Good day house. Please what can be said to be the bouque of products a co-operative society can offer to its customers? I will appreciate response please!

Hiploko:
Good day house. Please what can be said to be the bouque of products a co-operative society can offer to its customers? I will appreciate response please!

It all depends on the type of Co-operative society you talking about? Is it a Consumer coop society or a productive coop soc?

It is basically the thrift type where loans are given to groups of market people..I don't know which category they fall into amongst the 2 you stated above

Hiploko:
It is basically the thrift type where loans are given to groups of market people..I don't know which category they fall into amongst the 2 you stated above

It's a Consumer coop society and they enjoyed the advantage of increased acceptability getting the loan since they acted as a group compared to an individual. Since they are a Cooperative society i.e the market women they enjoy benefits in their operation, because a Cooperative society main aim is for the betterment of its members.

ekeneluvsu:

It's a Consumer coop society and they enjoyed the advantage of increased acceptability getting the loan since they acted as a group compared to an individual. Since they are a Cooperative society i.e the market women they enjoy benefits in their operation, because a Cooperative society main aim is for the betterment of its members.

In a consumer coop soc the member is both the owner/customer. Each member gets his/her surplus through patronage refund and also interest on savings.

ekeneluvsu:

In a consumer coop soc the member is both the owner/customer. Each member gets his/her surplus through patronage refund and also interest on savings.

ok.. Pls what products can be developed to suit them? Can a co-operative to asset(home appliances) finance? Do you have an idea of what products can be developed for them?

Hiploko:
ok.. Pls what products can be developed to suit them? Can a co-operative to asset(home appliances) finance? Do you have an idea of what products can be developed for them?

I don't understand? You asking if they can finance their society? Sure financing comes from their share capital, other fees agreed by them and also loan. Cooperative is a business and they surely can finance no matter the type of cooperative they run and the products that can be developed to them is what they do. For instance you said a cooperative that's on home appliances, that could be that they develop the home appliances themselves and sell to their members in order for them to enjoy more benefits participating with the cooperative than buying from a non cooperative business.

Thanks dear. Now this is the scenerio. A business development Manager has been employed by a mini micro finance bank(thrift & co-operative arm). One of his responsibilities is to develop new products, drive it's sales to make profit. How can you help on that?

Hiploko:
Thanks dear. Now this is the scenerio. A business development Manager has been employed by a mini micro finance bank(thrift & co-operative arm). One of his responsibilities is to develop new products, drive it's sales to make profit. How can you help on that?

I'm a Cooperative economist. A fresh Graduate, just completed NYSC. There are somethings you can use the cooperative to do and some you can't. First of all the cooperative main aim is not for profit making rather for the promotion of its members. There's no business that's is there not for profit making. Cooperative is a business as well but you can't make profit at your own expense remember when I said Owner/customer in the consumer coop so the name they call it surplus after you deduct expenses from income and that should be shared among its members in the form of patronage refund. You can meet a group who you feel have a felt need and tell them about starting up a cooperative and a cooperative field staff should guide them on it and tell them the intricacies of getting a loan from the bank.

Ok dear. But you know Nigerian firms or most firms are profit driven and at times, this makes them go outta boundary. Most Micro Finance banks are trying to do what Commercial banks do and some cooperative societies trying to do what Microfinance banks do like group lending,accepting deposits with interests, asset finance schemes, salary advance, school fees loan etc.. Is it permissible?

Hiploko:
Ok dear. But you know Nigerian firms or most firms are profit driven and at times, this makes them go outta boundary. Most Micro Finance banks are trying to do what Commercial banks do and some cooperative societies trying to do what Microfinance banks do like group lending,accepting deposits with interests, asset finance schemes, salary advance, school fees loan etc.. Is it permissible?

Yes, but what my Professor calls that kind of Coop is a Pseudo Cooperative society.

ekeneluvsu:

Yes, but what my Professor calls that kind of Coop is a Pseudo Cooperative society.

pls just suggest profitable products for a Pseudo Cooperative Society