Greener Journal of Agricultural Sciences

Excellence and Timeliness

  
  

Change Language

Akerele et al

Greener Journal of  Agricultural Sciences Vol. 4 (6), pp. 238-244, July 2014.

 ISSN: 2276-7770 

Research Paper

Manuscript Number: 030714135

DOI: http://dx.doi.org/10.15580/GJAS.2014.6.030714135

Factors Affecting Loan Repayment Performance among Members of Cooperative Thrift and Credit Society in Yewa North Local Government Area, Ogun State, Nigeria

 

*Akerele E.O., Aihonsu J.O.Y., Ambali O.I. and Oshisanya K.P.

 

Department of Agricultural Economics and Farm Management, College of Agricultural Sciences, Olabisi Onabanjo University, Yewa Campus, P.M.B 0012, Ayetoro Ogun State, Nigeria.


*Corresponding Author’s Email: akereleeze@gmail.com

Abstract:

The study focused on the investigation of factors affecting loan repayment performance among members of Cooperative Thrift and Credit Societies in Yewa North Local Government Area of Ogun State. The study drew a sample of hundred and four small-holder agricultural credit users who are members of Cooperative Thrift and credit society identified through a multi stage random sampling techniques. Relevant information on socio-economic characteristics, sources of loan preferred, payback period, factors affecting loan repayment of cooperators and constraints in obtaining loan were collected using structured questionnaires with personal interview and data collected were analyzed using descriptive statistics and multiple regressions. The results of the study revealed that a total of 78.8 percent of the respondents was within the age range of 31-60 years showing that majority of the respondents are within their active and productive ages. The study also revealed that 89.5 percent of the respondents have formal education which facilitates their access to loans through informal sources and with Cooperative Thrift and Credit Societies being the most popular source, and credit was made available and utilized, and cooperators’ annual income rose significantly. The results of the regression showed that amount of loan collected by farmers, level of education and year of experience and labor used were the major factors that positively and significantly influence loan repayment. It is therefore recommended that the credit agencies should always endeavour to draw a more convenient disbursement and amortization schedule to conform with economic needs, that is, loan must be adapted to the peculiar needs of the cooperators and repayment condition should be flexible enough to allow for variation and uncertainties in cooperative income.

Keyword: Credit, Cooperative, Repayment, Loan, Income.

Reference:


Adeyemo, R (1982): “Strategies for Improving Agricultural Credit in Nigeria.” Savings and Development Journal, VI (1): 85-96.

Adeyemo, R. and O. Akala. (1992): “Cooperative Fishermen in the Riverine Area of Nigeria.” International Journal of Environmental Management, 36: 27-34.

Ayanwale, AB and AS Bamire (2000): ‘‘Rural Income, Savings And Investment Behaviour among Farmers in Osun State of Nigeria.” The Indian Journal of Economics, LXXXI(320): 49-60.

Berthoud, R and Hinton, T (1989): Cooperative Thrift and Credit Society in the United Kingdom, Policy Studies Institute, Printer Publishers Limited (UK).

Croteau, JT (1956): The Federal Cooperative Thrift and Credit Society :Policy and Practice, University of Notre Dame, Harper & Brothers Publishers, New York. Golden Jubilee Brochure Published by CUA Limited

Ijere MO (1998): “Agricultural Credit and Economic Development. In: Ijere MO, Okorie A (eds) Readings in Agricultural finance Longman Lagos, pp. 4-9.

Momoh S and Oso AO (1997): Some Determinants of Membership Participation in Credit and Thrift Cooperative Societies in Ogun State, Nigeria. Journal of Rural Economics and Development. Vol. 13, No. 2 1998 and 1999. Pp. 95 – 101.

Openiyi, FO (1982): Saving Investment Behaviour of Farm Household in Ikale and Ilaje/Ese-Odo LGA of Ondo State, Nigeria. Unpublished B. Agric. Project Report. Pp 11, 35.

Onyenwaku CE and CM Ozoh. (1992): “Savings mobilization among rural households in Anambra state of Nigeria.” Quarterly Journal of International Agriculture, 31(3): 301-309.

Osuntogun, A and R Adeyemo. (1981): “Mobilization of rural savings and credit extension by pre cooperative organizations in Southwest Nigeria.” Savings and Development Journal, 4: 247-261

Simanowitz, Anton and Alice Walter (2002): Ensuring Impact: Reaching the Poorest while Building Financially Self-Sufficient Institutions, and Showing Improvement in the Lives of the Poorest Women and Their Families. IN Sam Daley-Harris, Ed. Microcredit Summit Campaign. Pathways Out of Poverty. Kumarian: Bloomfield, CT. pp. 101 – 109.

Call for Articles/Books/Thesis

Call for Scholarly Articles


Authors from around the world are invited to send scholary articles that suits the scope of this journal. The journal is currently open to submissions and will process and publish articles daily, immediately they are ready.


The journal is centered on quality and goes about its processes in a very timely fashion. Seasoned editors/reviewers will be consulted to review each article(s), profer quality evaluations and polish the articles with expertise before publication.


Use our quick submit button to submit or simply send your article(s) as an e-mail attachment to manuscripts@acad.gjournals.org or manuscripts.igj@gmail.com.


Call for Books


You are also invited to submit your books for online or print publication. We publish books related to all academic subject areas.    Submit as an e-mail attachment to books@acad.gjournals.org.




Search

Login Form

Other Journals


Newsletters


Sponsored