role of time management on the performance of financial institution
TRANSCRIPT
UNIVERSITY OF LAY ADVENTISTS OF KIGALI
(UNILAK)
FACULTY OF ECONOMIC SCIENCES AND MANAGEMENT
DEPARTMENT OF FINANCE
Dissertation Submitted to the Faculty of Economic Sciences
and Management in partial fulfillment of the requirements for
the award of Bachelor’s Degree in Finance
Submitted by:
INGABIRE Jacqueline
Reg. no: KGL06055/2012
Supervisor: Mr. RUGEMINTWAZA Théoneste
Kigali, August 2016
THE ROLE OF TIME MANAGEMENT ON THE
PERFORMANCE OF FINANCIAL INSTITUTION
Case Study: ZAMUKA BUMBOGO SACCO
Period: 2012 - 2015
ii
DECLARATION
I declare that this work titled “the role of time management on the performance of financial
institution Case study ZAMUKA BUMBOGO SACCO” is my own work, that it has not been
submitted for any degree or examination in any other higher learning institution, and that all the
sources I have used or quoted have been indicated and acknowledged by complete references.
Full name INGABIRE Jacqueline
Date 16/08/2016
Signature…………………
iii
CERTIFICATION
This is to certify that this work titled “The role of time management on the performance of financial
institution” is a study carried out by INGABIRE Jacqueline under my guidance and supervision.
Supervisor: RUGEMINTWAZA Théoneste
Date 16/08/2016
Signature………………………………….
iv
DEDICATION
To my Husband,
To my Sister,
To the Students of UNILAK,
To the Management and Staff of UNILAK
v
ACKNOWLEDGMENT
It is our pleasure to express our thanks to the Almighty God who provided everything to enable the
researchers to complete this project report.
We thank all staff of UNILAK for the guidance and teaching throughout our studies, especially the
academic body of faculty of economics Sciences and Management, Department of Finance for
providing a program that allows student to carry out the research project in final year of academic
studies.
I would like to extend my sincere gratitude and appreciation to UNILAK. Our cordial thanks go to
the Management team of ZAMUKA BUMBOGO SACCO of for allowing us to carry out this
research within their organization.
I would like to thank BENIMPUHWE Aimable family for moral support that enabled to reach this
academic achievement.
This study has been completed through the generous and valuable assistance of the flowing people
and organization: our supervisor Mr. RUGEMINTWAZA Theoneste for the support, guidance
insight and patience in this research, the Fond d‟Assitance aux Réscapés du Genocide (FARG) for
their support in our studies.
We are also grateful to our friends and classmates for their help and prayers.
May the almighty God bless you all!
INGABIRE Jacqueline
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TABLE OF CONTENTS
DECLARATION .................................................................................................................................ii
CERTIFICATION .............................................................................................................................. iii
DEDICATION .................................................................................................................................... iv
ACKNOWLEDGMENT ...................................................................................................................... v
TABLE OF CONTENTS .................................................................................................................... vi
LIST OF TABLES .............................................................................................................................. xi
LIST OF ABBREVIATIONS, ACRONYMS AND SIGNS ........................................................... xiii
ABSTRACT ...................................................................................................................................... xiv
KEY WORDS .................................................................................................................................... xv
CHAPTER ONE .................................................................................................................................. 1
GENERAL INTRODUCTION ............................................................................................................ 1
1.1. Background of the study .................................................................................................................. 1
1.2. Statement of Problem ....................................................................................................................... 2
1.3. Objectives of the study ..................................................................................................................... 3
1.3.1. General objectives .............................................................................................................. 3
1.3.2. Specific objectives .............................................................................................................. 3
1.4. Research questions ............................................................................................................................ 3
1.5. Significance of the study .................................................................................................................. 4
1.5.1 To the UNILAK community ................................................................................................ 4
1.5.2 .To the government .............................................................................................................. 4
1.5.3. To the researcher ................................................................................................................. 4
1.5.4 To ZAMUKA BUMBOGO SACCO and other organization .............................................. 4
1.5.5. To the customers and employee of ZAMUKA BUMBOGO SACCO ............................... 4
1.6. The scope of the study ...................................................................................................................... 5
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1.6.1 Content scope ....................................................................................................................... 5
1.6.2 Geographical and time scope ............................................................................................... 5
1.7. Summarizing conceptual framework ................................................................................................. 5
1.8. Study organization ............................................................................................................................... 6
CHAPTER TWO: LITERATURE REVIEW ...................................................................................... 7
2.0. Introduction ........................................................................................................................................... 7
2.1. Definition of key concept .................................................................................................................... 7
2.1.1. Role ..................................................................................................................................... 7
2.1.2. Time .................................................................................................................................... 8
2.1.3. Management ........................................................................................................................ 8
2.1.5. Performance ..................................................................................................................... 12
2.1.6. Financial institution and SACCO ..................................................................................... 14
2.2. Time management theory ............................................................................................................... 15
2.2.1. Basics of time management .............................................................................................. 17
2.2.2. Advantages of time management ..................................................................................... 18
2.2.3. Benefits of Time Management ......................................................................................... 18
2.2.4. Time management element and plan ................................................................................ 20
2.3. Microfinance Institutions and SACCO ........................................................................................ 21
2.3.1. Types of Microfinance and SACCO ................................................................................ 21
2.3.2. Objectives of Microfinance and SACCO ......................................................................... 21
2.4. Historical background of MFIs and SACCOs in Rwanda ......................................................... 22
2.4.1. Birth and reform of the financial sector ........................................................................... 22
2.4.2. Birth of UMURENGE SACCO ....................................................................................... 24
2.4.3. Supervision of Microfinance institutions and SACCO under law no 06/2002 ............... 25
2.4.4. Current situation of Microfinance institutions and SACCO in Rwanda .......................... 26
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2.5. Financial institution and SACCO.................................................................................................. 26
2.5.1. Reasons for Saving by the communities .......................................................................... 26
2.5.2. Organizational vision, mission, goals and objectives....................................................... 27
2.5.3. Advantages of Savings with the Umurenge SACCOs ..................................................... 28
2.5.4. Some of the challenges hindering Savings ....................................................................... 29
2.6. Relationship between time management and UMURENGE SACCO‟s performance ........... 29
2.6.1. Benefit of Time management ........................................................................................... 30
2.6.2. Achievement of time management ................................................................................... 30
2.6.3. Basic of time management ............................................................................................... 30
2.7. Role played by microfinance institutions and SACCOs ............................................................ 31
2.8. Time management in SACCO services and beneficiaries satisfaction .................................... 31
2.8.1. Benefits of time management in SACCO services .......................................................... 31
2.9. Analysing MFIs and SACCOs‟ contribution and its performance ........................................... 33
2.9.1. Methodology in measuring contribution of time in MFIs and SACCO performance ..... 34
2.9.2. Instrument of measuring the outcomes and the impact of financed project performance 34
CHAPTER THREE: RESEARCH METHODOLOGY ..................................................................... 35
3.1. Introduction ...................................................................................................................................... 35
3.2. Research design .................................................................................................................................. 35
3.3 The population ..................................................................................................................................... 35
3.4. Sampling and sample design ............................................................................................................. 35
3.4.1. Sampling method .............................................................................................................. 35
3.5. Source of data ..................................................................................................................................... 37
3.6. Data collection techniques ................................................................................................................ 37
3.6.1. Questionnaire ................................................................................................................... 37
3.6.2 .Interview ........................................................................................................................... 37
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3.6.3. Documentary techniques ................................................................................................... 38
3.7. Data processing and assessment ....................................................................................................... 38
3.7.1. Data Processing ................................................................................................................. 38
3.7.2. Editing ............................................................................................................................... 39
3.7.3. Coding ............................................................................................................................... 39
3.7.4. Tabulation ......................................................................................................................... 39
3.7.5. Data analysis techniques ................................................................................................... 39
3.8. Description of ZAMUKA BUMBOGO SACCO ....................................................................... 39
3.8.1. Location ............................................................................................................................ 39
3.8.2. Mission .............................................................................................................................. 40
3.8.3. Vision ................................................................................................................................ 40
3.8.4. Objectives ......................................................................................................................... 40
3.8.5. Requirements to be a member of ZAMUKA BUMBOGO SACCO ................................ 40
3.8.6. Working hours in ZAMUKA BUMBOGO SACCO ........................................................ 41
3.9. Organization structure of ZAMUKA BUMBOGO SACCO ........................................................ 42
CHAPTER FOUR: RESULTS AND DISCUSSION ........................................................................ 43
4.1. Introduction ...................................................................................................................................... 43
4.2. Employees perception on effect of time management on performance of MFIs .................... 43
4.2.1. Profile of respondents ..................................................................................................................... 43
4.2.2. Implementation of time management in Zamuka Bumbogo Sacco ................................. 46
4.2.3. Evaluation of time wasting in ZAMUKA BUMBOGO SACCO in work hours before
implementation of time management ............................................................................... 47
4.2.4. Nature and importance of time management in ZAMUKA BUMBOGO SACCO ......... 53
4.2.5. Impact of time management on ZAMUKA BUMBOGO SACCO and its performance . 56
4.2.6. Time factors influencing performance ............................................................................. 60
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4.2.7. Employees satisfaction and time management in ZAMUKA BUMBOGO SACCO ...... 64
4.3. Members and customers‟ perception on the effect of time management on performance of
MFIs ................................................................................................................................................... 64
4.3.1. Profile of respondents members ........................................................................................ 64
4.3.2. Implementation of time management in ZAMUKA BUMBOGO SACCO ..................... 67
4.3.3. Nature and important of time management in ZAMUKA BUMBOGO SACCO ........... 69
4.3.4. Time management influence the performance of ZAMUKA BUMBOGO SACCO ...... 72
4.3.5. Customer satisfaction on time management installed by ZAMUKA BUMBOGO SACCO . 75
4.4. Spearman correlation between time management and Performance of financial institution .. 76
CHAPTER FIVE: CONCLUSION AND RECOMMENDATIONS ................................................. 78
5.1. Introduction ......................................................................................................................................... 78
5.2. Summary of major finding ................................................................................................................ 78
5.2.1. Finding on nature and importance of time management in increasing institution
performance ...................................................................................................................... 78
5.2.2. Finding on Time factors influencing performance to ZAMUKA BUMBOGO SACCO . 80
5.2.3. Finding on the time management influence on the performance of ZABUSA ............... 82
5.3. Conclusion ........................................................................................................................................... 83
5.4. Recommendation ............................................................................................................................. 83
5.4.1. To ZAMUKA BUMBOGO SACCO ................................................................................ 83
5.4.2. To the future researcher .................................................................................................... 83
5.5. Areas for future researchers ........................................................................................................... 83
APPENDICES .................................................................................................................................... 88
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LIST OF TABLES
Table 4.1. Gender of respondents ..................................................................................................................... 43
Table 4.2. Age of employees‟ respondents ....................................................................................................... 44
Table 4.3. Education of employees Respondents ............................................................................................. 45
Table 4.4. Marital Status of respondents .......................................................................................................... 45
Table 4.5. Duration of Services ........................................................................................................................ 46
Table 4.6. Employees knowledge on the term time management .................................................................... 47
Table 4.7. Time wasting on social media before time management implementation ....................................... 48
Table 4.8. Time wasting on unneeded telephone or personal calls before time management .......................... 48
Table 4.9. Time wasting in reading unimportant or personal email ................................................................. 49
Table 4.10. Time wasting in unimportant movement ....................................................................................... 49
Table 4.11. Time wasting on Social media....................................................................................................... 50
Table 4.12. Time wasting on unneeded telephone or personal calls ................................................................ 51
Table 4.13. Time wasting in reading unimportant or personal email................................................................ 51
Table 4.14. Time wasting in unimportant movement ....................................................................................... 52
Table 4.15. Time management in set up of priorities ....................................................................................... 53
Table 4.16. Time management in productive .................................................................................................. 53
Table 4.17. Time management in improvement of decision making .............................................................. 54
Table 4.18.Time management and career success ............................................................................................ 55
Table 4.19.Time management in reduction of stress ........................................................................................ 55
Table 4.20. Indicators of performance to Increase in capital............................................................................ 56
Table 4.21. Indicators of performance increase in tangible assets ................................................................... 57
Table 4.22. Indicators of performance to Increase in profitability ................................................................... 58
Table 4.23. Indicators of performance to Increase in liquidity ......................................................................... 58
Table 4.24. Time management and risk management ...................................................................................... 59
Table 4.25. In my institution we organize work paper and task triage ............................................................. 61
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Table 4.26. ZAMUKA BUMBOGO SACCO works in priority order, set goals and prioritize actions .......... 61
Table 4.27. In my institution we master the skills of time management .......................................................... 62
Table 4.28.Time management involves determining needs, setting goals to achieves the needs ..................... 63
Table 4.29. Prioritizing the task required, matching tasks to time and resources by planning, scheduling and
making lists .................................................................................................................................... 63
Table 4.30. Employees satisfaction and time management in ZAMUKA BUMBOGO SACCO .................... 64
Table 4.31. Gender of member ......................................................................................................................... 65
Table 4.32. Age of members‟ respondents ....................................................................................................... 65
Table 4.33. Education ....................................................................................................................................... 66
Table 4.34. Marital Status of members‟ respondents ....................................................................................... 67
Table 4.35. Adhere ........................................................................................................................................... 67
Table 4.36. Since when respondents know the term time management ........................................................... 68
Table 4.37. ZAMUKA BUMBOGO SACCO Time management in set up of customers‟ priorities .............. 69
Table 4.38. ZAMUKA BUMBOGO SACCO Time management and customers productivity ....................... 70
Table 4.39. Time management in improvement of decision making ............................................................... 70
Table 4.40. Time management helps in customers‟ project success ................................................................ 71
Table 4.41. Time management in reduction of stress ....................................................................................... 72
Table 4.42. Less stress, few surprises, few tight deadlines in ZAMUKA BUMBOGO SACCO services ...... 72
Table 4.43. ZAMUKA BUMBOGO SACCO become productive following time management..................... 73
Table 4.44. Less rework and fewer mistakes .................................................................................................... 74
Table 4.45. ZAMUKA BUMBOGO SACCO time management helps to avoid wasted time and boost their
work ............................................................................................................................................... 74
Table 4.46. ZAMUKA BUMBOGO SACCO time management helps in builds its reputation ...................... 75
Table 4.47. Satisfied by time management installed by ZAMUKA BUMBOGO SACCO ............................. 76
Table 4.48. Spearman correlation between time management and Performance of financial institution for
employees ...................................................................................................................................... 76
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LIST OF ABBREVIATIONS, ACRONYMS AND SIGNS
AMIR : Association in Rwanda
BNR : Rwanda National Bank
BPR : Banque Populaire du Rwanda
FARG : Fond d‟Assitance aux Réscapés du Genocide
i.e : id est in Latin (that is in English)
IGA : Income Generating Activity
J.I.T : Just In Time
KGL : Kigali
MFIs : Microfinance Institutions
MINECOFIN : Ministry of Finance and Economic Planning
Mr : Mister
NMS : National Microfinance Strategy
P : Page
PP : Pages
PDA : Personal Digital Assistant
PM : Performance Management
RCA : Rwanda Cooperatives Agency
Reg. No
: Registration number
ROSCA : Rotating and Saving and Credit Association
SACCO : Savings and Credit Cooperatives
SPSS : Statistical Package for the Social Sciences
UNILAK : University of Lay Adventists of Kigali
VUP : Vision 2020 Umurenge Program
ZABUSA : ZAMUKA BUMBOGO SACCO
xiv
ABSTRACT
This study evaluates the role of time management on the performance of financial institution, using
a case study of ZAMUKA BUMBOGO SACCO for the period 2012-2015. The main problem of
this study was to analyze whether the time management has an added value especially to financial
institutions. The study had objectives of describing the nature and define the importance of time
management in performance in SACCOs, identifying the time factors influencing performance in
SACCOs and assessing the effect of time management on the performance of UMURENGE
SACCO. The population of the study was the entire members of ZABUSA equals to 7,235 members
and 13 employees. In addition to all 13 employees taken under this research this study made a
representative sample of 95 members among customers using ALAIN BOUCHARD sampling
technique. The questionnaires and interview were used to collect primary data and literature was
used to obtain secondary data. The analysis of data was done via SPSS. From table 4.6, 84.6% of
respondents known and used the term “time management” since 2012. Table 4.8 to table 4.14 show
that time wasted is reduced from 69.2% to 30.8% every day, form 23.1% to 15.4% once per week.
Unneeded telephone or personal calls are from 100% to 53.8% every day; 30.8% once per week and
15.4% once per month. Findings from table 4.19 show that more than 84.6% of the respondents
strongly agreed that they understand the important of use of time management in stress reduction.
From table 4.21 to table 4.23 and from financial statements it was discovered that credit risks have
been reduced from Rwf 15,473,318 to Rwf 1,883,674; liquid assets improved from Rwf 59,421,290
in 2012 to Rwf 216,664,666, total assets increased from Rwf 49,331,916 in 2012 to Rwf
216,190,840 in 2015. Liquidity risks were reduced by increasing deposits from Rwf 128,824,231 to
Rwf 235,861,107 between 2012 - 2015. For market and operational risks, customers increased from
2,025 to 7,235 members from 2012 to 2015. The table 4.30 indicates that 84.6% of employees are
satisfied by time management installed by ZAMUKA BUMBOGO SACCO. All data contained in
table 4.36 up to table 4.47 showed us that time management played a big role in improving
ZABUSA performance. Findings from these tables confirmed data from employees, data from
financial statements and from Spearman's rho correlation of 98.8% helped us to confirm that time
management boosted the performance of ZAMUKA BUMBOGO SACCO in all domain. For
further researches, researchers may conduct studies on “Time management and increase of
customers” or “Time management and efficiency of financial report”.
xv
KEY WORDS
Respect of work deadlines,
Time wasting,
Time management process,
Time management productivity.
.
1
CHAPTER ONE
GENERAL INTRODUCTION
This chapter provides a background of the study, statement of problem, objectives of study,
Research questions, Significance of the study, the scope of the study and organization of study.
1.1. Background of the study
Nowadays, time management has become the nerve of business throughout the world. Most of
given countries have turned their attention to development activities. Economic activities can only
be beneficial when the time and its management factor are at play. Without effective management
of time, work will be discouraging.
In today world, the time is the direction beyond life. Thus, the human activities are directing in
function of the time and the time management. For those reasons the institutions manage their
activities with management of time. Some termed in simple sentences like “time is money”, the
method of Just In Time (J.I.T) and different symbols of time show the importance of time and its
management. Many managers and authors say that without time management in your institution,
you will never get profit, improvement and performance.
According Adeojo, (2012, p.7), time is an essential resource every manager needs to achieve the
goals and objectives of an organization and microfinance. It is so delicate that it cannot be saved but
can only be spent and once misused it can never be regained. Every manager is looking for ways to
improve time management. Whether it is the management of an organization looking for business
improvement or an individual looking for ways to better spend their time, time management is
important to both.
