Sources of funding and its effects on the networth of Eliogbolo Excellent Credit and Investment Cooperatives Society, Rivers State

Abstract

The study assessed the effects of sources of funding on the income of Eliogbolo Excellent Credit and Investment Cooperatives Society in  Rukpokwu Community of Rivers State. Specifically, the study described the socio-economic characteristics of the members, identified  sources of funding of Cooperatives Societies members, identified the effects of Source of Funding on cooperative members’ net worth,  examined the effects of socioeconomic characteristic of Excellent Eliogbolo Thrift and Savings cooperative society on the cooperative net  worth. The primary data required for this study were obtained from 60 members of the Excellent Eliogbolo Thrift and Savings Cooperatives Society using well-structured questionnaire. The data analysis techniques include descriptive statistics, mean ratings and  multiple regression analysis. The result showed that males participated more in the study with approximately 51.67% while the female  population stood at 49.33%, 10% had no formal education, 28.33% are primary school holders; 35.00% have secondary education; whilst  26.67% attained tertiary education. The mean ratings, on benefits of special contributions and levies, showed that the respondents  agreed that annual membership fees and special contributions by members were important sources of funding for Excellent Eliogbolo Thrift and Savings Cooperatives Society. It was concluded that annual membership fees of members contributed to the funding and  credit creation of Excellent Eliogbolo Thrift and Savings Cooperatives Society members. It was recommended that Payment of annual  membership fees by members as well as creation of more opportunities to improve members welfare by the management be prioritized.