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outcome of projects, they offer few insights beyond conventional wisdom because they do not adequately explain why the investigated business outcome occurred. In light with their observation, we argue that these studies are not without benefit because they highlight important issues for consideration and point to the complexity of software project initiatives. Organizations and researchers may find consulting a list of a priority `factors of success' beneficial, such items are not in-themselves keys to a preferred outcome. Rather, they tend to focus attention on controlling and simplifying innately complex situations. Most of the studies carried on critical success factors areas lack theoretical basis that successfully link the critical success factors to implementation outcomes of any kind. Besides, there is no consensus on critical success factors owing to difference in context between implementing organizations (Leopoldo and Otieno, 2005). 2.2.Review of Theoretical Studies In this part of the research it is discussed the issues of saving and credit cooperatives from the theoretical literatures.
10 2.2.1.Concept of Cooperatives in General and SACCOs in Particular According to Bharadwaj (2012), Cooperative was founded from Latin word “co-operari” where „co‟ means together and „operari‟ means working together. Working together for member is the initial concept of cooperatives. The Cooperative is a member centered business. According to Getachew Mergia Tache (2006), SACCOs or Credit Unions have been developed to meet the fundamental human need to find a way of saving and borrowing methods without taking risks and without handing over too much power to a moneylender. They were invented in south Germany in 1846 at the time of agricultural crisis and continues heavy drought in Europe, by two community business leaders: Freidrich W. Reifeisen and Herman schultze- Delitsche, who are considered as the founding fathers of the saving and credit cooperatives (SACCO) movement: Herman schultze Delitsche, who established a saving and credit cooperatives for minor artisans and the urban middle classes, and Freidrich Reifeisen, the founder of the rural saving and credit cooperatives. In Italy, Luigi Luzzatti established saving and credit cooperatives, which combined the principles established by his two German predecessors. Both forms spread rapidly all over Europe, northern America, Latin America, and Asia from 1900 to 1930 and to Ghana by one Catholic Bishop. Today SACCO societies have significant role in empowering their members Socio-Economic Status all over the world. The International Cooperative Alliance (ICA) (1995) defines a cooperative as “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise”. The two fundamental function of a SACCO Society are financial intermediation and investment.