According to the Oxford Advanced Learner‟s Dictionary, time is defined as a period either long or
short, during which you do something or something happens while management is defined as the
act or skill of dealing with people or situations in a successful way. According to Ojo & Olaniyan
(2008, pp. 127-133), the following are the attributes of time: Time is a unique resource, time cannot
be replaced by man, time cannot be accumulated like money, time cannot be turned on and off like
machine, time cannot be stocked like raw materials, time passes at a pre-determined rate whatever
happens and everybody is equally endowed with the same amount of it irrespective of his position,
etc.
2
Therefore time management can be defined as a period, either short or long, which involves how
people use their time judiciously to produce result. Time management starts with the commitment to
change.
According to Shirley (2008, p.1), better time management can be achieved if goals have been set
and then all future work is prioritized based on how it moves the individual or organization towards
meeting the goals. The value of time management lies in the fact that people have too many tasks
they need to do but not enough time for the things that they want to do. Time management helps
identify needs and wants in terms of their importance and matches them with time. Time
management brings about orderliness and enables one to be more productive and fulfilled.
According Adeojo (2012, p. 8) Performance in an organization revolves round the monetary costs,
efficiency (i.e. ability to do something well or achieve a desired result without wasted effort) and
effectiveness (i.e. doing the right things more than performing them efficiently). As a manager, both
the resources and employees must be properly managed and all priorities must be placed in order of
their importance.
In order to manage time, managers must be creative and introduce various ways of producing output
within a stipulated time. They must be able to manage their emails and phone calls, i.e. they must be
able to minimize the time they spend receiving phone calls and reading emails.
The key to successful time management is planning and then protecting the planned time; prioritize
the worker activities and determine worker efficiency.While it does require time to set up and
continually maintain a time management program, the most important advantage of doing so is that
you will immediately gain time. Even if time management shows it importance, most organizations
and people continue to mismanage time and support it consequences. Some of them fail ignoring
that savior key remaining in everyone hand is time to be well managed.
1.2. Statement of Problem
Time is a necessity for every institution in achieving its goals and objectives. The attempt to
accomplish the desired goal poses a great threat to the organization. The people and organization
faces a number of problems and challenges centering on inefficiencies in its time management. For
developing countries, on one side it become difficult to boost economy because of important portion
of time is lost or mismanaged. Rendez-vous or appointment are delayed, postponed or removed
3
(eliminated) after disbursement of huge sum of money. On other side, in mind of many people and
managers losing time is losing nothing given that what is not done today will be done tomorrow or
another day. These thoughts could generate different problems as:
a) Lack of Job security and poor working conditions of employees;
b) Lack of adequate maintenance of human resource policy;
c) Lack of proper structuring of the organization which is required to have a new trend that
would enhance its efficiency and make it feasible;
d) Poor team building, bad performance, poor profit or loss,
e) Lack of Self-discipline, misunderstanding among staff, employees turn over, decrease of
customer resignation, decrease of turnover, decline of reputation, at the end failure of
organization.
If these statements are true and verifiable for big organizations, these research aim to verify, using
ZAMUKA BUMBOGO SACCO case study, if time management has an impact on the performance
and profitability of small or medium organization.
1.3. Objectives of the study
In this study we have general objective and specific objective.
1.3.1. General objectives
The general objective of the study is to identify the role of time management on the performance of
institution especially ZAMUKA BUMBOGO SACCO.
1.3.2. Specific objectives
Our specific objectives are:
To describe the nature and define the importance of time management in performance in
SACCOs.
To identify the time factors influencing performance in SACCOs
To assess the effect of time management on the performance of UMURENGE SACCO.
1.4. Research questions
Our research questions are following:
What is the nature and importance of time management on performance in SACCOs?
4
What are time factors influencing performance in SACCOs?
How time management influence the performance of UMURENGE SACCO?
1.5. Significance of the study
The study will be very dominant to time management on the performance of institution facing
ZAMUKA BUMBOGO SACCO, which intends to Role of time management benefit to the
institution. It is also helpful to the researcher and other stakeholders.
1.5.1 To the UNILAK community
The study findings will be significant to UNILAK students, faculty and staff who have interest in
finance. It increases the volume of materials in the library for reference and guide for further
research.
1.5.2 .To the government
It will be helpful to the government to encourage the organization to put more efforts in time
management. It helps in increasing performance of organization and cooperative such as
UMURENGE SACCO in Rwanda.
1.5.3. To the researcher
The study will enable researcher to gain knowledge and skills of analyzing and interpreting data
about the role of time management on performances of institution. It‟s also a fulfillment of one of
the requirements for the award of the Bachelors degree in Finance.
1.5.4 To ZAMUKA BUMBOGO SACCO and other organization
The research findings can be useful to time management on performance of institution or
cooperative as well as other players in the UMURENGE SACCO. The institution or organization
can use the study recommendations to improve time management on performance in their
institution.
1.5.5. To the customers and employee of ZAMUKA BUMBOGO SACCO
It is helpful to the employees of ZAMUKA BUMBOGO SACCO to encourage themselves and one
5
another to the use of full time in building efficient relationship generating high income, providing
good services to the customer and reducing the poverty in general.
1.6. The scope of the study
This study has been carried on the Role of time management on performance of institution facing
ZAMUKA BUMBOGO SACCO.
1.6.1 Content scope
The research focus on Role of time management on performance of institution in reduction of waste
of the time in institution. It will be based on information collected either directly from there
ZAMUKA BUMBOGO SACCO or from other reliable sources.
1.6.2 Geographical and time scope
The study has been conducted in Bumbogo Sector of Gasabo District City of Kigali in Rwanda. The
study period covered the recent three years from 2012 to 2015
1.7. Summarizing conceptual framework
Time study is the process of recording and analyzing systematically the time required for
performing various operations. The main purpose of time study is to measure the performance of an
average employee working at average speed, standardized conditions and methods. It is also used
for settings standard times for performance rating similar operations.
For a better time study, one should always remember to consider the question of quality time versus
quantity time. Quality time is the most important in time management since it is not only a function
of the amount of time you spend but also of whom you spend it with and of what you spend it on.
(Merrill & Donna 1993, p. 44).
Therefore the company aims to research on this area so as to point out the time wasters and to
suggest the possible alternatives of overcoming the situation. Below is the guiding conceptual
framework which is used in conducting this research. Thus, following variable interaction diagram
constitutes the basis of analysis research findings.
6
This researcher has two variables: In this research dependent variable is performance of financial
institution because is time to change. Independent variable is one that can be treated in research to
see its effect on dependent variable. In this research independent variable is time management.
Those variables can be modified by intervening variables.
Source: Researcher, 2016
1.8. Study organization
This study the role of time management on the performance of financial institution is organized in
five chapters:
The first chapter of study is the general introduction, background to the study, problem statement,
research questions and significance of the study and scope of the study which show in details the
ground upon which the researcher based to carry this research.
The second chapter is literature review that examines the works already conducted on the role of
time management and the issues relating to time wasting in organization.
The third chapter entails methods, techniques and procedures used. It deals with techniques and
procedures used in investigation and data collection and analysis. It includes area of the study,
population and sample selection of the study.
Chapter four deals with the results presentation, discussion and interpretation and the fifth chapter
which is the last one is all about the summary of major findings, conclusion derived from the study,
recommendations and related suggestions.
Independent variable
Time management value
Respect of work deadlines
Respect of time management
process
Efficient of customer relationships
Application of time Services
Dependent variable
Performance of Financial institution
Profitability
Capital and asset adequacy
Liquidity
Risk management
Figure 1.1: Conceptual framework
7
CHAPTER TWO
LITERATURE REVIEW
2.0. Introduction
This chapter comprises what the researcher has written about “the role of time management on the
performance of institution, case study ZAMUKA BUMBOGO SACCO”, the keys concept and
other terms related to the research topic. This entails mainly the definition and all the necessary
details about time management on the performance of SACCO, their analysis and interpretation to
get a clear and more meaningful understanding of the impact of time management.
2.1. Definition of key concept
The definition of key concept is very important in research and in social sciences studies, since one
word can be define differently by different researchers and therefore the meaning of that word will
be different according to the domain of research. The key concept thereafter defined, will help to
understand the role of time management on the performance in UMURENGE SACCO in general
and Zamuka Bumbogo Sacco in particular as presented in this dissertation.
2.1.1. Role
According Longman (2015, p. 1), the term “role” means the way in which someone or something is
involved in activity or situation. A role (also rôle or social role) is a set of connected behaviors,
rights, obligations, beliefs, and norms as conceptualized by people in a social situation. It is an
expected or free or continuously changing behavior and may have a given individual social status or
social position.
According to sociologist Bruce Biddle (1986, pp. 67–92.), the five major models of role theory
include:
1. Functional Role Theory, which examines role development as shared social norms for a given
social position,
2. Symbolic Integrationist Role Theory, which examines role development as the outcome of
individual interpretation of responses to behavior,
3. Structural Role Theory, which emphasizes the influence of society rather than the individual in
roles and utilizes mathematical models,
4. Organizational Role Theory, which examines role development in organizations,
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5. Cognitive Role Theory, which is summarized by Flynn and Lemay as "the relationship between
expectations and behaviors" (Flynn, Robert & Raymond, 1999, p. 224)
2.1.2. Time
According to Oxford dictionaries (2011, p.18), time is “the indefinite continued progress of
existence and events in the past, present, and future regarded”.
For American Heritage (2011, p.15), “Time is the indefinite continued progression of existence and
events that occur in apparently irreversible succession from the past through the present to the
future”. “Time is a component quantity of various measurements used to sequence events, to
compare the duration of events or the intervals between them, and to quantify rates of change of
quantities in material reality or in the conscious experience” (Le Poidevin & Robin (2004, p. 31).
Thus, time is the number of minutes, hours, or days that must be allowed for the completion of
an operation or process, or must elapse before a desired action takes place. Total time required to
manufacture an item, including order preparation time, queue time, setup time, run time,
move time, inspection time, and put-away time.
2.1.3. Management
According to Frank & Prabbal (2006, pp. 3–7), in businesses and organizations is the function that
coordinates the efforts of people to accomplish goals and objectives by using available resources
efficiently and effectively.
Gulshan (1999, p. 6) cite Henri Fayol who declare that "to manage is to forecast and to plan, to
organize, to command, to co-ordinate and to control."). Deslandes (2014, pp. 14–16). defines it as
“a vulnerable force, under pressure to achieve results and endowed with the triple power of
constraint, imitation and imagination, operating on subjective, interpersonal, institutional and
environmental levels” Drucker (1909–2005) saw the basic task of a management has twofold:
marketing and innovation. Nevertheless, innovation is also linked to marketing (product innovation
is a central strategic marketing issue). Drucker identifies marketing as a key essence for business
success, but management and marketing are generally understood as two different branches of
business administration knowledge. (Jones & Norman, 2013, p. 18).
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Management includes planning, organizing, staffing, leading or directing, and controlling an
organization to accomplish the goal or target. Resourcing encompasses the deployment and
manipulation of human resources, financial resources, technological resources, and natural
resources. Management is also an academic discipline, a social science whose objective is to study
social organization.
A theory of management analyzes and synthesizes workflows. Its main objective is
improving economic efficiency, especially labor productivity. It was one of the earliest attempts to
apply science to the engineering of processes and to management (Mitcham, Carl & Adam,
Briggle 2005, p. 1153).
2.1.4. Time Management
You can't technically manage time as time is uncontrollable and continues to pass. You can't slow
down or stop time, and everyone has the same amount of time. What you can do, though, is control
how you use your time and time management is what helps you use your time more effectively
(Kendall, 2013, p.1)
Time management is about effective scheduling of your time, goal setting, prioritizing and choosing
what to do and what not to do, delegating tasks, analyzing and reviewing your spent time,
organizing your workspace, keeping your concentration and focus at your work, motivating yourself
to work towards a goal.
2.1.4.1. Opposite of Time Management
Time Management is not “wasting time”. Procrastination could be the opposite of effective time
management. Spending time on activities that produce nothing of value to your life or to someone
else life is considered wasting your time.
2.1.4.2. Importance of Time Management
According to Kendall (2015, p.1) whether we assign a dollar value to it or not and time is valuable
to us. He asked to think about how much of your typical work week you spend stressed about not
having enough time to complete a task or reach a goal.
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For him, there are lots of different ways to tackle the issue of time management. He advise you to
adjust your sleep time, create lists, etc. But, if you don‟t fully understand why it‟s important for you
to better manage your time, those apps and lists aren‟t going to help you. If you don‟t have the
motivation to use them, you won‟t. You have to first look at the big picture. Get a handle on why
managing your time effectively is important, and what you stand to gain from it. You can get started
by reviewing these eight reasons time management is crucial. Kendall (2015, p.1) continues saying
that:
1. Time is limited: No matter how you slice it, there are only 24 hours in a day. That applies to
you, and to your coworker who only seems able to do half the amount of work you do. But it
also applies to the former coworker who consistently accomplishes more than you, and was
promoted as a result. If you want to rise through the ranks, you have to acknowledge the
importance of finding a way to manage this limited resource.
2. You can accomplish more with less effort: When you learn to take control of your time,
you improve your ability to focus. And with increased focus comes enhanced efficiency,
because you don‟t lose momentum. You‟ll start to breeze through tasks more quickly
3. Improved decision-making ability: Whether you rely on a time-chunking technique or
discover the power of list-making, you‟ll soon find that a nice side benefit of good time
management skills is the ability to make better decisions. When you feel pressed for time
and have to make a decision, you‟re more likely to jump to conclusions without fully
considering every option. That leads to poor decision making.
4. Become more successful in your career: Time management is the key to success. It allows
you to take control of your life rather than following the flow of others. As you accomplish
more each day, make more sound decisions, and feel more in control, people notice. Leaders
in your business will come to you when they need to get things done. And that increased
exposure helps put you in line for advancement opportunities.
5. Learning opportunities are everywhere: Obviously, the more you learn the more valuable
you are to your employer. And great learning opportunities are around you, if you‟ve got
time to stop and take advantage them. When you work more efficiently, you have that time.
You can help out with that new product launch your development team‟s been working on.
Volunteer to help host your company‟s open house. Even just enjoying a nice lunch with
teammates in other departments can prove eye opening. The more you learn about your
company and your industry, the better your chances of making a positive impression.
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6. Reduce stress: When you don‟t have control of your time, it‟s easy to end up feeling rushed
and overwhelmed. And when that happens, it can be hard to figure out how long it‟s going
to take to complete a task. (Think of a time when you were about to miss a deadline and
were frantically trying to finish the project. If someone dumped a surprise on your desk at
that moment and asked you how long it would take to finish the surprise task, how could
you even begin to answer their question?).
7. Free time is necessary: Everyone needs time to relax and unwind. Unfortunately, though,
many of us don‟t get enough of it. Between jobs, family responsibilities, errands, and upkeep
on the house and the yard, most of us are hard-pressed to find even 10 minutes to sit and do
nothing. Having good time management skills helps you find that time. When you‟re busy,
you‟re getting more done. You accumulate extra time throughout your day that you can use
later to relax, unwind, and prepare for a good night‟s sleep.
8. Self-discipline is valuable: When you practice good time management, you leave no room
for procrastination. The better you get at it, the more self-discipline you learn. This is a
valuable skill that will begin to impact other areas of your life where a lack of discipline has
kept you from achieving a goal.
According to Remez (2001, pp. 1-2), time management is a set of principles, practices, skills, tools
and systems that help you use your time to accomplish what you want. The same author continues
saying that time management is important for your personal life and career success. It teaches you
how to manage your time effectively and make the most of it.
Here are a few of the reasons why it is so important, and how it can help you use and manage your
time more advantageously:
1. Time is a special resource that you cannot store or save for later use. Everyone has the exact
same amount of time each day. Time not well used cannot be retrieved.
2. Most people, feel like they have too much to do and not enough time. They blame lack of
time for their poor finances, stress, bad relationships, and for not exercising their body.
3. Wise time management can help you find the time for what you desire, and for what you
need to do.
Remez (2001, pp. 1-2) argue that you need time to get what you want out of life. If you wait for
extra time to appear, you might lose the game of life. Through right time management, you can
“create” the time you need, and not just wait for it to come. By planning your time wisely, you will
have more time to do more things:
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1. Time management will help you set up your priorities.
2. Time is limited to 24 hours a day, so plan your life wisely.
3. Time management helps you make conscious choices, so you can spend more of your time
doing things that are important and valuable to you.
4. You can learn to find the time for the things that are important to you. Even a small amount
of time once a day, or even once a week, will take you closer to your goals, and you will be
surprised at the progress you make.
5. You become more productive using improved time management skills and tools, and can
accomplish more with less effort and time. Time management can help you reduce wasted
time and energy, help you become more creative and productive, and enable you to do the
right thing at the right time. This will of course lead to more balance and fulfillment in your
life.
6. Life today presents so many distractions, and therefore, it is very easy to lose time on
unimportant activities.
7. Life puts in front of everyone so many choices each day, and the question is, do you follow
what appears on your way, or do you consciously choose what you want to do?
8. A certain degree of detachment and inner peace are useful in managing your time
effectively. They help you avoid spending too much emotional and mental energy on what
people say and think about you. They help you stay calm, despite distractions or difficulties,
and this saves you a lot of time and energy, which you can spend on better and more
rewarding activities.
2.1.5. Performance
Performance measurement is an essential part of the performance management. By measuring,
people transform complex reality into simplified numerical concepts that can be easily
communicated and acted upon (Lebas, 1995, pp. 23-39).
According to Lebas (1995, pp. 23-39), the simplification of reality by measuring is the prerequisite
of successful management. Similarly, Bititci et al., (1997, p.522) argue that performance
measurement is at the heart of the performance management process and it is of critical importance
to the effective and efficient functioning of performance management. Performance measurement
(PM) can be defined from different perspectives.
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2.1.5.1. Performance management
According to Zaffron (2009, pp.1-2) the Performance management (PM) includes activities which
ensure that goals are consistently being met in an effective and efficient manner. Performance
management can focus on the performance of an organization, a department, employee, or even the
processes to build a product or service, as well as many other areas.
2.1.5.2. Performance management in financial institution
According to Gary (2009, p.2) many people equate performance management with performance
appraisal. This is a common misconception. Performance management is the term used to refer to
activities, tools, processes, and programs that companies create or apply to manage the performance
of individual employees, teams, departments, and other organizational units within their
organizational influence. In contrast, performance appraisal refers to the act of appraising or
evaluating performance during a given performance period to determine how well an employee, a
vendor or an organizational unit has performed relative to agreed objectives or goals, and this is
only one of many important activities within the overall concept of performance management.
At the workplace, performance management is implemented by employees with supervisory roles.
Normally, the goal of managing performance is to allow individual employees to find out how well
they had performed relative to performance targets or key performance indicators during a specific
performance period from their supervisors and managers.
According to Gary (2009, p.2) Organizations and companies typically manage employee
performance over a formal 12-month period (otherwise known as the formal company performance
period). The results of performance management exercises are used:
in employee development planning to select the most appropriate and suitable development
intervention to improve employees' knowledge, skills and behavior;
as factual basis for compensation and rewards (pay raise & bonuses being the most
common);
As factual basis in consideration with other factors for mobility (Example: transfers and
promotions).
