Contributions of Informal Savings and Credit Institutions to Rural Development: Evidence from Nigeria

The study examined the contributions of Okitipupa Multi-purpose Cooperative Union (OMCU) to the development of the local rural economy in its area of coverage. A five-year data set of the activities of OMCU and those of its members were analyzed to determine its savings mobilization capacity, enterprise finance and establishment, employment generation, and social integration of members. The findings confirmed that OMCU is a pivot on which rural development of its area of operation, revolves. This was revealed in its enterprise financing, employment generation, and wealth creation for members and non-members. Equally important is the social integration and gender equality encouraged in the appointment of women into leadership positions in OMCU and its component cooperative societies.