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INFORMAL FINANCIAL INSTITUTIONS AS SOURCE FOR FINANCING SMALL AND MEDIUM SCALE BUSINESS ENTERPRISES IN NIGERIA: A CASE STUDY OF CYCLE SAVINGS SCHEME
ABSTRACT
The research study was conducted to i d e n t i f y among o t h e r things, why people engage/participate in Cycle “Savings Scheme {CBS) even with the presence of modern banking f a c i l i t i e s and s e r v i c e s within reach, hoy CSS are being organised and managed, and what the members of the scheme use t h e i r r e t u r n s (shares) from the saving schemes for, The study was based on the assumption t h a t : – (a) the socio-economic base and c u l t u a l o r i e n t a t i o n of the r u r al people and indeed t h a t of the low income earners who c o n s t i t u te the majority of the Nigerian Population would not a l l ow them to b e n e f i t fully from the secured and unsecured loans provided by banks to finance any type of business e n t e r p r i s e they would want to e s t a b l i s h and manage; and (b) that the r e t u r n s (shares) from GSSs are adequate, realistic, r e l i a b l e end v i a b l e sources of funis for financing small and medium scale business e n t e r p r i s e s. The research method adopted for the study is survey method. The choice of the research method was based on the fact that the r e s e a r c h covered a wide spectrum of the Nigerian Society with the research subjects running i n t o hundreds of thousands. The population of fhe study are the p r o p r i e t o r s / c o l l e c t o r s of the CSSs and the members of the saving schemes in Nigeria, A simple random sampling technique was used to s e l e c t 20 CSSs represented by t h e i r p r o p r i e t o r s / c o l l e c t o r s and 20 c o n t r i b u t i ng members from each of the 20 CSSs selected from Kaduna and Z a r ia environments – being cosmopolitan areas with different people from a l l works of l i f e across the country and beyond. The sample size is therefore made up of 20 CSSs and 400 c o n t r i b u t i n g members drawn from these areas. The major instruments used for c o l l e c t i ng data were questionnaires, i n t e r v i e w s / d i s c u s s i o n s and observation of the books of the CSSs. Simple descriptive s t a t i s t i cs P a r t i c u l a r l y percentages and frequency t a b l e s were used to analyse the data c o l l e c t e d for the study, The findings of t h i s study, reveals that majority of the CSSs members engage/participate in the Savings Scheme for economic reasons p a r t i c u l a r l y to get some money in bulk to s t a r t and/or maintain t h e i r business e n t e r p r i s e s . Although the CSSs are not r e g i s t e r e d with any government agency, majority of the CSS p r o p r i e t o r s have R u l e s , Regulations and Procedures as legal tender governing the CSS matters to be s t r i c t l y observed and complied with by both the members and the p r o p r i e t o r s . Inspite of some problems associated with the management of CSS, both the p r o p r i e t o r s and members of the saving scheme believe in the v i a b i l i t y and r e l i a b i l i t y of CSSs as source of funds for financing small and medium scale business e n t e r p r i s e s.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