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2.1.6. Financial institution and SACCO
A financial institution is an establishment that focuses on dealing with financial transactions, such
as investments, loans and deposits. Conventionally, financial institutions are composed of
organizations such as banks, trust companies, insurance companies and investment dealers. It can
either be a savings or credit cooperative (SACCO) or a Limited Company (RCA, 2016, p.1).
2.1.6.1. Notion of Financial institution management
The National Bank of Rwanda is mandated to regulate and supervise Microfinance
institutions. Microfinance institutions include Savings and Credit Cooperatives (SACCOs) and
some limited companies that operate microfinance activities. The supervision is conducted through
three main activities: licensing of MFIs, off-site surveillance and on-site inspection of MFIs thus
licensed (RCA, 2016, p.1)
The activity of supervising Microfinance Institutions (MFIs) by the National Bank of Rwanda is
based on the Law n° 55/2007 of 30/11/2007 governing the Central Bank of Rwanda, the Law n°
40/2008 of 26/08/2008 establishing the organization of microfinance activities and its implementing
Regulation n°02/2009 of 27/05/2009 (RCA, 2016, p.1)
2.1.6.2. Notion of SACCO management
In order to minimize the operational risks, the Umurenge SACCOs need to put in place strong
internal control systems. Having good internal controls is a legal requirement under Rwandan laws
as indicated in the National Microfinance Law no 40/2008 Article 36 sub section 2 and the
microfinance regulation No 02/2009 section 3 (RCA, 2016, p. 1).
Internal control systems refer to all the policies and procedures established and maintained by the
SACCO to help ensure, as far as is practical, the orderly, and safe/ secure, efficient and profitable
conduct of its operations. Internal controls thus assist the SACCO management and staff in their
stewardship role to achieve the organizational objectives. The controls also serve to provide
guidance for the existence of basic and consistent safety and soundness of business operations
throughout the SACCO. Internal control systems consist of the control environment and control
procedures.
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2.2. Time management theory
Time management refers to a range of skills, tools, and techniques used to manage time when
accomplishing specific tasks, projects and goals. This set encompass a wide scope of activities, and
these include planning, allocating, setting goals, delegation, analysis of time spent, monitoring,
organizing, scheduling, and prioritizing. Initially time management referred to just business or work
activities, but eventually the term broadened to include personal activities also. A time management
system is a designed combination of processes, tools and techniques.
Some Authors such Stephen (1994, p. 237) offered a categorization scheme for the hundreds of time
management approaches that they reviewed:
First generation: reminders based on clocks and watches, but with computer
implementation possible can be used to alert of the time when a task is to be done.
Second generation: planning and preparation based on calendar and appointment books
includes setting goals.
Third generation: planning, prioritizing, and controlling (using a personal organizer, other
paper-based objects, or computer or PDA-based systems activities on a daily basis. This
approach implies spending some time in clarifying values and priorities.
Fourth generation: being efficient and proactive using any of the above tools places goals
and roles as the controlling element of the system and favors importance over urgency.
Some of the recent general arguments related to "time" and "management" point out that the term
"time management" is misleading and that the concept should actually imply that it is "the
management of our own activities, to make sure that they are accomplished within the available or
allocated time, which is an unmanageable continuous resource" (Fiore, 2006, p. 225).
Time management literature paraphrased:
Get Organized paperwork and task triage;
"Protect Your Time" insulate, isolate, delegate "set gravitational goals" that attract actions
automatically;
"Achieve through Goal management Goal Focus" motivational emphasis;
Work in Priority Order: set goals and prioritize;
Use Magical Tools to Get More Out of Your Time: depends on when written;
Master the Skills of Time Management.
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According to Lakein (1973, p.31) time management involves determining needs, setting goals to
achieve the needs, priotizing the task required, and matching tasks to time and resources by
planning, scheduling and making lists. It is instructive to note that aside from the above definition,
many other definitions have been put forward. Macan, (1994, p.384) , Jex & Elacqua, (1999, pp.72)
see time management as a set of techniques for managing time while Varlamova (2008, p.7) refer to
time management as self-regulating strategies aimed at discussing plans, and their efficiency.
It is also instructive that time is an important element in human organizations and because of its
limited nature, it must be used judiciously. Time management has been connected with
organizational efficiency and profitability (Britton & Tesser, 1991, p.83) while poor time
management has been associated with poor academic performance and low productivity.
This brings about the concept of personal time management. According to Morgenstern
(2004, p. 12), time management strategies are often associated with the recommendation to set
goals. These goals are recorded and may be broken down into a project, an action plan, or a simple
task list. For individual tasks or for goals, an importance rating may be established, deadlines may
be set, and priorities assigned. This process results in a plan with a task list or a schedule or calendar
of activities. Authors may recommend a daily, weekly, monthly or other planning periods, usually
fixed, but sometimes variable. Different planning periods may be associated with different scope of
planning or review. Authors may or may not emphasize reviews of performance against plan.
Routine and recurring tasks may or may not be integrated into the time management plan and, if
integrated, the integration can be accomplished in various ways.
According to Morgenstern (2004, p. 12), a decision making process is a phased approach, or step-
by-step decision method of making a decision. There are many decision making models that can be
applied to test the decision making steps along the way, but most decision making processes involve
a set number of steps and many decision factors. The most simple of decision approaches may have
only three steps, and these will be very high level or generic, such as define problem, gather data
and list alternatives. More sophisticated decision frameworks will include more decision making
process steps, and the most sophisticated will include how-to-guides for setting up the parameters,
decision factors, or boundaries of the area in which the decision is to be made, describe decision
making models and decision making tools to be used to analyze the data and choices, and loop back
procedures to test to alternatives. We often think that we use the best decision making method every
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time. It turns out that even great decision makers often use different decision making models to
make actual decisions than they think they do.
Since we may base the criteria for decision making on our most recently used theory, rather than
our planned or intended theory, we are not consistent with what we think we should be doing. Each
time you make a decision, you might weigh the criteria's importance differently, which makes for
ineffective decision making or decision making mistakes . This also complicates learning from our
decisions, as the basis for judging the outcomes changes each time.
According to Varlamova (2008, p. 9) the activities of an organization can be a sequence of
successful and unsuccessful decisions. Based on this, decision making process have become central
to the overall organizational functioning and an unavoidable aspect of employment in many jobs.
Researches on decision making processes has typically attempted to offer suggestions for improving
decision making processes and various researchers in the decision making field have attempted to
clarify the distinctions between choice, decision and problem solving. Varlamova (2008, p. 9)
quoting Etzioni (1988), posited that the term choice should be used to encompass the sorting out of
options, whether conscious or no conscious and as such deliberate choices are referred to as
decisions.
Nowadays, time management is a continuous series of process which should lead to improved
productivity on performance of different institution such as UMURENGE SACCO.
2.2.1. Basics of time management
For Litvinova (2000, p.280), basic of time management has following steps:
Step one: Set specific and definable goals for yourself. These goals should be both
institutionally and personally as UMURENGE SACCO and their employees.
Step two: Create a calendar that is reflective of your institution terms. Begin by drafting a
term calendar; making sure you have reflected any major events like projects, term papers,
etc.
Step three: Drill the schedule down some by creating a weekly schedule that reflect all
activities that you are responsible for on a weekly basis.
Step four: Create a to-do list for each day. This list should ideally be created the night
before so that there is no doubt about how the following day should take shape.
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One of the most common mistakes of scheduling is ironically trying to plan too far ahead. This
can be a serious temptation. Whenever possible, it is always best to plan for only what already
exists and then to add to your schedule only as events and activities pop up and become known.
A schedule will only work if you utilize it. Simply committing a list of activities to paper will
not suddenly create a situation in which you can manage your time better. Keep your schedule
in a prominent location where you can see it daily and refer to several times throughout the day.
2.2.2. Advantages of time management
Time management plays the important role on performance of institution and also in current like,
like the following:
It helps to take control of many areas of your life,
It increases productivity,
Time management makes you become more organized,
It helps you to utilize time effectively,
Time management also helps you gain time for yourself to relax and do the things you enjoy
doing.
Thus, time management helps the institution such as UMURENGE SACCO take control its
different areas, on performance its increase productivity, etc.
2.2.3. Benefits of Time Management
Time management helps in realization of:
more business, which means more income,
more focused on key tasks,
more organized tasks,
less stress,
more time with family, friends, and other interests
David Bakke (2016, p. 8), a simple premise: The more time you have, the more money you can
make. This premise can be applied to everyone‟s professional lives and to a lot of personal lives as
well. Anyone who has a second business that they work at in their off time to earn passive income
can attest to that. And professionally speaking, it is common knowledge that if we had more “time”
at work, we would in fact make more money.
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Federal Trade Commission (2013, p. 255) affirmed that time management means staying on top of
your time, life, and activities. However, the benefits of time management far outweigh the work
required:
Less stress: Managing your time can directly reduce your stress level, fewer surprises. Fewer
tight deadlines and less rushing from task-to-task and place-to-place.
Get more done: Being productive is one of the main goals of time management, When you are
aware of what you need to do, you are able to better manage your workload and you will be able
to get more (of the right tasks) done in less time.
Less rework: Being organized results in less rework and mistakes. Forgotten items, details, and
instructions lead to extra work, how often do you have to do a task more than once? Or make an
extra trip because you forget something?
Less life friction and problems: How often do you create your own problems? Whether it is a
forgotten appointment or missed deadline, not managing your time results in increased life
friction. Avoid creating your own problems by planning and preparing for your day.
More free time: We can‟t create more time, but you can make better use of it by managing your
time. Even simple actions like shifting your commute or getting your work done early can
produce more leisure time in your life.
Less wasted time: When you know what you need to do, you waste less time in idle activities.
Instead of wondering what you should be doing next, you can already be a step ahead of your
work.
More opportunities: Being on top of your time and work produces more opportunities, the
early bird always has more options. As well, luck favors the prepared.
Improves your reputation: Your time management reputation will precede you, at work and in
life you will be known as reliable. No one is going to question whether you are going to show
up, do what you say you are going to do, or meet that deadline.
Less effort: A common misconception is that time management takes extra effort; to the
contrary, proper time management makes your life easier. Things take less effort, whether it is
packing for that trip or finishing up that project.
More time where it matters: managing your time is allotting your time where it has the most
impact. Time management allows you to spend your time on the things that matter most to you.
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2.2.4. Time management element and plan
The first step to better time management is a time management plan. A good time management plan
must be in writing, containing a list of prioritized tasks, on a daily, weekly, and monthly basis, for
achieving your goals. Then, use the time management plan to help you prioritize your work. A time
management plan will keep you focused and on target to complete the most important needs in the
day (SBA, 2000, p.7).
2.2.4.1. Key elements to a time management plan
According to Harri (2011, p.5), said that the relationship of time management, personal
productivity and life management is made clear, it is time to move on to the six essential elements
of time management definition:
Managing goals: Goals are important in a person's life. Without goals, one will wander
aimlessly through life, haunted by the feeling of not accomplishing anything. Personal goals will
steer an individual in the right direction and will help this person focus his strengths in
achieving that goal. Thus, at the end of the day, this individual will have a feeling of self-
accomplishment.
Managing tasks: Every person tackles important tasks every day. Managing these tasks is
imperative to make sure that an individual do not end up with too many things to do. In
addition, managing tasks will ensure that a person do not forget any important errands or miss
any deadlines.
Prioritize: Learning to prioritize is also a good skill to complement managing tasks. Since time
is very limited, it is vital that a person completes his priorities first before anything else. That
way, a person gets closer to accomplishing his goals every single day. Prioritizing is simply
knowing what is necessary to finish a goal and knowing what to do next.
Utilizing the calendar: A calendar is important to manage one's time fully. Whether it be a desk
calendar or an electronic one, it is critical that a person have one. It is also recommended, if you
have multiple calendars (Outlook, mobile phone, PDA, desk calendar), that all calendars be
synchronized so as not to miss anything.
Procrastination management: Everyone has a tendency to procrastinate and, for some, it is a
feeling that is very difficult to resist. However, for one to be a successful time manager, one
must learn to resist the calls of procrastination.
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Reminder systems: A good follow-up system is necessary so old tasks or projects are not
forgotten. There are new things to do each day that might need much attention and a good
reminder system will definitely help manage all of these tasks.
2.2.4.2. Planning time management
According Aniwura (2011, p. 21), many business people struggle with time management and would
like to accomplish more tasks in a day, or have more time for non-work activities. There are a
number of tips and suggestions for improving time management or planning in a person's workplace
and home, and different approaches work for different people as listed: Delegate, Prioritize Tasks,
Set Goals, Meet Deadlines Early, and Stay Organized, Find your Productive Time and Minimize
Stress.
2.3. Microfinance Institutions and SACCO
According official gazette of Republic of Rwanda,law N° 40/2008 of 26/08/2008, article 2, Micro
finance institutions: any organization that exercises micro finance activities regardless of its legal
status, including savings and Credit cooperatives (SACCO), Micro finance activities that are
characterized by at least one of the following operations: Extending loans to a clientele that is not
able to have access to loans offered by the banks; accepting saving deposits from a clientele not
usually served by banks and ordinary financial institutions and extending loans or accepting saving
deposits from a clientele not usually served by banks and ordinary financial institutions.
2.3.1. Types of Microfinance and SACCO
Micro finance institutions are subdivided into the following four categories: Microfinance
institutions types Rosca (Rotating and Saving and Credit Association) which do not require prior
license; microfinance institutions which are governed by laws on saving and credit cooperatives;
microfinance institutions which accept public deposits and microfinance institutions which do not
accept public deposits .The institutions shall be determined in accordance with the structure,
functioning and inspection of such categories (MINICOFIN, 2008, p.7).
2.3.2. Objectives of Microfinance and SACCO
Microfinance development finance projects provide financial services, coupled with business
literacy, to groups of aspiring entrepreneurs, with a strong focus on rural female entrepreneurs.
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Group lending also extends to farming cooperatives composed of low-income men and women. Our
programs provide largely rural entrepreneurs with the working capital they need to start, expand and
diversify their existing businesses, and are either in-kind (such as seeds, farming tools, fertilizer,
animal traction, machinery) or cash granted via a village banking model, and aim to enhance
incomes for those who are unemployed or who are engaged in subsistence agriculture
(MINICOFIN, 2008, p.7).
The reach of SACCOs is local; SACCOS reach members and areas (i.e. rural) that are unattractive
to banks. They can provide access to members of the population who would not normally save in
the formal sector, nor be able to physically access a traditional financial institution, especially
commercial, due to locality and deposit restrictions (MINICOFIN, 2008, p.7). Therefore both
microfinance and Sacco‟s have the objective of develop the rural Notion population.
2.4. Historical background of MFIs and SACCOs in Rwanda
In Rwanda like other countries introduce different strategy for development of their people, in this
section we face on background and historical of MFIs and SACCO appearing in Rwanda
development contribution (UKWIBISHAKA, 2010, p. 2).
2.4.1. Birth and reform of the financial sector
The microfinance sector in Rwanda is relatively young. Although small self-help peasant
organizations (such as tontines-ROSCA or ibimina) have existed for some time, the sector growth
accelerated with the creation of the Rwanda Banques Populaires or Union des Banques Populaires
du Rwanda (UBPR) in 1975 whose network dominates the microfinance industry today. The history
of MFIs is better described trough the following time line (UKWIBISHAKA, 2010, p. 2):
1965: Probable date of appearance of the first ROSCA or IBIMINA;
1994: all MFIS stopped their activities and lost their assets during the 1994 war and
genocide;
1995: Launching of the financial sector reform. After 1995, the Government started reforms
of the financial sector aiming at creating an efficient financial system. The principal
objectives of these reforms include the reinforcement of the Central Bank (BNR) legal
powers of coordination and supervision of the banking structure, the introduction of new
financial instruments, the liberalization of interest rates and the opening of the banking
23
structure to foreign banks. These reforms had a considerable impact on the development of
the Rwanda„s financial sector.
1999: Promulgation of the banking law n° 08/99 dated June 18, 1999 assigning the
responsibility for the MFIs‟ supervision to BNR ;
2002/2003: Adoption by BNR of two instructions regulating the activities of microfinance in
general (Instruction n° 06/2002) and the instruction specific to COOPECS (Instruction n°
05/2003);
2004: First microfinance conference evaluating the level of achievement of the objectives of
year 2005, declared international year of microcredit;
2005: a “microfinance best practices sensitization tour” was organized around the country
by the Secretary of State for Planning (in the Ministry of Finance) and the Governor of the
National Bank of Rwanda explaining the risks of an illegal proliferation of Coopecs and
other MFIs. Were invited to these meetings all MFIs, local authorities at various levels; the
National police force and all the other actors of the field. The main objectives of the tour
were to present the orientations of the Government in the promotion of microfinance, to
professionalize the microfinance sector, to explain the role of the supervisory authority
based on the banking law n°08/99 and to underline the importance of all microfinance
actors‟ implication in the promotion of microfinance (local administrative authorities, the
national police force, etc.);
2006: after the failure of a MFI unable to honor withdrawal requests from its depositors,
BNR noted that several MFI had suspended deposits payment with the risk of the crisis
extending to the entire microfinance sector. In June 2006, the Central Bank decided to close
majors MFI after the following diagnostic
Management of these institutions was characterized by poor corporate
governance
These MFI had important losses caused by poor internal organization and a
mismanagement of their loan portfolio which caused significant difficulties in
loan recovery;
Loss of confidence by the population in these institutions caused massive
withdrawals of deposits accompanied by a complete halt of new deposits creating
severe liquidity problems;
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Some of these MFI could not meet the licensing conditions laid down by the
National Bank of Rwanda.
2006: Adoption by the Government, in September 2006, of the national microfinance policy
and its strategy of application..;
2007: Creation of an MFIs Association in Rwanda (AMIR) within the framework of this
microfinance policy; and promulgation of the Cooperative Law n° 50/2007 dated
18/09/2007 in revision of the Cooperative Law n° 31/1988 dated 12/10/1988;
2008: considering the specificity and the importance of the microfinance sector, a
microfinance law was adopted by the Parliament and was gazetted in the Official Journal of
the Republic of Rwanda in 2009. A new microfinance regulation has also been published
during the same period.
The National Dialogue Meeting of December 2008 proposed a integration strategy of the
rural population in the financial system, it is the strategy “To create at least a COOPEC on
the level of each UMURENGE throughout the country”.
2.4.2. Birth of UMURENGE SACCO
According to Douglas Randall (2014), Credit Unions and SACCOs are nothing new to Rwanda
where diverse small SACCOs and “Banque Populaire du Rwanda” (BPR), the most important credit
union, have operated for many years. However despite a long history behind, Sacco‟s coverage
remain very limited, with only 3% of the population saving with all MFIs in general, SACCOs
included (MINALOC, 2006, p. 1).
To address this issue analyzed as a major factor hindering economic development, a recent National
Dialogue Meeting held in December 2008 recommended the creation of at least one SACCO at the
level of each Administrative Sector (UMURENGE).
