion among Teachers in Ibadan, Oyo State, Nigeria. Interdisciplinary Journal of Rural and Community Studies , 3(2), 23-29. https://doi.org/10.51986/ijrcs-2021.vol3.02.03