CHAPTER ONE

1. BACKGROUND OF THE STUDY

Cooperative society may be described as a group of people with the common objective of creation of funds to be lent to its members, all the member must be residing in same, village or group of village (Onuoha, 1986). Cooperative society may also be described as the coming together (freely) of a group of people called cooperators for the purpose of improving their financial position or standing by putting their resources together which would have been difficult or almost impossible to achieve individually. The procedure can be inform of sharing, saving and deposit out of which will be lent to any member in need with reasonable interest (Epetimehin, 2006).

Cooperative Thrift and Credit Societies are member-based organizations that help members to address economic problems. They are not banking institutions because of their goal. The ultimate goal is to encourage thrift among the members and to meet credit needs of people who might otherwise fall prey to loan sharks and other predatory lenders (The Ledger, 2004). Cooperative societies are widely spread organization in developing countries, they are known for a strong commitment of, as well as participation in the decision making of their members (Haan et al., 2003).

1. 1. This material content is developed to serve as a GUIDE for students to conduct academic research work
2. 2. As a source for additional understanding of the subject.
3. 3. As a source for ideas for your own research work (if properly referenced).
4. 4. For PROPER paraphrasing (see your university definition of plagiarism and acceptable paraphrase)
5. 5. Direct citing (if referenced properly)
Thank you so much for your respect to the authors copyright.