The Impact of Financial Record-Keeping on the Growth of Nigerian Cooperative Societies: A Case Study of Enugu-Based Cooperatives
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- Table of Content: Available
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Background of the Study
Financial record-keeping is critical for the effective management and growth of cooperative societies. It ensures accurate tracking of income, expenditures, and investments, thereby promoting transparency, accountability, and informed decision-making. In Nigeria, cooperative societies play a vital role in empowering individuals, particularly in rural areas, by providing access to credit and promoting economic development (Okoro & Adegbite, 2023).
In Enugu State, cooperative societies have significantly contributed to local development by fostering savings and providing financial support to members. However, poor financial record-keeping practices often hinder their growth and sustainability. This study examines how effective financial record-keeping practices influence the growth of cooperative societies in Enugu State.
Statement of the Problem
Despite their importance in economic development, many cooperative societies in Nigeria struggle with poor financial management due to inadequate record-keeping practices. This often results in financial mismanagement, lack of transparency, and erosion of members’ trust.
This study investigates the impact of financial record-keeping on the growth of cooperative societies in Enugu State, addressing the challenges they face and proposing strategies for improvement (Adebayo & Olanrewaju, 2024).
Objectives of the Study
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To examine the financial record-keeping practices of Enugu-based cooperative societies.
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To analyze the relationship between financial record-keeping and the growth of cooperative societies.
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To identify challenges and recommend solutions for improving financial record-keeping in cooperative societies.
Research Questions
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What are the financial record-keeping practices of cooperative societies in Enugu State?
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How does financial record-keeping influence the growth of cooperative societies?
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What challenges hinder effective financial record-keeping in cooperative societies?
Research Hypotheses
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Effective financial record-keeping significantly enhances the growth of cooperative societies.
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Inadequate financial record-keeping negatively impacts the sustainability of cooperative societies.
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Addressing record-keeping challenges improves the financial management of cooperative societies.
Scope and Limitations of the Study
The study focuses on Enugu-based cooperative societies, analyzing their financial practices and growth patterns from 2015 to 2025. Limitations include limited access to financial records and potential biases in members’ feedback.
Definition of Terms
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Financial Record-Keeping: The systematic documentation of financial transactions, including income, expenses, and investments.
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Cooperative Societies: Member-owned organizations that operate for the mutual benefit of their members.
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Growth: The expansion and sustainability of cooperative societies in terms of membership, capital, and impact.
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