Assessing the impact of savings and credit cooperatives among monthly income earners

Abstract

The availability of microfinance providers is important for some business growth and improvement in the socio economic well being of the participants. However, the ability to determine the benefits or otherwise of such microfinance providers relied majorly on the responses of beneficiaries and/or clients of the microfinance institution. Data for this study were gathered through the use of survey questionnaire administered to 126 respondents who belong to the same category of financial cooperatives operating savings and credit microfinance scheme for her members alone. The questionnaire data were analysed quantitatively using Pearson correlation coefficient and t – calculated for test of significance. The findings show that participation in savings and credit cooperative organized by monthly income earners increase their purchasing power and thus assisted them to purchase householdequipments and properties. Participants were also able to take advantage of loan facility to engage in direct and indirect investment in business activities while still retaining their jobs.