Wema Bank launches digital solution for cooperative societies

Date:

L-R: Group Head, Partnerships and Ecosystem, Ajibade Laolu-Adewale; Divisional Head, Brands, People and Culture, Wema Bank, Ololade Ogungbenro; President Ogun State Cooperative Federation Limited; Alhaji Wasiu Olaleye; MD/CEO Wema Bank, Moruf Oseni and Executive Director, Retail and Digital Bank, Wema Bank, Tunde Mabawonku, at the launch of Coop Hub, Wema Bank’s digital solution for Cooperative Societies

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May 13, 2024.

Azonuchechi Chukwu.

Wema Bank has officially launched CoopHub, a new digital solution for Cooperative Societies.

The groundbreaking platform was unveiled at the launch ceremony held on May 10th, 2024, to commemorate the 79th anniversary of the Bank.

According to the lender, CoopHub is designed strategically to transform the way cooperative societies operate by providing tailored solutions that bridge the gaps in the traditional framework of cooperative societies.

Disclosing the Bank’s motive for creating CoopHub, Wema Bank’s MD/CEO, Moruf Oseni, highlighted the Bank’s commitment to innovation and customer-centricity.

“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 in the cooperative society experience for both the leaders of these communities and their 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,” he concluded.

Wema Bank’s Head of Innovation, Solomon Ayodele, added, “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.”

According to Ayodele, to promote community and financial security, CoopHub also offers a three-factor authentication system that ensures that every withdrawal from the cooperative society’s account is subject to the approval of three of its members, including the administrator.

He declared, “We have been very intentional with CoopHub and I encourage every cooperative society to come on board and experience the future of cooperative societies through CoopHub.”

According to the National Cooperative Financing Agency of Nigeria in 2023, over 30 million Nigerians below to a cooperative society.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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