Effect of co-operative credit unions on members’ livelihood in Tema Metropolitan

Abstract

Cooperative credit unions play a pivotal role in enhancing the financial well-being of their members, contributing to financial inclusion and economic empowerment. However, the ability to formulate tailored policies and strategies for cooperative credit unions that seek to improve the lives of its members is hidden. This study investigates the relationship between co-operative credit unions and their members’ livelihood. Four specific research questions were asked relating to the usage of loans, level of business, health of members, and education. Following a positivist paradigm, the study adopted a quantitative research approach and an explanatory design to sample 190 customers of co-operative credit unions in Tema Metropolis. The study employed frequency counts, percentages, and Ordinary Least Squares regression to analyze the collected data. The findings demonstrated that the primary purpose of taking loans from cooperative credit unions in Tema Metropolitan was to support existing businesses. The study also found that, social investment, deposit mobilization, and credit creation, significantly predict the level of business of individuals in Tema Metropolitan. Again, the study concluded that cooperative credit unions have a positive impact on the health and education of customers in Tema Metropolitan. The study recommended that, cooperative credit unions should continue to emphasize and promote their role in supporting businesses, as this is the primary motivation for members.