INTRODUCTION

The thrift and Credit cooperative has been formed with intention of improving the standard of living. The thrift and credit society started in Germany under the leadership of Fredrick Ra’ffeisen in the year 1818 who is now regarded as the father of modern cooperative thrift and credit society.

Germany has always been referred to as the cradle of credit cooperative. At that time, the economic condition of Germany was so deplorable and the peasantry and artisans fiet crushed under the heavy weight of indebtedness. Famine was a common phenomenon used as order of the day. The Jews ruled over the market and the poor labourers and farmers had no way out, except to buy articles of their need from them and sales their product to them. The merchants were money lenders changing very high rate of interest for the credit they gave and offered ridiculously prices for the produce they purchased. With the hopeless life of the peasantry, Raiffeisen emerged to help them out of their indebtedness and poverty years, therefore thought out plan for cooperative societies.

Before the advert of modern cooperative society the thrift and credit society serve at urban area, the traditional mutual system is been called and addressed by different name by various communities who practice it inform of traditional form of saving.

The Hausa call it “Adashe†“Bashi†in Nupe “Asusu in Ogogo etoto in Ibibio etc.†The traditional systems of cooperative leaders of the society are elected purely on the agreement of the members, while in modern cooperative.

Cooperative at large, the management committees are elected democratically, and any person contesting for any post must have the question of some vital requirement such as payment of entrance fees, share deposit etc and the member must be voted for any post in the society.

Cooperative thrift and credit society are mainly found among the urban areas, low-income earners, government employees etc. and a good number splitter around is the urban area as well.