Alliance for Financial Inclusion (2014, p.3-4) show historically, the birth of UMURENGE SACCO
as follow:
December 2008: The idea of Umurenge SACCOs was discussed and supported during the
National Dialogue Meeting chaired by His Excellency the President of the Republic of
Rwanda.
March 2009: Umurenge SACCO policy adopted by Cabinet.
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June 2009: All districts begin working on implementation. District officials, including
mayors, executive secretaries of sectors and cells and heads of villages play a key role in
organizing an awareness campaign of the importance of SACCOs for savings and poverty
alleviation, as well as bridging the urban-rural gap in access to traditional financial
institutions.
August 2009: Umurenge SACCO boards elected in all 416 sectors in Rwanda.
October 2009: The Rwanda Cooperative Agency (RCA) grants legal status to all SACCOs
established under the Umurenge SACCO program, allowing them to operate officially as
cooperatives.
June 2010: All SACCOs established under the Umurenge SACCO program are given a
provisional license by the NBR to begin mobilizing capital and deposits. Lending was not
allowed at this stage.
November 2010: MINECOFIN conduct a comprehensive joint assessment of SACCOs with
NBR and RCA to assess the challenges encountered by the program.
May 2011: BNR appoints two inspectors in each of the country‟s 30 districts to ensure that
SACCOs operate in full compliance with laws and regulations. The inspectors are based in
the district (not in the capital) and are equipped with a motorbike, laptop and roaming Wi-Fi.
November 2011: Umurenge SACCOs officially launched in 30 districts of Rwanda.
January 2012: All SACCOs provided with a license to issue loans.
2.4.3. Supervision of Microfinance institutions and SACCO under law no 06/2002 and
05/2003
MINICOFIN (2009, pp. 5-6) , the law dealing specifically with the sector, microfinance institutions
(MFIs) operate under Law No. 08/99 of June 18, 1999 on the regulation of banks and other financial
institutions. To this end, two instructions have been implemented: Rwandan National Bank (BNR)
Instruction No. 06/2002 of 09 July 2002 on the regulation of microfinance activities, which deals
with MFIs other than credit and savings unions.
The mission of MINECOFIN, which is responsible for promoting and developing the sector, is to
develop policies and strategies aimed at promoting savings, developing credit and mobilizing
resources for MFIs. In addition, MINECOFIN is responsible for coordinating the successful
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implementation of the NMS (National Microfinance Strategy). It has a Unit in charge of the
promotion and development of the sector (Kerosi, Iyikirenga & Msaki, 2014, p. 2).
2.4.4. Current situation of Microfinance institutions and SACCO in Rwanda
Rwanda‟s financial sector has shown continuous improvement. With the reference indications of
Alliance for Financial Inclusion (2014, p. 1), the country‟s financial sector is becoming more
resilient to financial shocks, and the number of financial institutions is on the rise:
The number of banks has increased by 40%, from 10 in 2010 to 14 in 2013,
The number of MFIs increased from 125in 2008 to 491 by December 2013, including
Umurenge SACCOs,
The number of insurance companies has increased by 45%, from nine in 2010 to 13 in 2013,
The number of pension providers increased by 37%, from 41 in 2010 to 56 by December
2013.
Those reports show that current situation of microfinance institution and Sacco in Rwanda increase
per year in Rwandan population.
2.5. Financial institution and SACCO
There are other important regulatory documents such as the Umurenge SACCOs Strategy published
by the Ministry of Finance and Economic Planning which gives guidelines on how the Umurenge
SACCOs are supposed to operate. The document spells out the government programme of creating
at least one SACCO at every level of the administrative sector (Umurenge). In addition to the
Umurenge SACCO strategy, there is the government cooperative policy document and Cooperative
Act which are to guide in the running and management of cooperative organizations including the
SACCOs. All these relevant documents have a direct bearing on the smooth running of the
Umurenge SACCOs therefore the leaders and promoters of the said institutions have to be well
conversant with the provisions of these different documents (RCA, 2010, p. 5)
2.5.1. Reasons for Saving by the communities
According RCA (2010, p. 5), the Umurenge SACCO members and the larger communities, as
indicated earlier, do save in various forms that include cash at their homes or physical produce
amongst others in order to take care of future needs. Their various needs may include the following;
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a) Smoothening the household cash flow: Saving protects the households which mainly
engage in agriculture as the major source of livelihood/ income against the uneven income
stream due to seasonal fluctuations especially in the rural areas. When the members save,
they can be able to meet household needs especially during the periods of no cash inflows
such as when there is a major crop failure due to bad weather or during the dry seasons.
Savings will therefore be used during the time of shortage.
b) Accumulation of wealth: Through saving the households are able to accumulate wealth
(money) to finance the acquisition of household assets and other items like domestic animal
such as cattle, goats and poultry.
c) Saving for future investment: Households may not be able to have sufficient capital to
start an Income Generating Activity (IGA). They may therefore commence saving small
amounts of money until the required capital is raised. The households then invest the funds
thus increasing the overall household income.
d) Means of insurance: Savings play the role of insurance against income losses, emergencies,
bad weather and sickness in the family that may occur in the future. Because of the
households‟ inability to predict the occurrence of such risky events, funds are put aside so
that when the incidence happens, the household can meet their needs without any
difficulties.
2.5.2. Organizational vision, mission, goals and objectives
According to RCA (2012, p.13) every SACCO should have a clear statement of its vision, mission,
goals and objectives in order for all those involved in its management and operations to have a
clear sense of destiny, and for the Administrative Committee to guide or direct management in that
direction.
Vision: This is the ultimate aspiration of the Umurenge SACCO as an institution and its
members. The institutional vision expresses the dreams of the SACCO as an institution and
its members in the long run. An example of an SACCO vision may run as follows “ a rich
and prosperous membership served by a profitable and sustainable SACCO”
Mission Statement: this is a brief statement that indicates the purpose for which the
Umurenge SACCO was formed, it indicates the direction to which the SACCO is intended
to move, and the clientele it aims to serve. It seeks to answer the following questions:
1. What business is the SACCO in?
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2. What business does the SACCO want to be in?
3. What do we intend to achieve?
4. Who are our clients and stakeholders
Goals: these are medium and long-term aspirations that the Umurenge SACCO wants to
achieve, based on its mission statement and driven by its vision.
Objectives are specific quantified targets that the SACCO has set to be achieved in a short-
term period, which will move it in the direction of achieving its goals.
2.5.3. Advantages of Savings with the Umurenge SACCOs
RCA (2012, p. 7) mentions Advantages of Savings with the Umurenge SACCO as shown below
1. Time minimization, cost of transport minimization, risk minimization: Since most
SACCOs are within the members‟ communities, the distance from the SACCOs‟
locations to the members‟ homes is not far hence it saves the members from incurring
additional transport costs as well as saving time since they don‟t take long to reach the
offices and come back. It minimizes risks because the members keep their savings safe
from theft.
2. Wealth accumulation, Building Collateral and Guarantors for loan: Members who save
with the Umurenge SACCOs can use the loans they get from the SACCOs to invest in
different business or even expand their current businesses which in turn increase their
profits thus accumulating their wealth. SACCO members are also able to get loans from
larger MFIs and commercial banks since the SACCOs are in most cases willing to act as
guarantors for getting loans especially for getting group loans while in cases where a
member seeks to get a loan from a SACCO, they are not requested to submit a lot of
collateral but rather they are given loans on less interest rates.
3. Building easily accessible financial institution, i.e. safe place for savings and loan within
his/her village. SACCO members are able to easily access formal financial services since
they are saving with SACCOs. Their savings are safe from theft and easily accessible.
4. Building bargaining power to negotiate with financial institutions to get long term
investment loans. Members of SACCOs are able to negotiate with financial institutions
if they need loans. This is because the SACCO guarantees the loan purpose and most
SACCOs further invest in different IGAs which seek to improve on the members‟
financial incomes.
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5. Ability to get knowledge on how to utilize his/her resources in a wise manner that
increases their income. SACCOs carry out trainings and educate the members on how
best they should spend their savings so that they can be able to reap more from their
savings.
6. Get interest and dividend on their savings and share: SACCO members are entitled to
get dividends for holding shares within the SACCOs as well as interest since their
savings are given to people as loans hence this improves on their household incomes. In
general, saving with the Umurenge SACCOs help the members to escape from the line
of poverty and build self-confidence
2.5.4. Some of the challenges hindering Savings
RCA (2012, p. 8) mentions the challenges hindering Savings as shown below:
Lack of or inadequate interest paid to savings: People see no reason as to why they should
save because there is either no interest or very little interest paid to their savings hence this
discourages them from saving
Increasing debts: Many people have accumulated many debts because of the ever increasing
inflation and poor spending cultures hence they always end up paying debts and borrowing
more in order to save.
Prioritize saving: In most cases many people in rural areas see no need to save since to them
it‟s not a priority as they have other basic needs to attend to.
Little to save: People don‟t save because they have very little money and spend a lot hence
there is nothing left to save in most cases. On the other hand, some people believe that it is those
with a lot of money who save so the ones with little have no business in saving.
Don't want to deal with banks: Most people do not save because they do not desire to deal
with banks. This is because banks have a lot of bureaucracy which pushes them away from
saving and they end up spending the money or keeping it in unsafe places.
2.6. Relationship between time management and UMURENGE SACCO’s performance
Good time management simply means deciding what you want to get out of life and efficiently
pursuing these goals. Time management does not means busy all time. It means using your time the
way you want to use it. Which can include large doses of day dreaming and doing nothing? Good
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time management brings with it increased relaxation, less stress, more satisfaction, and greater
accomplishment.
2.6.1. Benefit of Time management
Many valuable rewards potentially await those willing to develop good time management practices.
In individual careers, increased job performance and promoting many results. In personal lives,
individuals may achieve successful, more family time, less debt and less stress. In addition, all types
of organizations business, political, financial institution that includes UMURENGE SACCO.
2.6.2. Achievement of time management
Business firms other organization often find it profitable to take tangible steps to learn the best
possible time management strategies. Some or all of the following approaches may be considered:
Call in an outside person or organization that specializes in time management consulting and
a detailed evaluative study conducted of the practices being followed.
Develop task forces within or organization to undertake time management studies the goals
of finding and curing areas experiencing wasteful procedures.
Have individual within the firm or organization engage in educational and research activities
related to time management, such as enrolling in college courses, checking the internet,
participating in correspondence courses, and/or attending seminars.
2.6.3. Basic of time management
This is what makes time management so very essential:
Clearing of the pending tasks to start a new one. This gives an aesthetic value also
There should be goals setup, that are to be achieved and are very tiresome
You should know how to priorities on what not to do. Task that can be done later
shouldn‟t be intervening in between what are very necessary.
There should be planning on daily weekly, monthly and yearly basis so that you are no
left out in the longer run.
You should learn to say no to your distraction or other people who will load you up with
extra unnecessary stuff.
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There should be a distance kept between the professional and personal work so that UMURENGE
SACCO performance increases.
2.7. Role played by microfinance institutions and SACCOs
Microfinance institutions and SACCOs play a vital role in the economic development of a country
by providing access to services to all members of the population with a particular focus on the
lowest income members and increase microfinance outreach, capacity, liquidity management and
refinancing; these second-tier associations can play a useful role in monitoring. It is commonly
agreed that poor people have a significant capacity to save, proven by the existence of various
informal savings mechanisms found throughout the world and by a few recent empirical studies. It
is further understood that many people, particularly in rural households, are obliged to save during
certain times of year, such as harvest, in order to compensate for periods when their income is
drastically reduced, such as the dry season (MINICOFIN, 2008, p.6).
Finally, it is widely accepted that though only a certain number of people will need credit at any
given time, virtually all people need to save at any given time. We can therefore conclude that poor
people will deposit their savings in a financial institution if an appropriate institutional structure and
appropriate savings products exist to the depositor‟s mix of savings needs.
2.8. Time management in SACCO services and beneficiaries satisfaction
In this section, we identify benefits of time management and SACCO‟s services.
2.8.1. Benefits of time management in SACCO services
SACCOs hold some real purpose for microfinance outreach and development. The 1st step of basic
time of time management faced to set specific and definable goals for you. These goals should be
both institutionally and personally as UMURENGE SACCO and their employees. Therefore time
management is very important in benefits of SACCO services and in achievement of SACCO‟s
purposes.
2.8.1.1. Time management and Encourage savings
Benefits of time management more business, which means more income, more focused on key
tasks, more organized less stress and more time with family, friends, and other interests and one of
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the main tasks of the Umurenge SACCOs is therefore to mobilize its members to move away from
saving in the form of physical products to cash savings. Mobilization of cash savings from its
membership calls for amongst others the SACCO staff developing an understanding of the
importance of savings to the SACCO (MIGEPROF, 2010, p.20).
2.8.1.2. Time management and Capacity building
A time management plan will keep you focused and on target to complete the most important needs
in the day and Capacity building is a conceptual approach to social or personal development that
focuses on understanding the obstacles that inhibit people, governments, international organizations
and non-governmental organizations from realizing their development goals while enhancing the
abilities that will allow them to achieve measurable and sustainable results (MIGEPROF, 2010,
p.20).
Therefore SACCO members and the larger communities, as indicated earlier, do save in various
forms that include cash at their homes or physical produce amongst others in order to take care of
future needs. The useful of time management will help in move up quickly in capacity building.
2.8.1.4. Time management in Promoting SACCOs’ Gender balance
One of Rwanda target of UMURENGE SACCO is the development of rural population in those are
including the women and girls. Start your time management plan with clearly defined goals. Time
management strategies are often associated with the recommendation to set goals. Your time
management plan will be derived from these stated goals (MIGEPROF, 2010, p.20).
Developing gender capacity building programs for policy makers, planners, strategic and
operational managers for them to acquire appropriate knowledge, skills and attitudes for gender
mainstreaming at all levels (MIGEPROF, 2010, p.20)
Thus, time management in SACCO help in make in action of Rwanda vision 2020 in promoting
gender balance.
2.8.1.5. Role of time management of SACCO in promoting entrepreneurs’ economic
Development
When we are looking at time management from the perspective of the organization or enterprise,
there are the benefits:
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Improved productivity through improved use of time by the personnel,
Better performance in terms of on time delivery to customers,
Increased profitability through better use of the human and non-human resources,
Improved planning and control of business systems through time based management ,
Better alignment of activities by incorporating a time bound system for co-ordination of
tasks and projects in the business
Reduction of stress that arises due to crisis management by reducing the incidence of crises
by better planning.
Thus time management in SACCO play the important role promoting the entrepreneurs with
delivering good services, which facilitate in their development.
2.8.1.6. SACCOs’ Time management as an effective poverty reduction strategy
According Garry (2009, p.11), the range of strategies to reduce poverty is quite large. It is helpful to
group them into common categories of activity. There is a risk in categorizing the activities, as they
are never mutually exclusive. A strategy that is typically used to prevent young people from
slipping into poverty, for example, may be the same as one designed to help an adult escape the
poverty they are already in. A strategy that is used to help an individual household overcome
poverty may also be used to reduce the vulnerability of the community as a whole. The following
categorizations are provided to help organize the reader‟s thinking, but need to be read with the
above qualification in mind. SACCOs‟ Time management help to take control of many areas,
increases productivity and make Umurenge SACCO become organized.
Thus time management helps UMURENGE SACCO take control its different areas, on
performance its increase productivity and effectively which affecting poverty reduction on the level
of sector where Umurenge SACCO located.
2.9. Analysing MFIs and SACCOs’ contribution and its performance
In the context of financial supervision, the key question of performance measurement is whether
observed economic or financial outcomes can be attributed to a supervisor‟s efforts. For that,
financial supervisors need to be able to prove a causal relationship between their activities (cause)
and the outcome (effect).
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2.9.1. Methodology in measuring contribution of time in MFIs and SACCO performance
Proving the internal validity of a causal relation requires a suitable research design. Research
designs range from descriptive case studies to experimental designs (Shadish, Cook & Campbell,
2002). In theory, experimental research designs tend to provide the most valid and reliable results
(Paul Hilbers & al, 2013, p.5). This means that measuring contribution of time in MFIs and SACCO
performance use methodology of measurement of financial outcome.
2.9.2. Instrument of measuring the outcomes and the impact of financed project performance
Performance indicators are measures of inputs, outputs, outcomes and project impacts that are
monitored during project implementation to assess progress toward project objectives. They are also
used later to evaluate a project's success Indicators organize information in a way that clarifies the
relationships between a project's impacts outcomes, outputs and inputs and help to identify
problems along the way that can impede the achievement of project objectives. That mean
instrument of measuring the outcomes and impact of project financed by Umurenge SACCO and
FIMs referenced to the performance of one project to another.
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CHAPTER THREE
RESEARCH METHODOLOGY
3.1. Introduction
The purpose of this chapter is to describe the methodological approach and techniques that will be
used by the researcher. It includes the area of study and the study population. It also describes the
methods and techniques that will be used in choosing sample and data collection. It further
describes how data were collected, processed and finally analyzed to give the implication of
findings.
3.2. Research design
According to Grinnell & Williams (1990), research design is the total plan used to aid answering
research questions. Who puts forward that as part of our plan, we decide what the research question
should be, what data is required to answer it, from which data is to be obtained and exactly what the
best way to gather the data.
3.3 The population
According to Bailey (1987, p. 69), population refers to the sum total of all units of analysis. Grinnell
& Williams (2006) define population as a total of individuals or objects which the study is targeting.
The population concerned by this research includes the managing team and the members of
ZAMUKA BUMBOGO SACCO. The size of the population under this study equals to 7,235
customers-members and 13 employees.
3.4. Sampling and sample design
In this section, researcher explains the sampling method including sample formula and calculation.
3.4.1. Sampling method
Sample size can be defined as a set of respondents (people) selected from a larger population for the
purpose of a survey (Grawitz, 1995). A sample is a portion of the population selected to achieve the
objectives of the study. A sample is a small portion of the whole which can be used to study and
36
draw conclusions about the latter, given the nature and size of the population, it was not possible to
make a study of the whole population, and instead a sample will be selected to represent the whole
population.
A determination of our sample size will not be taken at random, so it will be an outcome of the
operations which will be done with a determination of sample size from Alain BOUCHARD‟s
formula. This formula is applied to be equivalent to a target population, means that a less than
1,000,000 people, a sample of 96 people and taking into consideration a margin of error of 10%. As
the universe of our survey is known and is 7,235 members and 13 employees of ZAMUKA
BUMBOGO SACCO; the researcher applied this formula for a corrected sample size. For 13
employees, the whole population has been taken under our study while for 7,235 members it has
been required to select a sample.
3.4.1.1. Sample formula and calculation
The formula can be expressed in the following way: According to, ALAIN BOUCHARD, (1990,
p.15) whenever a population of origin or reference is less than one million individuals, we
correspond this to a sample of 96 individuals and this gives us an error of 10% and this will be used
as a guideline in our study to get the exact number of individuals to be asked. The formula to use is
as follows:
N = Size of the population.
n= sample size of the population with an infinity of 96
nc = corrected sample
957.94967235
96*7235
nc
In this study a sample comprised 95 respondents.
