Abuja: The National Cooperatives Financing Agency of Nigeria (CFAN) is set to inaugurate the cooperative digital and banking platform to assist cooperative members access low-interest loans for their businesses.
According to News Agency of Nigeria, CFAN is collaborating with Akilaah National Cooperative Society Limited. Mr. Emmanuel Atama, the Executive Secretary of CFAN, announced this at a news briefing to mark the 2025 International Day of Cooperatives in Abuja on Saturday. He emphasized that the cooperative model provides access to secure and affordable loan rates.
Atama highlighted that the theme of the day, ‘Cooperatives Build a Better World,’ is fitting for the country in its collective effort toward achieving inclusive growth and development. He described the day as a call to action for everyone to utilize cooperatives as a tool to end poverty, hunger, and deprivation while ensuring egalitarian access to affordable finance.
He stated that good cooperative practices, supported by a robust legal framework and policies, can address the socio-economic challenges facing the country today. These practices mobilize citizens’ participation in democratic processes and place economic power and collective aspirations in citizens’ hands.
“We are celebrating ten years of the Unified Cooperative Platform (UCP) and the establishment of the Cooperative Development Fund (CDF), leading to the emergence of the Cooperative Development Bank of Nigeria soon,” Atama said. He urged government bodies and private sector employers to promptly render cooperative deductions to enable cooperatives to benefit their members.
The President of Akilaah National Cooperative Society Limited, Ms. Amandine Kouakou, stated that the platform would serve as a banking solution for cooperative members. Kouakou, the facilitator of the bank, explained that the platform would enable members to save money, conduct online and offline transactions, and apply for loans.
Meanwhile, Alhaji Sabi Abdullahi, the Minister of State for Agriculture and Food Security, noted that cooperatives play a role in promoting democratic and inclusive development rooted in solidarity. Represented by Omolara Svensson, his Special Assistant on Women and Youth Agricultural Innovation, Abdullahi mentioned that cooperatives contribute to achieving the Sustainable Development Goals (SDGs).
Alhaji Idris Sani, the Federal Director of Cooperatives, remarked that the day aimed to publicize the achievements of cooperatives globally. He emphasized the cooperative movement’s vibrancy in Nigeria, especially in food security, job creation, income increase, poverty reduction, and entrepreneurship development.
Cooperatives have the capacity to support government efforts in various areas, providing access roads, donations to health centers, and educational materials to communities where they operate, Sani noted.
The News Agency of Nigeria (NAN) reports that the event attracted cooperative members from various sectors of the country.