AN ASSESSMENT OF THRIFT AND LOAN COOPERATIVE SOCIETIES ON MEMBERS DEVELOPMENT (A CASE STUDY OF NASSARAWA LOCAL GOVERNMENT)

ABSTRACT Thrift and Loan Cooperatives Societies (TLCS) are community membership based financial institutions that are formed and owned by their members in production of their economic interest. This research work assesses the thrift and loan cooperative societies on member’s development. The study used both primary and secondary source of data for which was carried out thorough the administration of questionnaire to some selected respondents. The sampling was done randomly. The findings show that there is no doubt that saving and credit cooperative societies are essential for rapid and sustained socio economic development of members. They create employment, enhance capacity building for manpower and skills development, promote growth, reduce poverty, and facilitate industrial development among others. The study has shown that services and products offered by the TLCS to its members helped the later to improve their socio-economic status leading to increased incomes. The increase in income reported was instrumental in improving the members’ level of well-being and poverty reduction. And the recommendations stated that It needs a transformation mechanism. As TLCS expand in membership and capital, more sophisticated operating and lending practices must be introduced. Usually primary TLCS should join secondary tier at national/regional federations and global levels. The collateral system to get loan must be improved with some more alternative choices for instance using fixed asset as collateral or based on reliable business plan of the borrower.Promotion and training to TLCS members and the community about the importance of TLCS in towns should get special attention. The issue of mainstreaming the idea of saving and credit has become the main agenda of development workers.