Wema Bank To Empower Cooperative Societies For Optimal Productivity

Wema Bank Plc has reiterated its commitment to empowering cooperative societies for optimal productivity through its digital solution for cooperatives, CoopHub.

The bank made the commitment at the Lagos State government ministry of Commerce, Cooperatives, Trade and Investment International Day of Cooperatives 2024 event held on July 6, 2024.

International Day of Cooperatives is a global celebration commemorated annually on the first Saturday of July, to recognise the significant impact of cooperative societies in promoting sustainable economic growth and their role in building a more sustainable future.

Themed ‘Cooperatives: Building a Better Future For All’, the 2024 International Day of Cooperatives commemorated by the Lagos State Government in collaboration with Wema Bank, convened key players in the cooperative ecosystem towards proffering solutions to prevalent challenges faced by cooperatives in Nigeria and creating a more sustainable future for all, through the cooperative industry.

CoopHub, Wema Bank’s digital solution for cooperative societies stood out as a key solution to not only overcoming the challenges impeding the growth of cooperative societies but also boosting economic growth and creating a better future for all.

Recapitulating the role of cooperative societies as an essential avenue for economic growth, divisional head of Retail and SME, Wema Bank, Ayodele Olojede, emphasised the need for intentional, impactful and sustainable efforts towards the advancement of the Nigerian Cooperative Industry.

She stated that, “Cooperative Societies represent a very significant platform for socio-economic development and for us at Wema Bank, we stand proudly as the 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.

Olojede added that, “the achievement of a sustainable and ideal future for cooperative societies not only requires that we adapt to the increasingly digital world we exist in, but also drive more inclusivity for the youth to also key in.”

She explained that, “we remain unwavering in our lifelong mission of empowering lives through innovation and are committed to proliferating our positive impact across every key vertical that is instrumental to the success of the people and the growth of the Nigerian economy.”

Since its launch in May 2024, CoopHub, the first of its kind in the Nigerian financial services industry, has on-boarded over 1,000 cooperative societies, helping them optimise their operations and secure the resources and support they need to thrive with maximum efficiency. With its unique, simplified and tailored configuration, CoopHub stands as the future of Nigerian cooperative societies.