One of Nigeria’s foremost innovative banks and pioneer of Africa’s first fully digital bank, ALAT, Wema Bank, has launched CoopHub, a new digital solution for Cooperative Societies.
According to the bank, the platform was unveiled at the launch ceremony held recently to commemorate the 79th anniversary of the bank.
Commenting on the bank’s motive for creating it, Moruf Oseni, Managing Director at Wema Bank, said that the bank is committed to innovation and customer-centricity.
He said, “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 the 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.”
Commenting on the unique features of CoopHub, Solomon Ayodele, Head of Innovation at Wema Bank said, “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, seamless communication framework that allows for easy planning of meetings and events, and a host of other unique features, CoopHub is truly the solution that every cooperative society needs.
“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 members of the cooperative society, including the Admin.
“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.”
CoopHub, the first of its kind in the Nigerian banking industry, is a digital platform designed strategically to transform the way cooperative societies operate by providing tailored solutions that bridge the gaps in the traditional framework of cooperative societies.
The unique platform insulates cooperative societies against prevalent struggles like manual recordkeeping, limited access to loans, poor communication, insecurity, and other restrictions, supporting them with the solutions needed to not only mitigate these problems but also operate with the utmost efficiency.
With the CoopHub, leaders of cooperative societies can manage every aspect of their community’s operations from a simplified dashboard accessible on their phones, seamlessly managing their cooperative society’s finances, communication, member records, analytics and every other detail in real-time and on the go.
Members of the cooperative societies also enjoy increased access to loans, seamless contribution tracking, secure transactions, and easy communication with the leaders.
Essentially, the bank said the CoopHub helps cooperative societies maintain 100 per cent transparency, reliability, and security, with the option of white labelling for a customised experience.
A good and highly innovative creativity for Co-op Societies from WEMA Bank. It is hoped that leadership of the various co-op societies will embrace the facility and carry their members along to engender transparent management and improvement of members funding capacity.