(a) Thrift societies; are associations established to encourage savings among members . Members are made to contribute money at regular intervals (e.g monthly) out of which loans are granted to members who are in need of finance. It is formed by low income earners. Interests charged on loans are usually low as compared to that charged on bank loans.
(b) Services rendered by thrift societies to their members are:
(i) The thrift societies grant loans to members at low interest rates with no requirement for a collateral.
(ii) Members are encouraged to save a little of their income.
(iii) A member of a co-operative thrift society can obtain money to buy items which he would have otherwise been unable to afford.
(iv) The society can act as guarantors to their members who may involve in hire purchase.

(v) They encourage inter-personal relationship through the brotherly and friendly relationship that exist among their members.