Wema Bank, a leading innovative bank in Nigeria and the pioneer of Africa’s first fully digital bank, ALAT, has introduced CoopHub, a new digital solution tailored for Cooperative Societies. The platform was officially launched during a recent event celebrating the 79th anniversary of the bank.Moruf Oseni, the Managing Director of Wema Bank, highlighted the bank’s dedication to innovation and customer-centric services as the driving force behind CoopHub.Oseni stated, “Cooperative societies face various challenges.
As a bank committed to driving positive change through innovation, we carefully analyzed the needs of Cooperative societies and developed CoopHub to address the issues encountered by both the community leaders and members.”Describing the key features of CoopHub, Solomon Ayodele, the Head of Innovation at Wema Bank, explained, “CoopHub is revolutionizing the way cooperatives function by eliminating conflicts, physical meetings, mistrust, financial shortages, recordkeeping issues, and governance inefficiencies.
“With features such as a digital database for record-keeping, a user management section for efficient member management, transparent contribution tracking, seamless communication tools for planning, and a three-factor authentication system to enhance security, CoopHub offers a comprehensive solution for every aspect of cooperative society operations.”CoopHub, a groundbreaking digital platform in the Nigerian banking sector, is strategically designed to enhance the operational efficiency of cooperative societies by addressing their specific needs.By eliminating challenges like manual recordkeeping, limited loan access, communication gaps, and security concerns, CoopHub equips cooperative societies with the tools required to function smoothly and effectively within a modern framework.
The platform empowers cooperative leaders to oversee all aspects of their community’s activities through a user-friendly dashboard accessible on mobile devices, enabling them to manage finances, communication, member records, analytics, and more in real time.Cooperative society members benefit from improved loan access, streamlined contribution tracking, secure transactions, and enhanced communication channels with their leaders.Overall, CoopHub ensures transparency, reliability, and security for cooperative societies, with the option for custom branding to enhance user experience.
