The purpose of this article is to explore the relationship between cooperative society and poverty reduction.
To get the full understanding of what a cooperative means, and why you need to join one can be seen in the link below
There are some good reasons for thinking that cooperatives might have an important role in poverty reduction. After all, it was poor people who originally started cooperatives as a way to help themselves climb out of poverty.
The history of cooperatives shows the ability to increase their members’ incomes and decrease financial risk of members.
The principles on which cooperatives are based, and on which they differ from other forms of business organization, point to a concern with democratic control by the members, the equitable return of economic surpluses, and a desire to share these benefits with other members.
Behind these principles are some key values such as self-help, equity, democracy, equality among members, and solidarity.
Cooperatives help the poor, by working together, by pooling their resources, by submitting themselves to group discipline and by accepting to combine self-interest and group solidarity, the poor can solve some of their own problems by way of organized self-help and mutual aid better than alone.
Cooperatives provide small loans to their members. This loan comes without the need for collateral but you might be required to bring a guarantor which is mostly a member of the same cooperative, this is to serve as a way to ensure each member is held accountable for whatever loan that is being given.
Cooperative members also get dividends at the end of each financial year, dividends are given based on a proportion of profits that the cooperative makes.
Once this amount is determined, management calculates the dividend according to how much each member has used the cooperative services.
This is another means of income to cooperative members.
Investa.ng understand how important cooperative can help to reduce poverty, we set up Nigeria’s First Digital Cooperative For mutual savings and investment, this is to make joining a cooperative easy and accessible for you, your friends and colleagues.
As a member of investa.ng cooperative you have access to
1. Investment option
2. Lowest interest loan you can find in the country without collateral
3. Convenient repayment plan
4. Shares purchase
5. Yearly dividends on your savings
6. Patronage bonus
Want to know more and how to join the cooperative, Kindly click on the link below to chat with admin https://wa.me/2349014462443 or call 09014462443