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3.5. Source of data
Both primary and secondary source of data will be used. The primary data will be obtained from
SACCO‟s member and staff using questionnaires and interviews. The secondary source of data will
be obtained by consulting existing literature on the problem under study.
3.6. Data collection techniques
They are tools used by the researcher to gather data from the respondents and other source that are
relevant to the study.
3.6.1. Questionnaire
The Journal of the Statistical Society (1838, pp. 5–13) states that the questionnaire was invented by
the Statistical Society of London in 1838. According Gault (1907), a questionnaire is a research
instrument consisting of a series of questions and other prompts for the purpose of gathering
information from respondents. Although they are often designed for statistical analysis of the
responses, this is not always the case.
Questionnaires have advantages over some other types of surveys in that they are cheap, do not
require as much effort from the questioner as verbal or telephone surveys, and often have
standardized answers that make it simple to compile data. However, such standardized answers may
frustrate users. Questionnaires are also sharply limited by the fact that respondents must be able to
read the questions and respond to them. Thus, for some demographic groups conducting a survey by
questionnaire may not be concrete.
According to Mannheim (1995, p. 447) have defined this word as a survey instrument intended for
use mailed of self-administrated surveys.
The questionnaires was designed and distributed to respondents so as to get information. It includes
open ended and close ended questions both administrated to respondents in order to get needed
information.
3.6.2 .Interview
Interview is the verbal conversation between two people with the objective of collecting relevant
information for the purpose of research.
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According to Kerlinger (1964, p. 17) the interview is a conversation in which the researcher tries to
get information from interviewee.
According Marrian (2016), interview is a conversation where questions are asked and answers are
given. In common parlance, the word "interview" refers to a one-on-one conversation with one
person acting in the role of the interviewer and the other in the role of the interviewee. The
interviewer asks questions, the interviewee responds, with participants taking turns talking.
Interviews usually involve a transfer of information from interviewee to interviewer, which is
usually the primary purpose of the interview, although information transfers can happen in both
directions simultaneously. One can contrast an interview which involves bi-directional
communication with a one-way flow of information, such as a speech or oration.
In this research the interview will conduct to Manager and employees of ZAMUKA BUMBOGO
SACCO in order to provide a framework of key Point on the topic around which investigative
discussion was built.
3.6.3. Documentary techniques
According to Bailley (1987, p. 266), analysis of documentation is a major aspect in data collection
which concern written records in order to relate the study in many different materials such as books,
Annual reports, dissertations and electronic references.
3.7. Data processing and assessment
This is defined as the link between data collection, processing and assessment. It is all about
transforming the finding collected from the field. It can also be referred as the process of inspecting,
cleaning, transforming, and modeling data with the goal of highlighting useful information,
suggesting conclusions and supporting decision making.
3.7.1. Data Processing
Data processing is the link between data collection and data analysis. The data collected will be
transforming into meaningful information for easy interpretation and understanding, therefore data
processing involved editing; tabulation and finally analysis will be based on data processed.
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3.7.2. Editing
This involves checking all questions so as to detect errors and eliminate unnecessary information.
Effort made by the researcher to reduce errors that could appear during the course of research thus
creating better ground for coding and tabulation.
3.7.3. Coding
After editing a questionnaires should be coded, according to Churchill, (1992, p. 612) coding is the
technical procedure by which data are categorized, it involves specifying the alternative categories
or classes into which the responses are to be placed and assigning code number to the classes into
which the responses are to be placed and assigning code number to the classes.
3.7.4. Tabulation
Tables will be used to explain more of given subject ,after editing, and coding, tabulation is the next
step where data collected will be putted together into some kind of tables. Each table will follow by
the explanation about the nature and relationship between variables indicated in the table in order to
present understandable data.
3.7.5. Data analysis techniques
Data analysis is the process of evaluating data using analytical reasoning to examine each
component of data provided (Sharan, 2006). After editing, coding and tabulation, the researcher
proceeds to analyze the data collected from ZAMUKA BUMBOGO SACCO and the entry and
analysis of data will be done using SPSS
3.8. Description of ZAMUKA BUMBOGO SACCO
In this section, we describe ZAMUKA BUMBOGO SACCO‟s location, mission, vision, objectives
and the requirement to be members.
3.8.1. Location
ZAMUKA BUMBOGO SACCO located in Gasabo District, Bumbogo Sector in Kigali City where
it is licensed microfinance and commercial bank. It was founded in 2009 with 4 employees but it
was officially launched on 07 May 2010 by BNR. ZAMUKA BUMBOGO SACCO in August 2010
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has 931 members but now we found 7235 members with 13 employees and 3 branches in Bumbogo
Sectors (ZABUSA, 2013, p. 3).
3.8.2. Mission
The mission is to promoting the members of ZAMUKA BUMBOGO SACCO in savings and
creation of business opportunities by developing the culture of business innovation as key element
for cooperative sustainability that leads to alleviation of unemployment among Sacco‟s members in
Bumbogo Sector (ZABUSA, 2013, p. 3).
3.8.3. Vision
The vision of ZAMUKA BUMBOGO SACCO is committed to contribute in the social economic
growth of the shareholders and partners as well as contributing in poverty reduction process in the
Rwandan population. There by transform the lives of Rwandan families (ZABUSA, 2013, p. 3).
3.8.4. Objectives
ZAMUKA BUMBOGO SACCO has following objectives:
Promoting the culture of savings
Financing their clients.
Improving the capacity of their clients and Bumbogo sector population economic socio
status.
3.8.5. Requirements to be a member of ZAMUKA BUMBOGO SACCO
ZABUSA (2013, p. 4), in order to open and maintain a personal Current Account with ZAMUKA
BUMBOGO SACCO one needs to fulfill the following criteria:
To be people of Bumbogo Sector as residence
Submit a photocopy of identity card
Submit a passport photo
Complete the application form to open an account with ZAMUKA BUMBOGO SACCO
Capacity to have a share of 10,000 RWF
Provide a sample of your signature and start enjoying your current account.
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3.8.6. Working hours in ZAMUKA BUMBOGO SACCO
The working hours in public service shall be forty five (45) per week. Daily working hours in public
service shall be nine (9) hours from Monday to Friday. Daily working hours in public service shall
start from 7 a.m up to 5 p.m with a break of one hour running from 12 noon up to 1.p.m. shall be for
break time. Working hours of every Friday starting from 3 p.m to 5 p.m. shall be reserved to sports
activities. Upon justified reasons linked to specific nature of the work, the Minister responsible for
public service may issue a written authorization to an institution wishing to reschedule its daily
work time table.
In case of overtime work done in the interest of services falling under duties and responsibilities of
a public servant as approved by immediate supervisor, the public servant shall have right to get
compensated by being given hours of rest equal to hours spent on overtime work. Such rest shall
have validity and be taken within a period of one month starting from the date of overtime work.
Written request for compensation shall clearly indicate how the overtime work was done in the
interest of service. Monetary compensation for overtime work is prohibited in public service
(ministerial order n°02/mifotra/15 of 09/06/2015 determining weekly working hours in public
service and modalities of their respect, Articles 2, 3 and 5).
ZAMUKA BUMBOGO SACCO also respects working hours and overtime according the capacity
of worker and number of their customer in target of time management in exception reserved hours
of sports activities.
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3.9. Organization structure of ZAMUKA BUMBOGO SACCO
Source: ZAMUKA BUMBOGO SACCO
Figure 3.1. Organization structure
Administrative Assembly
Manager
Credit officer Accountant
Cashier
General Assembly
Audit comitie
Credit comitie
Other employees
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CHAPTER FOUR
RESULTS AND DISCUSSION
4.1. Introduction
The purpose of carrying out this research is to identify the role of time management on the
performance of institution. This study has taken ZAMUKA BUMBOGO SACCO as case study.
This chapter deals with data presentation, analysis and interpretation of data collected. The findings
of study are based on both primary and secondary data analysis and the researcher analyses
questionnaire using SPSS program, then expressed results in the form of percentage and table
presentation on the employees and members.
4.2. Employees perception on effect of time management on performance of MFIs
This section shows perception of ZAMUKA BUMBOGO SACCO employees related to the effect
of time management on performance of MFIs.
4.2.1. Profile of respondents
The finding in the table below shows the gender of respondents.
4.2.1.1. Gender of respondents
The table 4.1 below shows the gender of respondents
Table 4. 1. Gender of respondents
Gender of respondents Frequency Percent Cumulative Percent
Valid Female 7 53.8 53.8
Male 6 46.2 100.0
Total 13 100.0
Source: Primary data, 2016
From the table 4.1, it was founded that 53.8% of respondents are female while 46.5% of
respondents are male.
This is a result of mission of ZAMUKA BUMBOGO SACCO which is promoting gender balance
in all areas according Rwanda objectives of promoting gender. Given that normally women exceed
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men and men in number, and given that men prefer commercial banks in general, the number of
women who adhere to ZAMUKA BUMBOGO SACCO more than the number of men. This
difference is also stimulated by different funds based in ZAMUKA BUMBOGO SACCO which are
reserved to support women and vulnerable projects.
4.2.1.2. Age of respondents
The table below shows the age of respondents. In fact, somebody‟s age affects his or her ability to
work hard, to save and to consume. In other words, the age plays in respecting time and reducing
time wasting on the purpose of achieving ZAMUKA BUMBOGO SACCO.
Table 4. 2. Age of employees’ respondents
Age of respondents Frequency Percent Cumulative Percent
Valid 26 -35 Years 8 61.5 61.5
36 -55 Years 5 38.5 100.0
Total 13 100.0
Source: Primary data, 2016
The table 4.2 show that 61.5% of respondents represent the age of employees who are between 26
and 35 years and 38.5% of respondents are between 36 and 55 years.
This implies that the majority of SACCO employees are adult people who somehow own families.
Reasons are clear as these people are active and are stimulated to work hard for their family
members and for their own lives. Therefore, they are able to know the value of time management in
the work areas and understand its effect on enterprise performance.
4.2.1.3. Education of Respondents
This section helps us to find out data related to education level of our respondents.
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Table 4.3. Education of employees Respondents
Educational level Frequency Percent Cumulative Percent
Valid Primary 2 15.4 15.4
Secondary 10 76.9 92.3
University 1 7.7 100.0
Total 13 100.0
Source: Primary data, 2016
The research revealed that majority of employees completed secondary level represented by 76.9 %
followed by primary level of education as indicated by 15.4%, and university represented by 7.7%.
This shows that a large number of ZAMUKA BUMBOGO SACCO employees‟ educational level
includes secondary and primary. Employees with primary level occupy functions related to
supporting activities as cleaners and security guards. Each one according to his level of study or
experience, know the value of time management. It seems that those with educational level have to
protect their degrees and knowledge; and those without educational level has to protect their job
using their experiences and entire respect of code of conduct and established rules.
4.2.1.4. Marital Status of respondents
The table 4.4 shows the marital status of ZAMUKA BUMBOGO SACCO employees.
Table 4.4. Marital Status of respondents
Marital Status Frequency Percent Cumulative Percent
Valid Single 8 61.5 61.5
Married 4 30.8 92.3
Widowed 1 7.7 100.0
Total 13 100.0
Source: Primary data, 2016
As shown by the table 4.4 it was found that 61.5% of respondent are single, 30.8% of respondents
are married and 7.7% of respondent are widowed.
46
The highest number of ZAMUKA BUMBOGO SACCO employees are single given that the
efficient management and work requires strong younger than older personnel. It seems that
widowed has many difficult in managing and respecting time use. It is also somehow true that
marital status has also impact on time management. Given that in our research we discovered that
ZAMUKA BUMBOGO SACCO marital status is composed by employees who are single and
married, this means that employees are organized and use effectively their time.
4.2.2. Implementation of time management in Zamuka Bumbogo Sacco
To assess whether the respondent knew the concept of time management, we identify when
respondent start to operate with ZAMUKA BUMBOGO SACCO.
4.2.2.1. Duration of services
The table 4.5 shows since when employees adhere and operate with ZAMUKA BUMBOGO
SACCO.
Table 4.5. Duration of Services
Duration of Services Frequency Percent Valid % Cumulative %
Valid 1 Year 1 7.7 7.7 7.7
2 Years 7 53.8 53.8 61.5
3 Years 4 30.8 30.8 92.3
More than 3 Years 1 7.7 7.7 100.0
Total 13 100.0 100.0
Source: Primary data, 2016
From the table 4.5 it was found that 53.8% of respondents operate since 2 years ago, 30.8% of
respondent operate since 3 years ago and 7.7% of respondent both operate in more than 3 years and
1 year ago.
This indicates that majority of ZAMUKA BUMBOGO SACCO‟s employees (61.5%) started to
work before 2013. This means that more than 61.5%of employees has been one day working
without considering time management and for this moment he know and apply principles and
values of time management. There is also an advantage for 38.5%of employees who begin their
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services under time management policy. This status encourages them to do not resist to change as
former employees.
4.2.2.2. Employees knowledge on the term time management
The table 4.6 shows since when employees know and use daily the term time management in
ZAMUKA BUMBOGO SACCO.
Table 4.6. Employees knowledge on the term time management
Knowledge of time
management
Frequency Percent Valid Percent Cumulative %
Valid Since 2012 11 84.6 84.6 84.6
Since 2014 1 7.7 7.7 92.3
Since 2015 1 7.7 7.7 100.0
Total 13 100.0 100.0
Source: Primary data, 2016
From table 4.6, it was found that 84.6% of respondents know and use the term time management
since 2012. Two groups of respondents composing 7.7% of respondents knew term time
management; one group knew the term since 2014 and another one since 2015.
This indicates that ZAMUKA BUMBOGO SACCO in 2012 gets many employees and begin the
slowly time management system. It means also that employees knew the term time management
since many years ago and are able to avoid time wasting.
4.2.3. Evaluation of time wasting in ZAMUKA BUMBOGO SACCO in work hours before
implementation of time management
ZAMUKA BUMBOGO SACCO has seen different methods of time wasting in their employees.
Those manners are consulting social media, answering unneeded telephones or personal calls and
doing unimportant movement in work hours.
4.2.3.1. Evaluation of time wasting before implementation of time management
This sub-section helps us to analyses time wasted in social media, unneeded personal telephone
calls, unimportant or personal email and unimportant movements before implementation of time
management in ZAMUKA BUMBOGO SACCO as shown in sub-sections bellow.
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4.2.3.1.1 Time wasting on social media
The table 4.7 presents answers from employees who responded to question related to the evaluation
of time wasted especially on social media such as whatsapp, facebook, viber, etc during working
hours before installing time management in ZAMUKA BUMBOGO SACCO.
Table 4.7. Time wasting on social media before time management implementation
Time wasted on social media Frequency Percent Cumulative %
Valid Every Day 9 69.2 69.2
Once per Week 3 23.1 92.3
Once per Months 1 7.7 100.0
Total 13 100.0
Source: Primary data, 2016
It was found that 69.2% of respondents consult social media every day, 23.1% of respondent
consult social media once per week, 7.7% of respondent consult social media once per month.
These indications demonstrate that before installing time management, ZAMUKA BUMBOGO
SACCO employees waste all most time on social media in working hours using their cells phone.
4.2.3.1.2. Time wasting on unneeded telephone or personal calls
The table 4.8 helps to evaluate the extent of time wasted especially in answering unneeded
telephone or personal calls before installing time management in ZAMUKA BUMBOGO SACCO.
Table 4.8. Time wasting on unneeded telephone or personal calls before time management
Time wasted on unneeded
telephone Frequency Percent Cumulative Percent
Valid Every Day 13 100.0 100.0
Source: Primary data, 2016
It was found that all of respondents (equivalent to 100%) answered unneeded telephone or personal
calls every day.
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This means that before installing time management, employees wasted all most of time in answer
unneeded telephone or personal calls during working hours.
4.2.3.1.3. Time wasting in reading unimportant or personal email
The table 4.9 helps to evaluate how employees wasted time especially in reading unimportant or
personal email before installing time management in ZAMUKA BUMBOGO SACCO.
Table 4.9. Time wasting in reading unimportant or personal email
Time wasted on personal email Frequency Percent Cumulative %
Valid Every Day 6 46.2 46.2
Once per Week 4 30.8 76.9
Once per Months 3 23.1 100.0
Total 13 100.0
Source: Primary data, 2016
According to table 4.9 it was found that 46.2% of respondents read unimportant or personal email
every day, 30.8% of respondent of read unimportant or personal email once per week, 23.1% of
respondent of reading unimportant or personal email once per month.
Given that ZAMUKA BUMBOGO SACCO is located in rural area, the access on internet is not
easy; then reading unimportant or personal email is not easy for all employees. Few employees who
wasted time are those who dispose personal smart phones.
4.2.3.1.4. Time wasting in unimportant movement
The table 4.10 helps to evaluate time wasted especially in unimportant movement before installing
time management in ZAMUKA BUMBOGO SACCO.
Table 4.10. Time wasting in unimportant movement
Time wasted in unimportant
movement Frequency Percent Cumulative Percent
Valid Every Day 13 100.0 100.0
Source: Primary data, 2016
50
The table 4.10 demonstrates that before installing time management, employees (equivalent to
100%) wasted all most time in making unimportant movements in working hours for that they work
overtime to maximize their tasks.
4.2.3.2. Evaluation of time wasting in ZAMUKA BUMBOGO SACCO in work hours after
implementation of time management
This sub-section helps us to analyses time wasted in social media, unneeded personal telephone
calls, unimportant or personal email and unimportant movements after implementation of time
management in ZAMUKA BUMBOGO SACCO as shown bellow.
4.2.3.2.1. Time wasting on Social media
The table 4.11 presents answers from employees who responded to question related to the
evaluation of time wasted especially on social media such as whatsapp, facebook, viber, etc during
working hours after installing time management in ZAMUKA BUMBOGO SACCO
Table 4.11. Time wasting on Social media
Time wasted on Social media Frequency Percent Cumulative %
Valid Every Day 4 30.8 30.8
Once per Week 2 15.4 46.2
Once per Months 7 53.8 100.0
Total 13 100.0
Source: Primary data, 2016
It was found that 53.8% of respondent consult social media once per month, 30.8% of respondents
consult social media every day and 15.4% of respondent consult social media once per week.
These indications demonstrate that after installing time management, ZAMUKA BUMBOGO
SACCO employees reduced the time waste on social media in working hours using their cells
phone.
4.2.3.2.2. Time wasting on unneeded telephone or personal calls
The table 4.12 helps to evaluate the extent of time wasted especially in answering unneeded
telephone or personal calls after installing time management in ZAMUKA BUMBOGO SACCO.
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Table 4.12. Time wasting on unneeded telephone or personal calls
Time wasted on unneeded
Telephone
Frequency Percent Cumulative
Percent
Valid Every Day 7 53.8 53.8
Once per Week 4 30.8 84.6
Once per Months 2 15.4 100.0
Total 13 100.0
Source: Primary data, 2016
It was found that 53.8% of respondents answer unneeded telephone or personal calls every day,
30.8% of respondent answer unneeded telephone or personal calls once per week and 15.4% of
respondent answer unneeded telephone or personal calls once per month.
