Credit Contribution Club (ISUSU): A Veritable Indigenous Source of Capital Formation among the Igbo of Southeast Nigeria, 1900 TO 2015 (Published)
From the pre-colonial era to date (2015) the challenge of capital formation (finance) among Africans, especially those in the rural communities, cannot be overemphasized. Lack of capital adversely affected the growth of economic activities, which also negatively impacted on the standard of living of the people, leading to inequality, unemployment, and poverty, among others. In Nigeria, colonial and successive governments tried to address this issue without success. They established different types of financial institutions, which more or less served the interests of minority government officials, government employees, elite, and other such groups in the country. For the Igbo of Nigeria, credit contribution clubs were, and still are, veritable sources of capital formation, even before the emergence of colonial rule. In the face of economic challenges, especially in the area of capital formation, credit contribution clubs (Isusu) have been widely used to access funds over modern finance institutions (Banks, Stock exchange, and others). The focus of this work is to bring to the fore the indigenous institution, Isusu, which have been source for pooling capital (funds) for the benefit of the members. The popularity of this informal institution for capital formation amongst the people, even the successful elite, in our area of study will be emphasized. The paper concludes that contribution clubs (Isusu) is one of the non-agrarian pre-colonial institutions for capital formation that contributed immensely to the development of the economic activities of Igbo people. The scope of this paper is the Igbo of Southeast Nigeria. The approach adopted and in writing this work are the descriptive and analytical method. The period covered by the paper is between 1900 and 2015.
This study investigated the growth status of SACCOS before and during the implementation of the JK Billions in Tanzania mainland. Linear regression models using enter method predicted varying relationships. Before the fund came into effect i.e. 2005, the study results showed that saving was well predicted by women than did their counterpart men. However, as the fund got underway, neither women nor men were significant predictors of savings. In both models i.e. before and after the implementation of the fund, savings amount appeared to predict well the level of loans issued to members. This study concluded that men and women have different saving preferences as members of savings and credit cooperative societies. Moreover, loans are also determined by the levels of savings. The government must limit its efforts to technical development and facility development of member-based financial institutions instead of pumping credit.