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THE EFFECTS OF CREDIT
ADMINISTRATION AND CONTROL ON THE DEVELOPMENT OF COOPERATIVE SOCIETIES
CHAPTER ONE
INTRODUCTION
1.1 Background
of the Study
This research work focuses
on the effects of credit administration and control on the development of
cooperative society. Credit administration and control functions as a good
instrument that brings about rapid development in the cooperative sector. It can be regarded as the essence
of financial instruction in an economy, therefore the formulation and implementation of sound and
solid credit polices and control are among the most crucial responsibilities of the
management of an organization.
Among the most
essential functions of credit cooperative is to provide loans to members and
ensure the repayment of the loans given to them, it is
therefore important to develop policies that will ensure the security of
loans extended to members.
Due to lack of credit administration and control,
credit facilities made available is spread among members of the cooperative
societies and considered more of gift
than loans to be paid within a specific period of time and therefore
cooperatives find themselves cripple economically.
The implementation of
credit administration and control is a necessary condition of the society so as
to achieve its objectives, to serve
the members in an efficient manner and more importantly ensure safety of funds for continuity
and development of the society.
According to Iyowu
(1985) an articulate credit management policy
not only seeks to
balance profit and liquidity. It expects to determine whom credit must be granted to how much to be granted, for how long and to ensure
successful recovery. The achievement of an efficient credit administration and
control entails an
elements of a subjective management.
This research work will
look at the role of credit administration and control, the disbursement of
loans and its recovery credit
administration and control and how it can be utilized for the
development of the cooperative societies.
1.2 Statement of The Problem
The primary aim in a
cooperative society is to improve the economic and social position of the
members by extending credit
facilities to them. It can either be
short term or long term loans. It is important that credit usage be productive
which will enable the borrower to earn enough to repay the principal and the interest
and also realize a surplus from the undertaking.
Cooperative societies
are not making significant impact in the
growth and development despite some level of credit administration and
control, problems are faced when there
are no
checks and balances and therefore posses danger to it’s continued
existence and as such will not have achieved the objectives for which it was
initially established.
Due to this shortcoming
and more, like lack
of experts to handle the finance of the society, mismanagement of funds
by officials, poor record keeping which
makes most members not to get their
contributions as at when
due, which has led to loss of
confidence, withdrawal of the members
and consequently loss of contribution to the societies.
Furthermore, in most
cases, the members savings are embezzled
or misappropriated. As a result societies do not live long due to dishonesty
in handling funds.
Providing members with
easy access to credit facilities being
among the aims and objectives of most cooperative societies cannot be realized
if such credit given to the members are not efficiently and effectively
administered to ensure productive utilization and ability of the members to
repay loans extended to them. This can guarantee continued existence of
the cooperative society.
It is against this
background that this study will venture into finding out the effects of credit
administration and control in the study areas.
1.3 Objectives of the Study
The
following are the objectives of this
study
i.
To
find out the role of credit
administration and control in
improving cooperative societies
ii.
To
determine the extent to which cooperative societies recover loan disbursement
to members.
iii.
To
find out problems associated with credit administration and control.
iv.
To
identify problems and proffer possible solutions.
1.4 Significance of the Study
This study is designed
to help cooperative societies have a
better understanding of the role credit
administration and control plays in the development of cooperative societies.
The research will also
contribute in enhancing appropriate measures
from cooperative societies which can improve the loan policies and
securities and in extension encourage
credit cooperation.
To government, it may
also contribute in enhancing appropriate
measure from the government to
improve and encourage prospects of cooperative societies in the
rural and urban areas as it will instil
hope in the minds of the members and potential members.
Scholars, researchers
and incoming student will also
benefits from this research work as
it will serve as reference to them.
1.5 Research Questions
The
following research questions will guide this study.
i.
what role does credit administration and control
play in improving cooperative societies?
ii.
To
what extent do cooperative societies
recover loans disbursement to members?
iii.
What
are the problem of cooperative societies in connection with credit
administration and control?
iv.
What are the possible solutions to ensure the success of credit administration and control in
the development of cooperative societies?
1.6 Scope of the Study
The scope of the
research is aimed at examining the effects of credit administration and control
on the development of cooperative societies with reference to Arewa
multipurpose cooperative society and National Board for Technical Education
investment and credit cooperative society Enugu.
1.7 Definition Of Terms
All the terms below
will reflect the operational meaning as used in this project study.
i.
Cooperative society: According to
ii.
Cooperation: the association of
two or more people who voluntarily come
together in order to achieve
target objectives.
iii.
Credit: loans of
money or equipment extended to members to be used for productive
purposes and with the agreement of repaying same amount with the accured interest at the future date.
iv.
Control: the process of ensuring that actual activities
conform to planning activities.
v.
Policy: A standing plan that establishes general guidelines
for decision making.
vi.
Credit administration:
Activities that are done in order to
plan, organize, extend and recover loan extended to members of the cooperative
societies.
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