Developing an Original Behavioural Economics Framework for Improving Member Savings Commitment in Nigerian Cooperative Societies

Standard rational choice models assume that cooperative members will save optimally if financial returns are adequate, yet observed member savings behaviour in Nigerian cooperatives is systematically influenced by cognitive biases, social norms, and present-bias dynamics that rational models cannot explain. Behavioural economics offers a theoretical toolkit for addressing these patterns, but has not been applied as a comprehensive framework to Nigerian cooperative savings design. This study developed an original behavioural economics framework for improving member savings commitment in cooperative societies across Nigeria. A mixed-method framework development methodology was employed. Behavioural diagnosis involved structured experiments and surveys with 480 cooperative members from savings-focused cooperatives in Lagos, Kaduna, and Enugu States, measuring the prevalence and magnitude of six behavioural biases affecting savings: present bias, loss aversion in savings framing, social comparison effects, default inertia, mental accounting, and status quo maintenance. The behavioural diagnosis confirmed systematic present bias in 67.3 percent of members, with hyperbolic discounting parameters significantly different from rational savings models. Social comparison nudges showed significant positive effects on savings amount in a randomised field experiment (ATT 12,400 naira additional monthly savings; p < 0.001). Loss-framed savings messages outperformed gain-framed messages (28.4 percent higher completion rate; p < 0.01). The Cooperative Behavioural Savings Framework (CBSF) synthesises these findings into eight intervention principles spanning product design, communication strategy, and social architecture dimensions. The CBSF constitutes an original contribution to cooperative economics and behavioural finance that provides an evidence-based toolkit for cooperative savings programme designers. Keywords: behavioural economics, cooperative savings, member commitment, savings behaviour, Nigeria