These data mean that after installing time management, employees reduced waste time answering
unneeded telephone or personal call during working hours.
4.2.3.2.3. Time wasting in reading unimportant or personal email
The table 4.13 helps to evaluate how employees wasted time especially in reading unimportant or
personal email after installing time management in ZAMUKA BUMBOGO SACCO.
Table 4.13. Time wasting in reading unimportant or personal email
Time wasted in reading unimportant email Frequency Percent Cumulative Percent
Valid Every Day 3 23.1 23.1
Once per Week 3 23.1 46.2
Once per Months 7 53.8 100.0
Total 13 100.0
Source: Primary data, 2016
According to table 4.13 it was found that 53.8% of respondent of reading unimportant or personal
email once per month and 23.1% both of respondents read unimportant or personal email every day
and read unimportant or personal email once per week.
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Given that ZAMUKA BUMBOGO SACCO is located in rural area, the access on internet is not
easy and then reading unimportant or personal email is not easy for all employees. Employees who
was waste their time on personal smart phones are reduced.
4.2.3.2.4. Time wasting in unimportant movement
The table 4.14 helps to evaluate time wasted especially in unimportant movement after installing
time management in ZAMUKA BUMBOGO SACCO.
Table 4.14. Time wasting in unimportant movement
Time wasted in unimportant
movement
Frequency Percent Cumulative Percent
Valid Every Day 3 23.1 23.1
Once per Week 4 30.8 53.8
Once per Months 6 46.2 100.0
Total 13 100.0
Source: Primary data, 2016
The table 4.14 demonstrates that after installing time management, 46.2% of respondent make
unimportant movement once per month, 30.8% of respondent make unimportant movement once
per week and 23.1% of employees make unimportant movement every day.
In general, the evaluation of time wasting in ZAMUKA BUMBOGO SACCO in work hours before
and after implementation of time management demonstrate that after installing time management,
they save the time lost on social media in working hours up to 30.8% per day and up to 15.4% per
weeks as shown on table 4.7.
Employees save the time lost in answering unneeded telephone or personal calls during working
hours from up to 53.8% of time wasted per day. About unimportant or personal email in ZAMUKA
BUMBOGO SACCO before and after installing time management indicate the change compare
with indicating that they save about 23.1% of time lost every day. The employees know the value of
ignore the unimportant or personal email in working hours
Then after employees save the time lost in making unimportant movement in working hours up to
23.1% per day.
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4.2.4. Nature and importance of time management in ZAMUKA BUMBOGO SACCO
This section analyzes the nature and importance of time management in ZAMUKA BUMBOGO
SACCO.
4.2.4.1. Time management in set up of priorities
The table 4.15 shows how ZAMUKA BUMBOGO SACCO employees set up priorities and how
they analyze the impact of their achievement.
Table 4.15. Time management in set up of priorities
Time management in set up of
priorities Frequency Percent Cumulative Percent
Valid Strongly Agree 7 53.8 53.8
Agree 6 46.2 100.0
Total 13 100.0
Source: Primary data, 2016
The study shows that 53.8% of the respondent strongly agreed and 46.2% of the respondent agreed
that setting priorities is important in time management. All respondents accepted and confirmed that
the importance of time management is based on set up of priorities.
These data indicate that the time management helped the employees of ZAMUKA BUMBOGO
SACCO to set up of priorities. It may cause the improvement of services.
4.2.4.2. Time management productivity
The table 4.16 presents how respondents evaluate the importance of time management in their
productivity while serving ZAMUKA BUMBOGO SACCO.
Table 4.16. Time management in productive
Time management and productivity Frequency Percent Cumulative Percent
Valid Strongly Agree 8 61.5 61.5
Agree 5 38.5 100.0
Total 13 100.0
Source: Primary data, 2016
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The findings of the study show that 61.5% of the respondent strongly agreed and 38.5% of the
respondent agreed that they become more productive using improved time management skills in
ZAMUKA BUMBOGO SACCO.
This indicates that the time management helps the employees of ZAMUKA BUMBOGO to work
on time in order to make their institution more productive.
4.2.4.3. Time management in improvement of decision making
The table 4.17 shows how respondents estimated the importance of time management in
improvement of decision making in ZAMUKA BUMBOGO SACCO.
Table 4.17. Time management in improvement of decision making
Time management and decision making Frequency Percent Cumulative Percent
Valid Strongly Agree 9 69.2 69.2
Agree 4 30.8 100.0
Total 13 100.0
Source: Primary data, 2016
The study shows that 69.2% of the respondents strongly agreed and 30.8% of the respondents
agreed that time management helped to get improved decision-making ability.
This table shows that time management help employees in general and those who has a
responsibility post in particular, to improve decision making ability in ZAMUKA BUMBOGO
SACCO. Good decision making helps ZABUSA to become more profitable and sustain customer‟s
adhesions.
4.2.4.4. Time management helped to become more successful in career
The table 4.18 shows the importance of time management in career success in ZAMUKA
BUMBOGO SACCO.
55
Table 4.18.Time management and career success
Time management and career success Frequency Percent Cumulative Percent
Valid Strongly Agree 10 76.9 76.9
Agree 3 23.1 100.0
Total 13 100.0
Source: Primary data, 2016
The study shows that 76.9% of the respondent strongly agreed and 23.1% of the respondent agreed
that they become successful in different career subsequent to time management policy and its
implementation.
This shows that many of the respondents demonstrate with time management ZAMUKA
BUMBOGO SACCO become more successful using the value of time management. Each employee
attests that he improved his career after time management policy and its implementation. Each
employee used his time in learning what to do in order to satisfy his customers, receiving
administrative advises and customer‟s counsels.
4.2.4.5. Time management in reduction of stress
The table 4.19 shows the importance of time management in reduction of stress in ZAMUKA
BUMBOGO SACCO.
Table 4.19.Time management in reduction of stress
Time management in reduction of stress Frequency Percent Cumulative Percent
Valid Strongly Agree 11 84.6 84.6
Agree 2 15.4 100.0
Total 13 100.0
Source: Primary data, 2016
The findings show that 84.6% of the respondents strongly agreed and 15.4% of the respondents
agreed that they understand the important of use time management in stress reduction.
Given that ZAMUKA BUMBOGO SACCO employees used very well time and allocated times
according to time tables of activities, there is no delay in activities. The just time politic is applied
and works are easily done at required time. No postponing of activities are permitted and in case of
delay extra time is allowed to each one who need to rearrange his service.
56
These data mean that many of respondents (managers and other employees) understand the
importance of time management in reducing stress.
4.2.5. Impact of time management on ZAMUKA BUMBOGO SACCO and its performance
This section shows how ZAMUKA BUMBOGO SACCO employees appreciate the impact of time
management on its performance.
4.2.5.1. Time management and the increase in capital
The table 4.20 presents the impact of time management and its performance in ZAMUKA
BUMBOGO SACCO to increase in capital.
Table 4.20. Indicators of performance to Increase in capital
Indicators of performance to Increase in
capital Frequency Percent Cumulative Percent
Valid More than 75% 10 76.9 76.9
From 74% to 50% 3 23.1 100.0
Total 13 100.0
Source: Primary data, 2016
The indicator of change generated by fair time management in improving the situation on increase
in capital findings show that 76.9% of the respondents show the improvement of capital is more
than 75% and 23.6% of the respondent show that the improvement of capital is between 74 % and
50%.
This shows that time management in ZAMUKA BUMBOGO SACCO improve the situation with
capital increase.
According to financial statement of ZAMUKA BUMBOGO SACCO as presented in appendix, total
equity from Rwf 20,360,867 in 2012; Rwf 20,140,867 in 2013; Rwf 38,382,538 in 2014 and Rwf
41,281,693 in 2015. Really, what employees affirm in table 4.20 is true given that after
implementation of time management, ZAMUKA BUMBOGO SACCO knew an increase of 52.47%
and 92.3% respectively between 2013-2014 and 2014-2015. Even if other factors intervene, this
status shows also the impact of time management in capital and equity.
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4.2.5.2. Role played by time management in increasing tangible assets
The table 4.21 presents how respondents perceive the impact of time management. It presents how
it improves the performance of ZAMUKA BUMBOGO SACCO through the increase of its tangible
assets.
Table 4.21. Indicators of performance and the increase in tangible assets
Increase in tangible assets Frequency Percent Cumulative Percent
Valid More than 75% 8 61.5 61.5
From 74% to 50% 5 38.5 100.0
Total 13 100.0
Source: Primary data, 2016
Findings show that 61.5% of the respondents agreed that is the performance more than 75% and
38.5% of the respondents affirmed that performance is between 74 % and 50%.
These data show that time management in ZAMUKA BUMBOGO SACCO improve the situation
of tangible assets increasing their quality and quantity.
According to financial statement of ZAMUKA BUMBOGO SACCO, after getting value of time
management, time wasting participated in maintaining liquid assets at Rwf 59,421,290 and Rwf
27,711,959 in 2012-2013. It was very hard to increase liquid assets in 2013 because of increased
resistance to change. Although in 2014, time management begun to demonstrate its fruits and liquid
assets become Rwf 142,688,623 and Rwf 216,664,666 respectively in 2014 and 2015. Time
management participates also in increasing total assets from Rwf 49,331,916 in 2012; Rwf
24,210,974 in 2013; Rwf 129,915,000 in 2014 and Rwf 216,190,840 in 2015.
4.2.5.3. Indicators of performance to Increase in profitability
The table 4.22 presents the impact of time management and its performance in ZAMUKA
BUMBOGO SACCO on the increase of its profitability.
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Table 4. 22.Indicators of performance to Increase in profitability
Increase in profitability Frequency Percent Cumulative %
Valid More than 75% 7 53.8 53.8
From 74% to 50% 6 46.2 100.0
Total 13 100.0
Source: Primary data, 2016
Table 4.22 shows that 53.8% of the respondents agree that the performance is more than 75% and
46.2% of the respondents agree that performance is between 74 % and 50%.
This shows that time management in ZAMUKA BUMBOGO SACCO improve the situation with
profitability increase.
Even if there are other direct and indirect factors which contribute to the betterment of ZAMUKA
BUMBOGO SACCO financial stability, according to financial statement presented in appendix, the
time wasting participated and played a negative role maintaining the profitability below Rwf
19,940,867 for 2012-2013, whereas after implementing time management the profitability was
doubled and reach about Rwf 38,382,538 in 2014 and increased profitability up to Rwf 41,281,693
in 2015.
4.2.5.4. Indicators of performance to Increase in liquidity
The table 4.23 shows the agreement of respondent on the impact of time management and its
performance in ZAMUKA BUMBOGO SACCO to increase in liquidity.
Table 4.23. Indicators of performance to Increase in liquidity
Increase in liquidity Frequency Percent Cumulative
Percent
Valid More than 75% 9 69.2 69.2
From 74% to 50% 4 30.8 100.0
Total 13 100.0
Source: Primary data, 2016
Findings show that 69.2% of the respondents agree that the performance is more than 75% and
30.8% of the respondents agree that the performance is between 74 % and 50%.
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These data compared to financial statement both show that time management participated
increasing deposits from Rwf 128,824,231 to Rwf 235,861,107 from 2012-2015. Given that
services are rapids and well offered, customers called other new members, maintained their
adhesion and increased their savings. Increased savings permitted to ZAMUKA BUMBOGO
SACCO to offer more credits and to increase its profitability. The consistency of time management
called customers to begin also term deposit from Rwf 2,000,000 to Rwf 5,750,000 between
2014-2015 given that customers appreciate services received from ZAMUKA employees.
4.2.5.5. Time management participates in risk management
The table 4.24 shows the impact of time management on risk management in ZAMUKA
BUMBOGO SACCO.
Table 4.24.Time management and risk management
risk management Frequency Percent Cumulative Percent
Valid More than 75% 5 38.5 38.5
From 74% to 50% 5 38.5 76.9
From 49% to 30% 3 23.1 100.0
Total 13 100.0
Source: Primary data, 2016
For 38.5% of employees, more than 75% of risks have been decreased. For other 38.5%, risks have
been decreased by time management at the level from 74% to 50%. For 23.1% of the respondents
that time management reduced risks at the level between 49% and 30%.
These data show that time management in ZAMUKA BUMBOGO SACCO improve the situation
with decrease risk management.
According financial statement of ZAMUKA BUMBOGO SACCO after getting value of time
management, it became easy to manage different risks between 2014 and 2015 in different areas as
credit risk, liquidity risk, market risk, operation risks and macroeconomic risk.
Financial statements showed that credit risks have been reduced given that provisions for delaying
repayments reduced from Rwf 15,473,318 to Rwf 1,883,674 this is a decrease of more than
122.74%. Given that credits are offered at effective time, their recovery was easy and provisions
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were not necessary. Customers do their best in order to satisfy repayment conditions and ask for
other loans.
For liquidity risks, it seems that time wasting participated in maintaining liquid assets at Rwf
59,421,290 and Rwf 27,711,959 in 2012-2013. It was very hard to increase liquid assets in 2013
because of increased resistance to change. Although in 2014, time management begun to
demonstrate its fruits and liquid assets become Rwf 142,688,623 and Rwf 216,664,666. Time
management participates also in increasing total assets from Rwf 49,331,916 in 2012; Rwf
24,210,974 in 2013; Rwf 129,915,000 in 2014 and Rwf 216,190,840 in 2015.
Time management participated also in reducing liquidity risks by increasing deposits from Rwf
128,824,231 to Rwf 235,861,107 from 2012-2015. Given that services are rapids and well offered,
customers called other new members, maintained their adhesion and increased their savings.
Increased savings permitted to ZAMUKA BUMBOGO SACCO to offer more credits and to
increase its profitability. The consistency of time management called customers to begin also term
deposit from Rwf 2,000,000 to Rwf 5,750,000 between 2014-2015 given that customers appreciate
services received from ZAMUKA employees.
For market and operational risks, customers increased from 2,025 to 3,751 members between 2012-
2013, from 3,751 to 5,602 members between 2013-2014 and from 5,602 to 7,235 members between
2014-2015. There is no theft case between 2014 and 2015; employees‟ turnover was 35%
employees between 2012-2013; 2% employees between 2013-2014 and 0% of employees between
2014-2015.
ZAMUKA BUMBOGO SACCO increased operational branches from 1 to 3 branches between
2014 and 2016. Hence, efficient time management participates in improving the risk management.
4.2.6. Time factors influencing performance
This section focuses on the time factors influencing performance in ZAMUKA BUMBOGO
SACCO.
4.2.6.1. ZAMUKA BUMBOGO SACCO organizes work paper and task triage
The table 4.25 shows how ZAMUKA BUMBOGO SACCO‟s employees organize work paper and
task triage and how this participates in boosting its performance.
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Table 4.25. In my institution we organize work paper and task triage
Organization of work paper and
task triage
Frequency Percent Cumulative Percent
Valid Strongly Agreed 8 61.5 61.5
Agreed 5 38.5 100.0
Total 13 100.0
Source: Primary data, 2016
As shown by the table 4.25, 61.5% of respondent strongly agreed and 38.5% of respondents agreed
that work paper and task triage boost ZAMUKA BUMBOGO SACCO performance.
This means that the employees of ZAMUKA BUMBOGO SACCO have habit of organizing paper
and task triage, for that reason works are easy, services are provided without delay, files are well
kept, data are always available, well kept and well exploited, information are well shared, and
reports are provided as needed. Given that information and works are well organized, ZAMUKA
BUMBOGO SACCO profit and boost his performance.
4.2.6.2. ZAMUKA BUMBOGO SACCO works in priority order, set goals and prioritize
actions
The table 4.26 shows the ZAMUKA BUMBOGO SACCO employees work in priority order, set
goals and prioritize actions as time factors influencing its performance.
Table 4.26. ZAMUKA BUMBOGO SACCO works in priority order, set goals and prioritize
actions
works in priority order, set
goals and prioritize actions
Frequency Percent Cumulative %
Valid Strongly Agreed 8 61.5 61.5
Agreed 5 38.5 100.0
Total 13 100.0
Source: Primary data, 2016
For the table 4.26, about 61.5% of respondents strongly agreed and 38.5% of respondents agreed
that ZAMUKA BUMBOGO SACCO have a habit of working in priority order, set goals and
prioritize actions.
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For these reasons, its employees knew the value of making priority order, setting goals and
prioritize actions on purpose of performing their jobs in institution.
4.2.6.3. ZAMUKA BUMBOGO SACCO master the skills of time management
The table 4.27 shows the ZAMUKA BUMBOGO SACCO‟ employees master the skills of time
management and knew its impact in increasing the performance of their institution.
Table 4.27. In my institution we master the skills of time management
Mastering the skills of time
management
Frequency Percent Cumulative %
Valid Strongly Agreed 6 46.2 46.2
Agreed 5 38.5 84.6
Disagreed 2 15.4 100.0
Total 13 100.0
Source: Primary data, 2016
As shown by the table 4.27, about 46.2% of employees strongly agreed and 38.5% of employees
agreed that they have improved time management skills and this has an impact in increasing the
performance of their institution. For 15.5% of respondents were disagreed.
This means that the employees of ZAMUKA BUMBOGO SACCO master the skills of time
management. For those reasons, ZAMUKA BUMBOGO SACCO employees, excluding two
newcomers, in general knew the value of improving time management skills and its role in
performing their jobs efficiently.
4.2.6.4. Time management involves determining needs, setting goals to achieves institutional
and customers needs
The table 4.28 shows that ZAMUKA BUMBOGO SACCO‟ employees are involved in time
management determining needs, setting goals to achieves institutional and customers‟ needs with
aim of influencing its performance.
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Table 4.28.Time management involves determining needs, setting goals to achieves the needs
determining needs, setting
goals to achieves the needs
Frequency Percent Cumulative
Percent
Valid Strongly Agreed 9 69.2 69.2
Agreed 4 30.8 100.0
Total 13 100.0
Source: Primary data, 2016
As shown by the table 4.28, it was found that 69.2% of respondent strongly agreed and 30.8% of
respondents agreed that employees are involved in time management determining needs, setting
goals to achieve institutional and customers‟ needs with aim of influencing its performance.
These data mean that the employees of ZAMUKA BUMBOGO SACCO are involved in time
management, they ease they duties, helps customers and their institution to reach their goals.
4.2.6.5. ZAMUKA BUMBOGO SACCO prioritize the task required, matching tasks to time
and resources by planning, scheduling and making lists
The table 4.29 presents how ZAMUKA BUMBOGO SACCO‟ employees prioritize the task as
required, matching tasks to time and to resources by planning, scheduling and making lists of duties
with aim of influencing its performance.
