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Academic Journal of Current Research

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ISSN (Print): 3244-5621 | ISSN (Online): 2837-3707
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HomeAJCR Vol. 9, No. 8 FINANCIAL INTELLIGENCE AND THE PERFORMANCE OF COO…
📄 Research Article AJCR Vol. 9, No. 8 (2022)

FINANCIAL INTELLIGENCE AND THE PERFORMANCE OF COOPERATIVE THRIFT AND CREDIT SOCIETY IN OKWELLE LOCAL GOVERNMENT AREA IN IMO STATE, NIGERIA

Okafor Ogochukwu Esther 1 & Michael Maureen Chinenye PhD 2 & Udemadu Frank C 1
1 Department of Cooperative Economics & Management, Nnamdi Azikiwe University, Awka.
2 Federal Polytechnic Nekede Owerri, Imo State
Academic Journal of Current Research, Vol. 9, No. 8 (2022), pp. 95-107 | DOI:
Open Access Peer Reviewed Research Article

Abstract

The study investigated Financial Intelligence and the Performance of Cooperative Thrift and Credit Societies in Okwelle Local Government Area of Imo state. Specifically, the study investigated various strategies of attaining financial intelligence (financial literacy), performance indicators that arise as a result of financial intelligence (financial well-being). Data were obtained from 20 active cooperatives in the study area. The data collected were subjected to analysis with both descriptive and inferential statistics, using the frequency distribution and percentage table. The stated hypothesis was tested with Chi-square which is non-parametric test. Evidence from the study revealed that there is a significant effect of financial intelligence on the performance of CTCS in the study area. There was strong evidence from the study that the proper record keeping for all financial expenditure and empowering management committee and employee with structured financial educational information was a yardstick for attaining financial literacy. Findings from the study also revealed that saving portfolio value of the cooperative has increased due to financial planning as this have improved their CTCS performance and they can now be accountable for their money. This data was used to test the hypothesis. Therefore, in order to strengthen their role in financing for effective and efficient performance of their organization, the following recommendations were made: Management committee members should set relevant and achievable financial goals in accordance to the broad objectives (long term goal) of the society, and also break down these objectives into medium and short term goals (yearly goals), thus ensuring they take strict and proper records of/for all expenditures made. more emphasis should be place on financial intelligence, as this will enable, strengthen and reinforce the potentials of CTCS and at the same time, facilitate the attainment of the primary objectives, goals and missions of the cooperative thrift and credit society.
Keywords: Financial Literacy, Financial Wellbeing, Cooperative Thrift and Credit Society and Financial Intelligence, Cooperative Thrift and Credit Societies
📑 How to Cite This Article
APA 7th Edition:
Okafor Ogochukwu Esther, Michael Maureen Chinenye PhD, Udemadu Frank C (2022). FINANCIAL INTELLIGENCE AND THE PERFORMANCE OF COOPERATIVE THRIFT AND CREDIT SOCIETY IN OKWELLE LOCAL GOVERNMENT AREA IN IMO STATE, NIGERIA. Academic Journal of Current Research, 9(8), 95-107. https://doi.org/
Vancouver Style:
Okafor Ogochukwu Esther, Michael Maureen Chinenye PhD, Udemadu Frank C. FINANCIAL INTELLIGENCE AND THE PERFORMANCE OF COOPERATIVE THRIFT AND CREDIT SOCIETY IN OKWELLE LOCAL GOVERNMENT AREA IN IMO STATE, NIGERIA. Acad. J. Curr. Res.. 2022;9(8):95-107. DOI:
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