The Federal Government has announced its intention to establish a Cooperative Society Bank to enhance the social and economic development of the country.
This was revealed on Tuesday by the Minister of State for Agriculture and Food Security, Dr Aliyu Abdullahi, during the opening ceremony of the Renewed Hope Cooperative Reform National Training for Trustees, Management Committee, and Managers of Cooperative Societies, as well as the groundbreaking of the Cooperative Innovation and Empowerment Centre (CIEC), held at the Federal Cooperative College in Ibadan, the Oyo State capital.
Abdullahi noted that the ministry aims to facilitate the establishment of the bank for cooperative societies, which will be solely owned and governed by the cooperators to serve their needs, among other initiatives.
The Minister hinted that although cooperative banks had previously existed in some parts of the country before collapsing, the introduction of the Cooperative Society Bank comes with a more revamped and reformed structure. This new bank will be built on integrity, transparency, and accountability, managing members’ deposits in a professional and ethical manner in line with cooperative principles and values.
He added that the cooperative bank, when launched, will be managed by cooperators who are experts in the field of cooperative banking.
Abdullahi emphasised that, in its bid to reform and strengthen the cooperative sector, the ministry has implemented deliberate actions and initiatives that will contribute to the country’s economy.
