The contribution of credit union operations to its members’ development: a survey from Nkoranza area teachers credit union

Abstract

The role of Credit unions in Ghana cannot be overemphasized. This motivated the researcher to investigate and establish the impact of credit union operations on its members’ development. To achieve this, quantitative approach through the use of explanatory design was adopted. Questionnaires with reliability alpha coefficient of .806 were used to collect responses from selected respondents. The data were analysed with the help of the Statistical Package for Social Sciences (SPSS version 23) software. Two hundred (200) teachers were selected through the use of the simple random technique. The findings from the study revealed that among the challenges teachers face includes the poor location of the credit union; delay in given loans, lack of trust in the Credit Union services. Again, it was unravelled that that majority of the teachers are not satisfied with the benefit they derived from the Credit Union. Finally, the study revealed that an improvement in the quality of services rendered by credit union has a positive effect on the development of its members.