Sustainable Strategic Growth, Savings and Credit Cooperative Society and Credit Union Industry: A Global Overview

Abstract

Purpose: To ascertain the sustainable strategic growth Savings and Credit Cooperative Societies and Credit Unions Industry globallyMethodology: This is a secondary research based on review of existing available literature (from books, conference reports, websites and journals) in the area of Savings and Credit Cooperatives Societies and Credit Unions in various countries globally.Findings: The study found that number of Savings and Credit Cooperative Societies/Credit Unions in Africa increased by 83.3%, while that of Asia increased by 78.0% between the periods 2007 and 2016 and the average industry growth for Africa and Asia was 33.2% and 42.3% respective. The number of Credit Union growth in Caribbean (-5.6%), Europe (-23.9%), Latin America (-4.5%), North America (-32.6%) and Oceania (-32.8%) registered number of Savings and Credit Cooperative Society/Credit Union growth decline between the periods 2007 and 2016. The global aggregate growth in the number of Savings and Credit Cooperative Society/Credit Unions between 2007 and 2016 was 46.0%.Unique contribution to theory, practice and policy: Considerations for global Savings and Credit Cooperative and Credit Union growth are evaluated on the multiple dimensions of market, region diversity, technological innovation rate, and Savings and Credit Cooperative Society/Credit Union market trends. Growth is the most frequently used corporate strategy. It means increases sales, assets, net profits and a chance to take advantage of the experience curve.

The Effect of Microfinance Banks on Poverty Reduction in Nigeria

“…Ugbede (2020), described the height of poverty in Nigeria by stating that: "…nothing is permanent, except suffering. No job security, no safety, clothing nor gadgets… Every worker here would leave if they had a choice", and Chepkwei (2020), affirmed that microfinance banks are anti-poverty in nature. Though research indicates that poor education and health systems, inequality and marginalization, conflict, hunger, poor governance, dilapidating infrastructure, unemployment, etc.…”