Wema Bank says it is collaborating with the Lagos State government to address common challenges confronting cooperative societies in the state.
Such challenges include poor access to loans, manual recordkeeping, inefficient communication and planning, tedious processes and insecurity of funds, real-time reporting for informed decision-making, among others.
Ayodele Olojede, Wema Bank’s divisional head of retail and SME, says the financial institution is leveraging its well-established platform – CoopHub to drive this empowerment.
Read also: Wema Bank seeks support for MSMEs to drive economic growth
CoopHub is a digital solution launched by Wema Bank to empower cooperative societies with the resources, opportunities and support they need to operate seamlessly, achieve maximum productivity and meet the needs of members in the most efficient way.
At an event to mark the 2024 International Day of Cooperatives, organised by the Lagos State ministry of commerce, cooperatives, trade and investment, on Saturday, July 6, Olojede said that cooperative societies represented a significant platform for socio-economic development.
“For us at Wema Bank, we stand proudly as a cooperative-centric bank that is committed to providing the resources and tailored solutions that these cooperatives need to thrive and remain successful. CoopHub is the perfect embodiment of this commitment, and we are thrilled that more cooperatives are discovering this solution and coming on board to optimise their operations and maximise the opportunities provided for their growth,” she noted.
The banker emphasised the need for intentional, impactful and sustainable efforts towards advancing the cooperative industry, adding that the attainment of a sustainable and ideal future for cooperative societies not only required adapting to the increasingly digital world but also driving more inclusivity for the youth to key into it.
She announced further: “As a bank that is committed to creating and promoting viable opportunities for women, in celebration of International Day of Cooperatives, we are supporting every woman present at this International Day of Cooperatives 2024 event, with a free healthcare plan through our women-focused proposition, SARA by Wema.”
The theme for this year’s International Day of Cooperatives was “Cooperatives: Building a Better Future for All.”