Table 4.29. Prioritizing the task required, matching tasks to time and resources by planning,
scheduling and making lists
Matching tasks to time and
resources by planning,
scheduling and making lists
Frequency Percent Cumulative
Percent
Valid Strongly Agreed 8 61.5 61.5
Agreed 5 38.5 100.0
Total 13 100.0
Source: Primary data, 2016
As shown by the table 4.29, it was found that 61.5% of respondents strongly agreed and 38.5% of
respondents agreed that ZAMUKA BUMBOGO SACCO employees prioritize the task as required,
64
matching tasks to time and resources by planning, scheduling and making lists of duties with aim of
influencing its performance.
This means that ZAMUKA BUMBOGO SACCO employees prioritized tasks as required, matching
tasks to time and resources by planning, scheduling and making lists.
4.2.7. Employees satisfaction and time management in ZAMUKA BUMBOGO SACCO
The table 4.30 shows how respondents are satisfied by the time management installed in ZAMUKA
BUMBOGO SACCO.
Table 4.30. Employees satisfaction and time management in ZAMUKA BUMBOGO SACCO
satisfaction and time
management Frequency Percent Cumulative Percent
Valid Yes 11 84.6 84.6
NO 2 15.4 100.0
Total 13 100.0
Source: Primary data, 2016
The table 4.30 indicates that 84.6% of employees are satisfied by time management installed by
ZAMUKA BUMBOGO SACCO while 15.4% of employees are not satisfied.
This status proves that the installation of time management was successful in general given that it
left to mobilize 15.4% who are still not satisfied. This means that management teams of ZABUSA
have to improve the values of time management for unsatisfied workers and maintain satisfaction of
efficient employees of ZAMUKA BUMBOGO SACCO.
4.3. Members and customers’ perception on the effect of time management on performance
of MFIs
This section presents members and customers‟ perception on the effect of time management on
performance of ZAMUKA BUMBOGO SOCCO.
4.3.1. Profile of respondents members
This sub-section presents profile of customers and members of ZAMUKA BUMBOGO SOCCO
who responded to this questionnaire.
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4.3.1.1. Gender of respondents
The finding in the table 4.31 presents the gender of respondents.
Table 4.31.Gender of member
Gender Frequency Percent Cumulative Percent
Valid Female 60 63.2 63.2
Male 35 36.8 100.0
Total 95 100.0
Source: Primary data, 2016
From the table 4.31, it was found that 63.2% of respondents are Female while 36.8% of respondents
are Male.
This is a result of mission of ZAMUKA BUMBOGO SACCO in promoting rural population
especially women entrepreneurs through creation of business opportunities and development of the
culture of business innovation, as a key element for the cooperatives sustainability. This mission
leads to poverty alleviation among women.
4.3.1.2. Age of respondents
The table 4.32 presents the age of respondents.
Table 4.32. Age of members’ respondents
Age Frequency Percent Cumulative Percent
Valid Less than 20 years 19 20.0 20.0
26 -35 Years 35 36.8 56.8
36 -55 Years 21 22.1 78.9
56 -65 Years 15 15.8 94.7
More than 65 Years 5 5.3 100.0
Total 95 100.0
Source: Primary data, 2016
The table 4.32 show that 20% of respondents represent the age of customers who are under 20
years, 36.8% of respondents are between 26 and 35 years, 22.1% of respondents are between 36 and
55 years and finally 15.8% of respondents are between 56 and 65 years while 5.3% of respondents
are over 65 years.
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This implies that the majority of SACCO members (equivalent to 80%) are adult people who own
families. Few members (equivalent to 20%) are the youth who save in order to plan for their future.
Most of ZAMUKA BUMBOGO SACCO customers are active population who work hard for their
family members and their lives. Therefore they know the value of time management in live hood.
In fact, somebody‟s age affects his or her ability to work hard, to save and to consume. In other
words, customers age participate in management of time and in decreasing time wasted with aim of
performing well in all department of ZAMUKA BUMBOGO SACCO.
4.3.1.3. Education of Respondents
This section presents education level of customers and members of ZAMUKA BUMBOGO
SACCO who responded to this questionnaire.
Table 4.33. Education
Education Frequency Percent Cumulative Percent
Valid Primary 30 31.6 31.6
Secondary 25 26.3 57.9
University 13 13.7 71.6
Training vocation 15 15.8 87.4
Without training or unformed 12 12.6 100.0
Total 95 100.0
Source: Primary data, 2016
It was revealed that majority of clients completed primary level of education as indicated by 31.6%,
followed by secondary level represented by 26.3%. Training vocational level represented by 15.8%,
university represented by 13.7 and customers without training or unformed represented by 12.6%.
These data show that a large number of ZAMUKA BUMBOGO SACCO member‟s educational
level includes secondary and primary and are able to understand somehow the importance of time
management.
4.3.1.4. Marital Status of respondents
The table 4.34 presents the marital status of customer and members who responded to this
questionnaire.
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Table 4.34. Marital Status of members’ respondents
Marital Status Frequency Percent Cumulative Percent
Valid Single 29 30.5 30.5
Married 40 42.1 72.6
Divorced/Separated 8 8.4 81.1
Widowed 18 18.9 100.0
Total 95 100.0
Source: Primary data, 2016
As shown by the table 4.34 it was found that 42.1% of respondents are married, 30.5% of
respondent are single, 18.9% of respondent are widowed and 8.4% of respondent are divorced or
sseparated.
Given that the highest number of respondent are married and given that the marital status has also
impact time management, ZAMUKA BUMBOGO SACCO customer and members understand the
aim and the importance of implementing time management in their microfinance institution. It is
also true that the married are responsible and are stable compared to those who are not married.
4.3.2. Implementation of time management in ZAMUKA BUMBOGO SACCO
This section helps to assess whether the respondents knew the concept of time management. It will
also help to identify when respondents start to adhere and operate with ZAMUKA BUMBOGO
SACCO.
4.3.2.1. Member adhesion period
The table 4.35 presents how respondents adhere and operate with ZAMUKA BUMBOGO SACCO.
Table 4.35. Adhere
Member adhesion period Frequency Percent Cumulative Percent
Valid 1 Year 7 7.4 7.4
2 Years 13 13.7 21.1
3 Years 40 42.1 63.2
More than 3 Years 35 36.8 100.0
Total 95 100.0
Source: Primary data, 2016
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The table 4.35 presents respondent basing on the year they started to adhere and operate with
ZAMUKA BUMBOGO SACCO. It was found that 42.1% of respondents adhere since 3years,
36.8% of respondent more than 3 years, 13.7% of respondent since 2 years and 7.4% of respondent
for 1year.
This indicate that ZAMUKA BUMBOGO SACCO in 2013 and 2012 get many members from
Bumbogo Sector because of different groups such women for women, VUP, direct support
(Ingoboka) from FARG. It also important for this study to operate with customers who have been
members before and after installation of time management then information reflects a reality.
4.3.2.2. Since when respondents know the term time management
The table 4.36 helps to find since when respondents know and understand the term time
management
Table 4.36. Since when respondents know the term time management
Period of knowing time
management term
Frequency Percent Cumulative Percent
Valid Since 2012 35 36.8 36.8
Since 2013 38 40.0 76.8
Since 2014 15 15.8 92.6
Since 2015 7 7.4 100.0
Total 95 100.0
Source: Primary data, 2016
From the table 4.36 it was found that 40.0% of respondents know since 2013, 36.8% of respondents
known since 2012, 15.8% of respondent know since 2014 and 7.4% of respondent known since
2015.
This indicates that customers of ZAMUKA BUMBOGO SACCO knew, solicited and ask for time
management in their institution since 2012. The customers demand was responded since 2013 and
as it is discovered that in 2015 there is not more claim from clients.
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4.3.3. Nature and important of time management in ZAMUKA BUMBOGO SACCO
This section presents how ZAMUKA BUMBOGO SACCO customers and members appreciate
time management and its effect on their activities.
4.3.3.1. ZAMUKA BUMBOGO SACCO Time management in set up of customers’ priorities
The table 4.37 shows how respondents appreciate how ZAMUKA BUMBOGO SACCO time
management helps customers in set up of priorities in their projects.
Table 4.37. ZAMUKA BUMBOGO SACCO Time management in set up of customers’
priorities
Time management and set
up of customer priority
Frequency Percent Cumulative Percent
Valid Strongly Agree 40 42.1 42.1
Agree 35 36.8 78.9
Disagree 19 20.0 98.9
Strongly Disagree 1 1.1 100.0
Total 95 100.0
Source: Primary data, 2016
The study shows that 42.1% of the respondents strongly agreed and 36.8% of the respondent agreed
that ZAMUKA BUMBOGO SACCO. But 20.0% of respondent disagreed and 1.1% respondent
strongly disagreed
These data show that a big number of ZAMUKA BUMBOGO SACCO changed their methods of
work following the time management installed by ZAMUKA BUMBOGO SACCO.
4.3.3.2. ZAMUKA BUMBOGO SACCO Time management and customer productivity
The table 4.38 presents the impact of ZAMUKA BUMBOGO SACCO time management in
customers‟ productivity.
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Table 4.38. ZAMUKA BUMBOGO SACCO Time management and customers productivity
customers productivity Frequency Percent Cumulative Percent
Valid Strongly Agree 38 40.0 40.0
Agree 40 42.1 82.1
Disagree 12 12.6 94.7
Strong Disagree 5 5.3 100.0
Total 95 100.0
Source: Primary data, 2016
The findings of the study show that 42.1% of the respondents agreed and 40.0% of the respondents
strongly agreed that they become more productive using improved time management skills earned
from ZAMUKA BUMBOGO SACCO. But only 12.6% of the respondent did not agree on it and
5.3% of respondent strongly disagreed.
These data means that ZAMUKA BUMBOGO SACCO time management helped a big number of
customers in becoming more productive installing time management in their duties.
4.3.3.2. ZAMUKA BUMBOGO SACCO time management in improvement of customer
decision making
The table 4.39 presents how customers appreciate the importance of ZAMUKA BUMBOGO
SACCO time management in improvement of customers‟ decision making.
Table 4.39.Time management in improvement of decision making
improvement of decision making Frequency Percent Cumulative Percent
Valid Strongly Agree 37 38.9 38.9
Agree 41 43.2 82.1
Disagree 15 15.8 97.9
Strongly Disagree 2 2.1 100.0
Total 95 100.0
Source: Primary data, 2016
The study shows that 43.2% of the respondent agreed and 38.9% of the respondent strongly agreed
that ZAMUKA BUMBOGO SACCO time management helped them in improvement their decision
making. But 15.8% of the respondent did not agree and 2.1% of respondent strongly disagreed.
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This shows that many of the respondents as members of cooperatives and individual entrepreneurs,
time management help a big number of respondents to make improvements in decision making
ability from ZAMUKA BUMBOGO SACCO time management.
4.3.3.4. ZAMUKA BUMBOGO SACCO time management helps in customer project success
The table 4.40 shows the agreement of respondent on important of Time management with more
successful in ZAMUKA BUMBOGO SACCO.
Table 4.40. Time management helps in customers’ project success
customers’ project success Frequency Percent Cumulative Percent
Valid Strongly Agree 40 42.1 42.1
Agree 38 40.0 82.1
Disagree 13 13.7 95.8
Strong Disagree 4 4.2 100.0
Total 95 100.0
Source: Primary data, 2016
The study shows that 42.1% of the respondent strongly agreed and 40.0% of the respondent agreed
that they become successful in different career. But 13.7% of the respondent did not agree and 4.2%
of respondent strongly disagreed.
These data show that many of the respondents are satisfied by time management installed by
ZAMUKA BUMBOGO SACCO and profit it by installing and managing their project using time
management skills copied and making their project more successful.
4.3.3.5. ZAMUKA BUMBOGO SACCO time management in reduction of stress
The table 4.41 presents the importance of ZAMUKA BUMBOGO SACCO Time management in
reduction of customers stress.
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Table 4.41.Time management in reduction of stress
Reduction of stress Frequency Percent Cumulative Percent
Valid Strongly Agree 45 47.4 47.4
Agree 30 31.6 78.9
Disagree 18 18.9 97.9
Strong Disagree 2 2.1 100.0
Total 95 100.0
Source: Primary data, 2016
The findings show that 47.4% of the respondents strongly agreed and 31.6% of the respondents
agreed that they understand the important of use time management in reducing their stress. But
18.9% of the respondent did not agree and 2.1% of respondents strongly disagreed.
These data show that ZAMUKA BUMBOGO SACCO time management helped customers in
reducing stress and continuing their operations with their microfinance.
4.3.4. Time management influence the performance of ZAMUKA BUMBOGO SACCO
This section shows how customers and members of ZAMUKA BUMBOGO SACCO appreciate the
impact of time management on his performance.
4.3.4.1. Less stress, few surprises, few tight deadlines in ZAMUKA BUMBOGO SACCO
The table 4.42 shows the agreement of respondent on the time management influence the
performance with less stressing, fewer tight deadlines and less rushing from task to task and place to place
in ZAMUKA BUMBOGO SACCO.
Table 4.42. Less stress, few surprises, few tight deadlines in ZAMUKA BUMBOGO SACCO
services
Less stress, surprises, deadlines Frequency Percent Cumulative Percent
Valid Strong agree 45 47.4 47.4
Agree 30 31.6 78.9
Disagree 18 18.9 97.9
Strong Disagree 2 2.1 100.0
Total 95 100.0
Source: Primary data, 2016
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This study findings show that 47.4% of the respondent strongly agreed and 31.6% of them also
agreed that their job less Stressing, fewer surprising, has fewer tight deadlines and less rushing from
task-to-task and place-to-place. However, 18.9% of the respondent did not agree and 2.1% of
respondents strongly disagreed to this cause.
This implies that ZAMUKA BUMBOGO SACCO time management eased jobs in different
departments and this position influences the performance providing less Stressing, fewer surprising,
has fewer tight deadlines and less rushing from task-to-task and place-to-place.
4.3.4.2. ZAMUKA BUMBOGO SACCO become productive following time management
The table 4.43 presents how customers and members appreciate the role played by time
management on the production of ZAMUKA BUMBOGO SACCO.
Table 4.43. ZAMUKA BUMBOGO SACCO become productive following time management
Becoming productive following
time management
Frequency Percent Cumulative Percent
Valid Strong agree 38 40.0 40.0
Agree 40 42.1 82.1
Disagree 12 12.6 94.7
Strongly Disagree 5 5.3 100.0
Total 95 100.0
Source: Primary data, 2016
The table 4.43 show that 40.0% of the respondents strongly agreed and 42.1% of them also agreed
that ZAMUKA BUMBOGO SACCO get more done and being productive is one of their main goals
but 12.6% of the respondent did not agreed and 5.3% of respondents strongly disagreed.
This implies that customers appreciate very well the progress done by their microfinance institution
following to implementation of time management. ZAMUKA BUMBOGO SACCO time
management had an impact as attested by more than 82.1% and influences positively its
performance.
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4.3.4.3. Less rework and fewer mistakes
The table 4.44 shows how ZAMUKA BUMBOGO SACCO time management influence the
performance by avoiding reworks and mistakes.
Table 4.44.Less rework and fewer mistakes
Avoiding rework and mistakes Frequency Percent Cumulative Percent
Valid Strong agree 36 37.9 37.9
Agree 42 44.2 82.1
Disagree 15 15.8 97.9
Strongly Disagree 2 2.1 100.0
Total 95 100.0
Source: Primary data, 2016
This study findings show that 44.2% of the respondents agreed and 37.9% of them also strongly
agreed that there have less rework given that being organized results in less rework and mistakes.
However, 15.8% of respondents disagreed and 2.1% of the respondents did not strongly disagree.
This implies that time management helped ZAMUKA BUMBOGO SACCO and influenced the
performance by avoiding reworks and mistakes.
4.3.4.4. ZAMUKA BUMBOGO SACCO time management helps to avoid wasted time and
boost their work
In ZAMUKA BUMBOGO SACCO there is less wasted time then there can already be a step ahead
of their work.
Table 4.45. ZAMUKA BUMBOGO SACCO time management helps to avoid wasted time and
boost their work
Avoid wasted time, boost Frequency Percent Valid % Cumulative %
Valid Strong agree 43 45.3 45.3 45.3
Agree 31 32.6 32.6 77.9
Disagree 18 18.9 18.9 96.8
Strongly Disagree 3 3.2 3.2 100.0
Total 95 100.0 100.0
Source: Primary data, 2016
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This study findings show that 45.3% of the respondent strongly agreed and 32.6% of them also
agreed that there have less rework given that being organized results in less waste time. However,
18.9% of respondents disagreed and 3.2% of the respondents strongly disagreed.
This implies that customers equivalent to 77.9% appreciate how time management helped
ZAMUKA BUMBOGO SACCO to avoid wasted time and boost their work.
4.3.4.3. 4.3.4.5. ZAMUKA BUMBOGO SACCO time management helps in build its reputation
The table 4.46 present how time management influence the performance and build ZAMUKA
BUMBOGO SACCO reputation.
Table 4.46. ZAMUKA BUMBOGO SACCO time management helps in builds its reputation
builds its reputation Frequency Percent Cumulative Percent
Valid Strongly agree 45 47.4 47.4
Agree 37 38.9 86.3
Disagree 11 11.6 97.9
Strongly Disagree 2 2.1 100.0
Total 95 100.0
Source: Primary data, 2016
The table 4.46 shows that 47.4% of the respondents strongly agreed and 38.9% of them also agreed
that it‟s improve their cooperative reputation. However, 11.6% of respondents disagreed and 2.1%
of the respondent strongly disagreed.
This implies that time management helped ZAMUKA BUMBOGO SACCO to improve its
reputation and its customer increased from 3,751 till 7,355 members after 3 years of use of time
management policy.
4.3.5. Customer satisfaction on time management installed by ZAMUKA BUMBOGO
SACCO
The table 4.47 shows how customers and members are satisfied by the time management installed
in ZAMUKA BUMBOGO SACCO.
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Table 4.47. Satisfied by time management installed by ZAMUKA BUMBOGO SACCO
Satisfaction of time management Frequency Percent Valid Percent Cumulative Percent
Valid Yes 85 89.5 89.5 89.5
NO 10 10.5 10.5 100.0
Total 95 100.0 100.0
Source: Primary data
The table above indicates 89.5% are satisfied by time management installed by ZAMUKA
BUMBOGO SACCO. However 10.5% of respondents are not satisfied.
These data prove that the installation of time management was successful. Customers affirmed their
satisfaction given that they profited from the politic of time management installed by ZAMUKA
BUMBOGO SACCO and they appreciate the progress of their cooperative in membership, assets,
capital, and profitability.
4.4. Spearman correlation between time management and Performance of financial
institution
This section shows relationship between time management and performance of financial institution
using spearman correlation basing on data from employees and customers.
Table 4.48. Spearman correlation between time management and Performance of financial
institution
Time
management
Performance
of financial
institution
Spearman's rho independent Correlation Coefficient 1.000 .988**
Sig. (2-tailed) . .000
N 95 95
dependent Correlation Coefficient .988**
1.000
Sig. (2-tailed) .000 .
