Experts stress power of many as Cloud Cooperative launches

A new digital cooperative society, Cloud Cooperative, has officially launched in Lagos. The launch on Saturday, November 27, 2021 followed a pre-launch in August, which saw over 100 people subscribe as members.

Oluwaseun Bamiro, founder of Cloud Cooperative, which prides itself as the first-ever digital cooperative society, told industry players and other guests at the launch that the initiative came in the thick of the Covid-19 pandemic when one of his friends needed a police escort to attend a cooperative society meeting in Ilorin so as to secure a loan from the cooperative. That got him thinking of how things could be done differently. That was how he developed the idea of a digital cooperative society called Cloud Cooperative.

“After I made a commitment of about $10,000 into it, I knew this thing must certainly happen. There was no going back. That was around November last year,” he said.

The $10,000 was to purchase the app for Cloud Cooperative Society in the United States (US).

Bamiro, who is also the CEO of YNorth, Nigeria’s largest indigenous fashion brand with over 60 outlets nationwide, as well as the managing director of TheFastlane and Co, said the next thing was to raise funds for the platform, and he started writing his business plan.

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Coming from production, precisely shoe-making, Bamiro said it was not easy venturing into the business of cooperative. However, his background in Computer Science has come in handy, especially as Cloud Co-operative is tech-based.

Ahead of the launch, Bamiro had said that apart from the fact that Cloud Cooperative is digital-based, its other selling point is that it is run by individuals with business acumen, as he assured members of the safety of their funds.

Olivia Mbonu, head of corporate services at TheFastlane and Co, informed that Cloud Cooperative is governed by the Nigerian Cooperative Society Act and is also registered by the director of cooperative in Lagos State.

“We got our Lagos State Cooperative licence from Lagos State Ministry of Commerce, Industry and Cooperative Society. We literally don’t have any business with Central Bank of Nigeria (CBN). We just want to assure you we are regulatory-compliant. We are also doing this to assure you that your fund is safe,” she said.

Oludare Akinlaja, president, Oludare Akinlaja Research and Development Ltd, said that cooperative societies have made it possible for people to do things as group that they could not have done as individuals.

“Cooperative is one of the most powerful financial models in the world. It is all about people coming together to put money together for a common cause. Cooperative thrives on community,” Akinlaja said.

Senami Ogunko-Esangbedo, corporate communication and branding officer, Bell Oil and Gas, agreed, saying that cooperative society deals with the power of many and gives everybody the power and opportunity to achieve their dreams through the power of many.

“Greed is one of the reasons why cooperatives fail. Lack of knowledge is another. When everybody has a common interest and are honest concerning the cooperative, it is very easy for us to achieve our aims. But when we have a situation where one person decides to have the money for himself, then there is an issue,” she said.