Microfinance interventions have contributed significantly to small business development. Their impact include increased business income, improved access to life enhancing facilities and empowerment of people particularly women. The success story of microfinance schemes notwithstanding, they have the problem of excluding the poorest of the poor and at times do not have the characteristics that encourage entrepreneurial development. This study evaluated the role of cooperative thrift and credit societies in entrepreneurial development and enterprise performance. The specific objectives of the study are to: 1) estimate the effect of membership of cooperative thrift and credit society on enterprise performance 2) know whether there is a significant difference between personal agency belief of members and non-members of cooperative thrift and credit society; 3) assess the impact of personal agency belief (entrepreneurship) on enterprise performance; and 4) make policy recommendation to the government and small scale enterprises in Nigeria. The study area was Osun State of Nigeria. In this state a comparative study of different types of microentrepreneurs was undertaken. Questionnaires were administered to three groups of microentrepreneurs: cooperative thrift and credit society’s members, nonmembers who obtain finance from other sources and those who do not have access to external finance. This study suggested that the entrepreneurial ability, accessibility to credit and business success of people in cooperative thrift and credit societies are significantly different from non-members.