Create Conducive Atmosphere For Cooperative Banking to Thrive, Stakeholders Charge FG

Stakeholders have charged federal government to provide sustainable conducive atmosphere for the newly established Cooperatives Bank.

Arguing that most Nigerians are shunning Cooperative Bank setting based on past negative experiences.

Speaking with LEADERSHIP after the commissioning of the renewed Cooperative Bank by the minister on Monday in Lagos for the Western Zonal chapter, the stakeholders insisted that the integrity of the federal government would be at stake if and when the resuscitation of cooperative banks and allowed to fail again.

The president, Mojola Oluwa Cooperative Multiple Society, Badagry, Agemo Matthew Iwalere, charged government to provide necessary tools, among other things, like stable networks to enable successful participation from anywhere into the operations of the new bank.

According to Iwalere, “Many of us are still doubting the genuineness of this second coming of Cooperative Bank because of the nasty past experiences about the bank.”

Another respondent, the leader of Grace Springs Cooperative Multiple Society, Lagos, Seun Olawoyin, I believe this new Cooperative Bank will work due to the foundation laid today.
According to Olawoyin, “My concern is that this Cooperative Bank under Renewed Hope of President Bola Ahmed Tinubu must work so that we can all contribute meaningfully to the economic growth of this nation.”

Likewise, Adediran Fatimo Temidire, another cooperative banker in CMS Lagos, appealed to government to provide good working environment for this bank to succeed.

“We saw how the past attempt to have functional cooperative bank failed because they did not have solid foundation, I hope this new one should succeed for everyone.”

Just as Olalekan Kassim, from Ijebu Ode Ogun State charged government to stick to the policy establishing this new bank.

According to Kassim, “Most of us in Ijebu Ode pray that this one should work unlike the past cooperative bank which hit the rock because that one came into being from commercial banks. The past cooperative bank was only part of commercial banks, so those commercial banks did not manage it well as most of their customers who were given loans refused to pay back. We believe this renewed hope will not be allowed to die,” stated by Kassim.

Recall that the minister of State for Agriculture and Food Security, Dr Aliyu Sabi Abdullahi, on Monday commissioned the Western Zonal chapter of the Cooperative Bank.

Speaking during the Western Zonal chapter of Ministerial Advocacy Tour, in Lagos, expressed the readiness to establish Cooperative Professional Body like other professional bodies for efficiency and sustainability.

Just as he explained that with this new renewed hope agenda of President Bola Ahmed Tinubu, there is going to be next power house when it comes to economics growth with inclusion of NIN whereby all participants will be able to join from anywhere across the world.

With the digitalisation, the fear of defaulters of loan etc would be done away with with the digital era.

“Our duty is to support PBAT in succeeding with the Renewed Hope. Globally, cooperative is the main pillar that can sustain both individuals in time of need.

Successful vision in the renewed hope agenda is by having cooperative as it is the main economic pillar. Tinubu main focus in this is to eradicate poverty at all levels by reviving Cooperative Bank. It is key into the developmental plan.

If you remember in our various communities are coop, the idea of coop is not new but some people tried to scuttle it, we have carefully looked at PBAT campaign promises gave birth to renewed revival of coop
So coop will be a pride to all of us, a pathway to prosperity
As cooperative is globaly the economic backbone, so we bring digitalisation into inclusion into being to address that gap that might arise along the line, so cooperative identity would have eliminate all illegalities that might from the analogue system.

With recognition by law, from the National Assembly, Cooperative body is solidly laid. This era would be free from manipulations or fraudulent individuals as it is going into digitalisation era whereby people can take part in it from across the world.”

Reiterating his declaration, the minister stressed this revived Cooperative Society is going to be a professional body. It is a professional body, profesionalising whereby, even we want to go into primary schools for enlightenment whereby at elementary body, one can join the Cooperative Community. The ownership of this bank will purely by members without government having any intake in it but only to create conducive atmosphere for the bank to work.

Since cooperative banks have been the main economic booster in other societies, like Switzerland that has its system mainly rooted on cooperative banking, we too can make this a huge success, he assured.