Wema Bank, Nigeria’s innovative banking leader and the pioneer of Africa’s first fully digital bank ALAT, reaffirmed its commitment to empowering cooperative societies through its digital platform, CoopHub, at the International Day of Cooperatives 2024 event held on Saturday, 6th July. The event, hosted by the Lagos State Government Ministry of Commerce, Cooperatives, Trade and Investment, highlighted the significant role of cooperatives in promoting sustainable economic growth.
The International Day of Cooperatives, observed annually on the first Saturday of July, celebrates the impact of cooperative societies in building a sustainable future. This year’s theme, “Cooperatives: Building a Better Future For All,” brought together key players in the cooperative ecosystem to address the challenges faced by cooperatives in Nigeria and discuss solutions for a more sustainable future. Wema Bank’s CoopHub emerged as a crucial tool in overcoming these challenges and boosting economic growth.
CoopHub, launched by Wema Bank, is a digital solution designed to empower cooperative societies by streamlining their operations and providing resources and support. The platform eliminates the difficulties associated with manual record-keeping, poor access to loans, inefficient communication, and insecure fund management. CoopHub offers secure financial transactions, transparent record-keeping, efficient member management, and real-time reporting, ensuring cooperative societies can operate seamlessly and achieve their goals.
Ayodele Olojede, Wema Bank’s Divisional Head of Retail and SME, emphasized the importance of cooperative societies in economic development and highlighted Wema Bank’s commitment to supporting them. “Cooperative Societies represent a significant platform for socio-economic development. At Wema Bank, we are dedicated to providing tailored solutions like CoopHub to help cooperatives thrive. CoopHub embodies our commitment, enabling cooperatives to optimize their operations and maximize growth opportunities. As we adapt to a digital world, CoopHub ensures a sustainable future for cooperatives,” said Olojede.
In celebration of the International Day of Cooperatives, Wema Bank also extended support to women present at the event through their women-focused initiative, SARA by Wema, offering free healthcare plans. This gesture underscores the bank’s dedication to empowering lives through innovation and fostering positive impacts across key sectors of the Nigerian economy.
Since its launch in May 2024, CoopHub has onboarded over 1,000 cooperative societies, helping them optimize their operations and secure the necessary resources and support. Cooperative Societies interested in joining CoopHub can visit [CoopHub](https://coophub.alat.ng) for more information and to get onboarded in minutes.