• Friday, July 19, 2024
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Wema Bank targets cooperative societies’ growth with CoopHub


Wema Bank Plc has launched CoopHub, a new digital solution for cooperative societies.

CoopHub is a first-of-its-kind digital platform designed to transform cooperative societies’ operations by providing tailored solutions that bridge the gaps in the traditional framework of cooperative societies.

The platform insulates cooperative societies against prevalent struggles like manual recordkeeping, limited access to loans, poor communication, insecurity, and other restrictions, supporting them with the solutions needed to not only mitigate these problems but also operate with the utmost efficiency.

Unveiled on May 10 to mark the 79th anniversary of one of Nigeria’s oldest banks, CoopHub enables leaders of cooperative societies to manage every aspect of their community’s operations from a simplified dashboard accessible on their phones, seamlessly managing their cooperative society’s finances, communication, member records, analytics and every other detail in real-time and on the go.

According to Wema Bank, with the platform, members of the cooperative societies also enjoy increased access to loans, seamless contribution tracking, secure transactions, and easy communication with the leaders.

“Essentially, CoopHub helps cooperative societies maintain 100 percent transparency, reliability, and security, with the option of white labelling for a customised experience.

Speaking on the motive for creating CoopHub, Moruf Oseni, managing director/CEO, Wema Bank, said, “Cooperative societies have many pain points. As a bank that is committed to empowering lives through innovation, we examined the end-to-end value chain of cooperative societies and launched CoopHub to provide solutions that address the pains and headaches cooperative societies experience for both the leaders of these communities and the members. CoopHub is the future of cooperative societies and we have designed every detail to address the needs of every player in the cooperative society ecosystem and empower these communities for optimal productivity.”

On the unique features of CoopHub, Solomon Ayodele, Wema Bank’s head of innovation, said, “CoopHub is taking cooperatives to an era where conflicts, stressful physical meetings, mistrust, inadequate capital, poor recordkeeping and inefficient governance are all a thing of the past. With a digitised database for all records, a dedicated user management section for leaders to manage members efficiently, a transparent overview of contributions for both leaders and members, a seamless communication framework that allows for easy planning of meetings and events, and a host of other unique features, CoopHub truly is the solution that every cooperative society needs.