Evaluation of the impact of Obafemi Awolowo University (Ile-Ife) Staff Cooperative Thrift and Credit Society’ on its members
This study examined the paraphernalia of Obafemi Awolowo University (Ile-Ife) Staff Cooperative Thrift and Credit Society (OAUSCTCS), its entrepreneurial contributions and
challenges. The primary data was collected through the administration of questionnaires on the sample population of 251 out of the total population of two thousand five hundred cooperators. In-depth interviews (IDIs) were conducted with the Secretary and Treasurer of OAUSCTCS. Percentages with frequency tables were used for the analysis of the quantitative data while the qualitative data were analyzed using content analysis. The study found that although the entrepreneurial orientation of the management team was low; OAUSCTCS, in the absence of assistance from banks; contributed to the entrepreneurial and spatial development of the community by financially empowering cooperators to meet their emergency needs like purchase of landed properties and vehicles; cultivate savings habit and have access to start-up loans. Major challenges included insufficient loanable fund and inability to meet the loan demand on time. The study concluded that the management team should encourage formation of entrepreneurship clubs while government policies should be geared towards formation of cooperative societies in the universities and encouraging banks in empowering cooperatives financially to give seed money to nascent entrepreneurs and retirees for sustainable development.
© Department of Geography, Obafemi Awolowo University Ile-Ife, Nigeria 2016