Title: Entrepreneurship Development through Thrift and Credit Cooperative Societies: A Study of Members in Anambra State
Authors: Akabogu Chinyere Helen, Umebali E Emmanuel, Abbas Opeyemi Ogundipe and Arachie Augustine Ebuka
Volume: 8
Issue: 10
Pages: 370-381
Publication Date: 2024/10/28
Abstract:
: This study investigated the function of thrift and credit cooperative organisations in promoting entrepreneurial development among members in Anambra State. The study was anchored on the Financial Intermediation Theory. Survey research design was adopted by the study and the study population comprised 2,868 members of registered thrift and credit cooperatives in Anambra. The study's sample size was 351, determined using the Taro Yamane formula, while Bowley's proportional allocation formula was deployed in distributing the instrument for data collection, which was a structured questionnaire that was both validated and tested for reliability. The data was collected was analyzed using both descriptive and inferential statistics. The findings revealed that the most prominent skill members of the cooperative societies have learnt from their cooperative societies is storing goods or products (mean = 3.590) followed closely by identification of new markets (mean = 3.53) and that membership to thrift and credit cooperative societies have a statistically significant positive relationship with the creativity in savings mobilization of members (r = .904; p-value = .000 < .05). The study concluded that thrift and credit cooperative societies play a significant role in entrepreneurship development among members in Anambra state. Sequel to this, the study recommended that the cooperative societies can do more in the area of teaching the members better record keeping and documentation of their business activities as it was seen to be where they lack in terms of skills. They can also help members in learning how to package their products and services better as this will increase their sales, customer patronage and retention and improve the living standard of the members.