Contributions of Informal Savings and Credit Institutions to Rural Development: Evidence from Nigeria
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The study examined the contributions of Okitipupa Multi-purpose
Cooperative Union (OMCU) to the development of the local rural economy
in its area of coverage. A five-year data set of the activities of OMCU and
those of its members were analyzed to determine its savings mobilization
capacity, enterprise finance and establishment, employment generation, and
social integration of members. The findings confirmed that OMCU is a pivot
on which rural development of its area of operation, revolves. This was
revealed in its enterprise financing, employment generation, and wealth
creation for members and non-members. Equally important is the social
integration and gender equality encouraged in the appointment of women
into leadership positions in OMCU and its component cooperative societies.