N 95 95
**. Correlation is significant at the 0.01 level (2-tailed)
Source: generated by SPSS, 2016
77
Legend:
Services offered by Time management value (Independent variables) and Performance of financial
institution (Dependent variables)
[-1.00-0.00]: Negative Correlation
[0.00-0.25]: Positive and very Low Correlation
[0.25-0.50]: Positive and Low Correlation
[0.50-0.75]: Positive and High Correlation
[0.75-1.00]: Positive and very High Correlation
The variation of Spearman coefficient is between -1 and 1. Spearman correlation coefficient has
significance.
In table 4.48, statistical evidence show that there is strong significant relationship between time
management and performance of financial institution for employees equal 0.976. Spearman's rho
correlation between time management and performance of financial institution for employees is
positive and high correlation and the sig. (2-tailed) are 0.000, which is less than 0.01. Therefore the
researcher concluded that there is a significant correlation between time management and
performance of financial institution.
78
CHAPTER FIVE
CONCLUSION AND RECOMMENDATIONS
5.1. Introduction
This chapter presents the summary of the major findings, conclusion and recommendation provided
by the research about the role of time management on the performance of financial institution as
ZAMUKA BUMBOGO SACCO.
5.2. Summary of major finding
This study was carried out in ZAMUKA BUMBOGO SACCO in order to find the role of time
management on performance of financial institution.
5.2.1. Finding on nature and importance of time management in increasing institution
performance
ZAMUKA BUMBOGO SACCO was our case study. We asked ourselves about the nature of time
management and its importance in increasing institution performance. The assessment of this
situation obliged us to find out since when time management is known. We have been also obliged
to assess the level of time wasted before and after installing time management in ZAMUKA
BUMBOGO SACCO. Moreover, this study established the nature and the importance of time
management on both side of employees and customers.
5.2.1.1. Since when term time management is known
The most of ZAMUKA BUMBOGO SACCO customers-members knew term of time management.
The table 4.36 shows that 40.0% of customers-members knew the term “time management” since
2013 while in 2012 they were represented by 36.8% and in 2014, they were 15.8%. For employees,
from the table 4.6, it was found that 84.6% of respondents known and used the term “time
management” since 2012. Two groups of respondents composing 7.7% of respondents knew term
time management; one group knew the term since 2014 and another one since 2015.
It is discovered that the term “time management” has been known since 2012 for many of
ZAMUKA BUMBOGO SACCO stakeholders. Given that since 2012, ZAMUKA BUMBOGO
79
SACCO got many employees and began slowly the implementation of time management system,
this cause the improvement of good services and increased the number of ZAMUKA BUMBOGO
SACCO customers. The big numbers of members who joined ZABUSA came from different groups
of peoples and include women for women, VUP, direct support (ingoboka) from FARG. Managing
them and satisfying their needs required to the management of ZABUSA to improve methods used
in time management.
5.2.1.2. Evaluation of time wasting
The finding shows that in ZAMUKA BUMBOGO SACCO time wasted in different unneeded
activities such as social media, unneeded telephone or personal calls, reading unimportant or
personal email and unimportant movement in working hours are reduced comparatively to the time
before and after time management implementation.
Table 4.8 to table 4.14 helped us to compare the situation before and after implementation of time
management. We discovered that for social media, time wasted is reduced from 69.2% to 30.8%
every day, form 23.1% to 15.4% once per week and from 7.7% to 53.8% once per month. Unneeded
telephone or personal calls are from 100% to 53.8% every day; 30.8% once per week and 15.4%
once per month.
Unimportant or personal email ware reduced from 46.2% to 23.1% every day, form 30.8% to 23.1%
once per week and from 53.8% to 23.1% once per months. Unimportant movement were reduced
from 100% to 23.1% every day, 30.8% once per week and 46.2% once per month.
Findings presented above mean that there were big decreases of time wasted in social media,
unneeded telephone, unimportant or personal email, unimportant movements, etc. The decrease of
time wasted helped ZABUSA in increasing its performance in different domains.
5.2.1.3. Nature and important of time management
The findings show the nature and the importance of time management in increasing the
performance of ZAMUKA BUMBOGO SACCO. Its nature includes the set up of priorities, the
increase of the productivity, the improvement of decision making, the improvement of success, the
reduction of stress time.
80
The findings from table 4.15 show that 53.8% of the respondents strongly agreed and 46.2% agreed
with the set up of priorities. Table 4.16 show that 61.5% of the respondent strongly agreed and
38.5% of the respondent agreed that they become more productive using improved time
management skills. Table 4.17 show that 69.2% of the respondents strongly agreed and 30.8% of
the respondents agreed that time management helped to get improved decision-making ability.
Table 4.18 show that 76.9% of the respondent strongly agreed and 23.1% of the respondent agreed
that they become successful in different career subsequent to time management policy and its
implementation. At the end, findings from table 4.19 show that 84.6% of the respondents strongly
agreed and 15.4% of the respondents agreed that they understand the important of use time
management in stress reduction.
This means that the big numbers of employees are strongly agreed and agreed on the nature and
importance of time management in set up of priorities, in improvement of decision making, etc.
These data indicate that the nature of time management process and its importance participated in
improving the performance of ZAMUKA BUMBOGO SACCO.
5.2.2. Finding on Time factors influencing performance to ZAMUKA BUMBOGO SACCO
According to different factors mentioned by our respondents, findings show that time factors
influenced the performance of ZAMUKA BUMBOGO SACCO.
The table 4.20 shows that 76.9% of the respondents show the improvement of capital is more than
75% and 23.6% of the respondent show that the improvement of capital is between 74 % and 50%.
Findings show that 61.5% of the respondents agreed that is the performance more than 75% and
38.5% of the respondents affirmed that performance is between 74 % and 50%. Table 4.21 indicates
that 53.8% of the respondents agree that the performance is more than 75% and 46.2% of the
respondents agree that performance is between 74 % and 50%. Table 4.22 shows that 69.2% of the
respondents agree that the performance is more than 75% and 30.8% of the respondents agree that
the performance is between 74 % and 50%. Table 4.23 shows for that 38.5% of employees, more
than 75% of risks have been decreased. For other 38.5%, risks have been decreased by time
management at the level from 74% to 50%. For 23.1% of the respondents that time management
reduced risks at the level between 49% and 30%.
81
Even if other factors intervened, according to financial statement of ZAMUKA BUMBOGO
SACCO as presented in appendix, total equity is improved from Rwf 20,360,867 in 2012 to Rwf
41,281,693 in 2015. Liquid assets have been increased from Rwf 49,331,916 in 2012 Rwf to Rwf
216,190,840 in 2015. The time wasted maintaining the profitability below Rwf 19,940,867 for
2012-2013, whereas after implementing time management the profitability was doubled and reach
about Rwf 38,382,538 in 2014 and increased profitability up to Rwf 41,281,693 in 2015.
Time management participated in increasing deposits from Rwf 128,824,231 in 2012 to Rwf
235,861,107 in 2015. Given that services are rapids and well offered, customers called other new
members, maintained their adhesion and increased their savings. Increased savings permitted to
ZAMUKA BUMBOGO SACCO to offer more credits and to increase its profitability. The
consistency of time management called customers to begin also term deposit from Rwf 2,000,000 to
Rwf 5,750,000 between 2014-2015 given that customers appreciate services received from
ZAMUKA employees.
Financial statements showed that credit risks have been reduced given that provisions for delaying
repayments reduced from Rwf 15,473,318 to Rwf 1,883,674 this is a decrease of more than
122.74%. Given that credits are offered at effective time, their recovery was easy and provisions
were not necessary. Customers do their best in order to satisfy repayment conditions and ask for
other loans.
For liquidity risks, it seems that time wasting participated in maintaining liquid assets at Rwf
59,421,290 and Rwf 27,711,959 in 2012-2013. Although in 2014, time management begun to
demonstrate its fruits and liquid assets become Rwf 142,688,623 and Rwf 216,664,666. Time
management participates also in increasing total assets from Rwf 49,331,916 in 2012, Rwf
24,210,974 in 2013; Rwf 129,915,000 in 2014 and Rwf 216,190,840 in 2015.
Time management participated also in reducing liquidity risks by increasing deposits from Rwf
128,824,231 to Rwf 235,861,107 from 2012-2015. The consistency of time management called
customers to begin also term deposit from Rwf 2,000,000 to Rwf 5,750,000 between 2014-2015
given that customers appreciate services received from ZAMUKA employees.
For market and operational risks, customers increased from 2,025 to 3,751 members between 2012-
2013, from 3,751 to 5,602 members between 2013-2014 and from 5,602 to 7,235 members between
2014-2015. There is no theft case between 2014 and 2015; employees‟ turnover was 35%
82
employees between 2012-2013; 2% employees between 2013-2014 and 0% of employees between
2014-2015. ZAMUKA BUMBOGO SACCO increased operational branches from 1 to 3 branches
between 2014 and 2016.
Hence, efficient time management participates in improving the ZAMUKA BUMBOGO SACCO
performance and profitability.
5.2.3. Finding on the time management influence on the performance of ZAMUKA
BUMBOGO SACCO
Time management influenced the performance of ZAMUKA BUMBOGO SACCO as attested by a
big number of respondents.
As shown by the table 4.25, 61.5% of respondent strongly agreed and 38.5% of respondents agreed
that work paper and task triage boost ZAMUKA BUMBOGO SACCO performance. For the table
4.26, about 61.5% of respondents strongly agreed and 38.5% of respondents agreed that ZAMUKA
BUMBOGO SACCO have a habit of working in priority order, set goals and prioritize actions. As
shown by the table 4.27, about 46.2% of employees strongly agreed and 38.5% of employees agreed
that they have improved time management skills and this has an impact in increasing the
performance of their institution. From table 4.28, it was found that 69.2% of respondent strongly
agreed and 30.8% of respondents agreed that employees are involved in time management
determining needs, setting goals to achieve institutional and customers‟ needs with aim of
influencing its performance. From table 4.29, it was found that 61.5% of respondents strongly
agreed and 38.5% of respondents agreed that ZAMUKA BUMBOGO SACCO employees prioritize
the task as required, matching tasks to time and resources by planning, scheduling and making lists
of duties with aim of influencing its performance. The table 4.30 indicates that 84.6% of employees
are satisfied by time management installed by ZAMUKA BUMBOGO SACCO.
Hence, time management participated in organizing work paper and task triage, working in priority
order, setting goals and prioritizing actions, mastering the skills of time management, determining
needs, setting goals to achieves the needs, prioritizing the task required, matching tasks to time and
resources by planning, scheduling and making lists.
All data contained in tables from table 4. 36 up to table 4.47 shown us that time management played
a big role in improving ZABUSA performance. Findings from these tables confirmed data from
83
employees, financial statements and Spearman's rho correlation of 98.8% helped us to confirm that
time management boosted the performance of ZAMUKA BUMBOGO SACCO in all domain.
5.3. Conclusion
Based on findings, the researcher has been able to achieve the objectives of the study and concluded
that time management has a positive impact on the performance of ZAMUKA BUMBOGO
SACCO. The study has showed that time management helped in increasing the indicators of
performances as increase in capital, increase in tangle assets, increase in profitability, increase in
liquidity, increase in customers number and decrease in risk management. The results show that
time wasted had decreased from the daily highest to lowest wasted time in unneeded activities
during working hours.
Based on the foregoing, we can affirm that there is a positive relationship between time
management and the performance of ZAMUKA BUMBOGO SACCO given that it helped in
achieving high performance on the capital, productivity, decision making and then decreased the
risk management.
5.4.Recommendation
This section helps researcher to provide recommendations to ZAMUKA BUMBOGO SACCO and
to future researchers.
5.4.1. To ZAMUKA BUMBOGO SACCO
Even if ZAMUKA BUMBOGO SACCO succeeded in time management and has tangibles results,
should establish the modern technology including computer based information in their services in
order to maximize more and more time saved and well perform quickly their activities.
5.4.2. To the future researcher
Due to the shortage of time, I recommended the other researchers who will be interested to conduct
a research on the role of time management on the performance of financial institution to go deeper
and find more concerning financial institution transaction, comparing performance of institution
with financial performance.
5.5. Areas for future researchers
There are the different areas for the future researchers on time management including Time
management and increase of customers and time management and efficiency of financial report.
84
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88
APPENDICES
89
Appendix 1: QUESTIONNAIRE FOR EMPLOYEES
Letter for respondents
Dear respondents,
I am INGABIRE Jacqueline, a student in University Independent of Lay Adventist of Kigali
(UNILAK) in the faculty of Economics Science and Management Department of Finance, am
conducting a research on “The role of time management on the performance of financial
institution, Case study: Zamuka Bumbogo Sacco”. The information required will help me to
complete my research project. This information will be treated with confidentiality and will be
strictly used for academic purposes.
Thank you for your cooperation
I .INSTRUCTIONS
- Respond to all questions /subiza ibibazo byose
- Tick with (√) where is necessary / Shyira akamenyetso ka ( √) ahangombwa
- Respect the space provided / subiza ibibazo
Section A: Identification of respondents
1. Gender
a) Male/ Gabo
b) Female/Gore
2. Age
a) Less than 20 years
b) 21-35 years
90
c) 36-55 years
d) 56-65 years
e) More than 65 years
3. Educational level
a) Primary
b) Secondary
c) University
d) Training vocation
e) Without training or unformed
4. Marital status
a) Single
b) Married
c) Divorced / Separated
d) Widowed
Section B:
Question 1: Nature and importance of time management in increasing institution
performance
5. Since when do you operate with ZAMUKA BUMBOGO SACCO
a) 1 year
b) 2 years
c) 3 years
d) More than 3 years
6. Since when you know the term time management?
a) Since 2012
b) Since 2013
c) Since 2014
d) Since 2015
91
7. Evaluation of time wasting in ZAMUKA BUMBOGO SACCO: (Do you sometimes waste
time during job hours?).
Activities
Before use time
management
After use time
management
Every
Day
One
per
Week
Once
per
Months
Every
Day
One
per
Week
Once
per
Months
Do you consult Social media (watsapp,
facebook,…)in work hours?
Do you ever answer unneeded
Telephone/personal calls?
Do you read unimportant / personal
Do you do unimportant movement in
work hours
8. Whether respondents perceive nature and importance of time management in ZAMUKA
BUMBOGO SACCO
No
.
Responses a)Strongly
agree
b)Agree c)Disagree d)Strongly disagree
1 Time management help us set
up our priorities
2 I become more productive
using improved time
management skills
3 Time management help me to
get improved decision-making
ability
4 With my time management, I
become more successful in my
career
5 My time help me in reducing
stress
9. Answer to question 2: Perception of respondents on Time factors influencing performance
No
.
Responses a)Strongly
agree
b)Agree c)Disagree d)Strongly
disagree
1 In my institution we organize paperwork and
task triage
2 In my institution we work in Priority Order: we
set goals and we prioritize actions
3 In my institution we master the skills of time
management
92
4 In my institution, time management involves
determining needs, setting goals to achieve the
needs
5 In my institution we prioritize the task required,
matching tasks to time and resources by
planning, scheduling and making lists. 8
Section C:
Question 3: Time management influence on the performance of UMURENGE SACCO
10. Indicators of performance/ as member of ZAMUKA BUMBOGO SACCO, do you think
that efficient time management has an impact on its performance in following areas?
No
.
Responses
What is the % of change generated
by fair time management in
improving the situation?
More
than
75%
From
74% to
50%
From
49% to
30%
Under
30%
1 Increase in capital
2 Increase in tangible
assets
3 Increase in profitability
4 Increase in liquidity
5 Decrease in risk management
11. Are you satisfied by time management installed by ZAMUKA BUMBOGO SACCO
a) Yes
b) Non
Thank you for your valuable time in answering to my questionnaire.
93
Appendix 2: QUESTIONNAIRE FOR MEMBERS
Letter for respondents
Dear respondents,
I am INGABIRE Jacqueline, a student in University Independent of Lay Adventist of Kigali
(UNILAK) in the faculty of Economics Science and Management Department of Finance, am
conducting a research on “The role of time management on the performance of financial
institution, Case study: Zamuka Bumbogo Sacco”. The information required will help me to
complete my research project. This information will be treated with confidentiality and will be
strictly used for academic purposes.
Thank you for your cooperation
I .INSTRUCTIONS
- Respond to all questions /subiza ibibazo byose
- Tick with (√) where is necessary / Shyira akamenyetso ka ( √) ahangombwa
- Respect the space provided / subiza ibibazo
Section A: Identification of respondents
1. Gender
c) Male/ Gabo
d) Female/Gore
2. Age
f) Less than 20 years
g) 21-35 years
h) 36-55 years
i) 56-65 years
j) More than 65 years
94
3. Educational level
f) Primary
g) Secondary
h) University
i) Training vocation
j) Without training or unformed
4. Marital status
e) Single
f) Married
g) Divorced / Separated
h) Widowed
Section B: Nature and importance of time management in increasing institution performance
5. Since when do you adhere with ZAMUKA BUMBOGO SACCO
e) 1 year
f) 2 years
g) 3 years
h) More than 3 years
6. Since when you know the term time management?
e) Since 2012
f) Since 2013
g) Since 2014
h) Since 2015
7. Whether respondents perceive nature and importance of time management in
ZAMUKA BUMBOGO SACCO
No
.
Responses a)Strongly
agree
b)Agree c)Disagree d)Strongly disagree
1 Refer to SACCO employee,
time management help me set
up my priorities
2 I become more productive
95
using improved by SACCO
employees time management
skills
3 Refer to SACCO employee
,time management help me to
get improved decision-making
ability
4 With SACCO employee, time
management, I become more
successful in my career
5 Refer SACCO employees,
time management help me in
reducing stress
Section C: Time management on the influences the performance of UMURENGE SACCO.
8. Whether time management influence the performance of UMURENGE SACCO.
No. Responses a)Strongly
agree
b)Agree c)Disagree d)Strongly
disagree
1 Job in ZABUSA is less Stressing, fewer
surprising, has fewer tight deadlines and less
rushing from task-to-task and place-to-place.
2 In ZABUSA get more done and being
productive is one of their main goals.
3 In ZABUSA have less rework given that
being organized results in less rework and
mistakes
4 In ZABUSA there is less Wasted Time then
there can already be a step ahead of their
work.
5 ZABUSA improves its reputation
9. Are you satisfied by time management installed by ZAMUKA BUMBOGO SACCO
c) Yes
d) Non
Thank you for your valuable time in answering to my questionnaire.
96
Appendix 3: Interview guide for Management team
1. As one of management team, how ZAMUKA BUMBOGO SACCO considers / understands
the time management?
2. Since when ZAMUKA BUMBOGO SACCO apply time management tools?
3. What are tools of time management applied by ZAMUKA BUMBOGO SACCO?
4. Do you sometimes hold meetings talking exclusively on time management? Is time
management one topic on others on agenda?
5. What is the importance of resources applied in time management in ZAMUKA BUMBOGO
SACCO?
6. What are benefits employees get from time management in ZAMUKA BUMBOGO SACCO?
7. What is the effect of time management on ZAMUKA BUMBOGO SACCO Performance?
Thank you for your cooperation!!!!
97
Appendix 3; Financial statements
98
Appendix 4: Research Letter