CoopHub is a new digital solution for cooperative societies, introduced by Wema Bank Plc.
The platform was unveiled during the Bank’s 79th anniversary celebration kickoff ceremony on May 10, 2024. Designed to strategically revolutionise the way Cooperative Societies operate by offering customised solutions that fill in the holes in the traditional framework of Cooperative Societies, CoopHub is the first digital platform of its type in the Nigerian banking industry.
The exclusive platform protects Cooperative Societies from common challenges such as manual recordkeeping, loan access limitations, inadequate communication, insecurity, and other constraints, providing them with the tools necessary to not only minimise these issues but also function as efficiently as possible.
Leaders of Cooperative Societies can effortlessly manage their Cooperative Society’s finances, communication, member records, analytics, and every other detail in real time and on the go with CoopHub, a simplified dashboard that is accessible on their phones.
In addition, members of cooperative societies benefit from easier access to loans, convenient tracking of contributions, safe transactions, and simple connection with the leaders.
Wema Bank’s MD/CEO, Moruf Oseni, explained the bank’s rationale for launching CoopHub and emphasised the bank’s dedication to innovation and customer-centricity.
“There are numerous issues facing cooperative societies. We looked at the entire cooperative society value chain as a bank that is dedicated to empowering lives through innovation, and we launched CoopHub to offer solutions that address the aches and pains that these communities’ leaders and members face.
He declared, “CoopHub is the cooperative society of the future. We have thought through every aspect of its design to meet the interests of all stakeholders and enable these communities to operate at maximum efficiency.
Examining CoopHub’s distinctive qualities, Solomon Ayodele, head of innovation at Wema Bank, continued, “CoopHub is bringing cooperatives into a new era where disagreements, tense in-person meetings, mistrust, insufficient capital, bad recordkeeping, and ineffective governance are all things of the past.
CoopHub is undoubtedly the solution every cooperative society needs, with a digitised database for all records, a special User Management section for leaders to manage members effectively, a transparent overview of contributions for leaders and members, a seamless communication framework that makes it simple to plan meetings and events, and a host of other special features.
In addition, CoopHub provides a three-factor authentication mechanism, which guarantees that any withdrawal from the Cooperative Society’s account requires the consent of three Cooperative Society members, including the Administrator, in order to safeguard both community and financial security. We’ve been extremely deliberate with CoopHub, and I want other cooperative societies to join us and use CoopHub to explore what cooperative societies will look like in the future, said Ayodele.