The Effects of Credit Administration and Control on the Development of Cooperative Societies

The Effects of Credit Administration and Control on the Development of Cooperative Societies

The Effects of Credit Administration and Control on the Development of Cooperative Societies

 

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Chapter Five of  The Effects of Credit Administration and Control on the Development of Cooperative Societies

Summary, Conclusion, and Recommendations

Introduction

This chapter presents the summary of the research work, conclusions drawn from the  study and recommendations that could lead to effective implementation of credit administration and control towards the development of cooperative societies.

Summary

This study 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 Kaduna.

The research questions that guided the study were: what is the role of credit administration and control on the development of cooperative societies? To what   extent do cooperative societies recover loans disbursement to members? What are the problems of cooperative societies in connection with credit administration and control? What are the possible solutions to ensure the success of  credit  administration and control in the development of cooperative societies.

A survey method was used for this study. the population consisted of the members of Arewa multipurpose cooperative society and National Board for technical Education investment and credit cooperative society. Out of a total population 278 members, a sample size of 160 was involved for the study. At the time of analysis only 125 questionnaires were available for analysis: A questionnaire developed by the researcher based on Likert 5 point scale was used for the study, frequency and percentage scores were used to analysis the data based on the research questions. Result show that credit administration and control if well utilized and managed  in a cooperative society can bring about rapid development and expansion. That policies are put in to ensure the recovery of loans disbursement to members,  lack of auditing, inspection and suspension of the cooperative society can bring about the down fall of the society. Also some of the problems  faced  with credit administration and control include, mismanagement of funds, lack  of funds  to enable the society achieve it objectives,  members not fully engaged in the activities  of the society and  the books of account and financial statements are not open to  members and the public. Finally some possible solutions profered to ensure the success of credit administration and control include loans extended to members to be closely suspended, external auditors should be engaged to audit books of accents and financial statement, workshops should be  organized for members to enhance cooperative education and finally effective  management of the society’s funds. It was based on the this that recommendation were made.

Conclusion

Based on the research findings, it is concluded that credit administration and control play a vital role in the development of cooperative societies. Through it’s implementation. It seeks to serve members in an efficient manner and more importantly to ensure safety of funds of the society for continuity and development. There are policies to ensure the recovery of loan disbursement to members which are observed by the credit committee and supervisory committee who then report to the management committee of the society.

Some of the problems which hinder the effective credit administration and control include mismanagement of funds, lack of funds, members unwillingly to  participate in the activities of the society and secrecy regarding books  of accounts and financial statement which impact negatively on the development of the society and also control measures such as inspection and supervision by cooperative officers, auditing of  the accounts of the society are not adhered to strictly and finally there are possible solutions to ensure effective and efficient administration of credit in the society and control measures to be  put in place by the credit committee and supervisory committee for the success and development of the cooperative satieties.                                                                                                                                             

Recommendations

The following recommendations are made based on research findings so as to facilitate  credit administration  and control in societies.

  • Polices which are development to guide society should not just be written on paper but should  be adhered to strictly and made into practical and concrete here and now decisions established by management and aimed at achieving the purpose of the 
  • The government through the federal Director and state Directors of cooperatives must ensure that only cooperative officials with adequate knowledge and experience of cooperatives should  be appointed to inspect and supervise cooperative societies, so that the officials of the society are able  to do the job well and serve as caution to management from   time to time.                           
  • Societies that are registered solely to get loans can no longer operate when they can  no longer obtain the loan. As such only viable societies should be allowed to be registered and benefit from government loan and grants and such societies should engage in profitable ventures and investments to enable them secure funds to carryout the projects and fully achieve their desired objectives.
  • Cooperative education is another factor that cannot be overemphasized. Members at all levels of the cooperative society should have or be given cooperative education as requirement for  joining the  cooperative society so that  they have a better understanding  of what they  are into  and be actively  This can be achieved through workshop seminars, interactive session with cooperative experts etc.

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