Evaluation of Credit Accessibility Among Members of Savings and Credit Cooperative Societies in Anambra State

Savings and credit cooperative societies, commonly referred to as SACCOs, serve as primary sources of affordable credit for low-income Nigerians who are excluded from formal banking systems. This study evaluated the level of credit accessibility and the determinants of loan repayment among SACCO members in Anambra State, South East Nigeria. A cross-sectional descriptive design was employed, with 180 cooperative members sampled from twelve registered SACCOs in Onitsha, Awka, and Nnewi using purposive sampling. A structured questionnaire captured data on credit accessibility, loan amounts, repayment performance, and perceived barriers to borrowing. Frequency tables, percentages, and logistic regression were applied in data analysis. Findings revealed that 74.4 percent of members had accessed at least one loan within the preceding two years. The mean loan size was 85,000 naira, predominantly used for trading activities (52.2 percent) and education (28.9 percent). Loan repayment rates were satisfactory in 61.7 percent of cases, with income instability and multiple borrowing as the most significant predictors of default. Female members demonstrated marginally better repayment rates than male counterparts. Administrative delays in loan processing were cited as a barrier by 44.4 percent of respondents. The study concludes that SACCOs in Anambra State provide reasonably accessible credit but face internal governance and default management challenges. Recommendations include credit education for members and adoption of mobile-based loan tracking systems.

Keywords: savings and credit cooperatives, SACCOs, credit accessibility, loan repayment, Anambra State