The President of Synergy Friendly Multipurpose Cooperative Society Ltd, Stephen Adeoye, has commended President Bola Tinubu for the federal government’s plan to establish a cooperative bank and introduce a nationwide digital registry system for cooperative societies.
Adeoye, who also serves as the National Secretary of the Association of Financial Inclusion Agents of Nigeria(AFIAN), described the initiative as a “timely and strategic intervention” capable of transforming Nigeria’s cooperative sector and deepening financial inclusion across the country.
The federal government had unveiled the reform plan at the 8th National Council on Cooperative Affairs (NCCA) held in Abuja due the week, where the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, outlined the ‘Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP).’ The programme is aimed at modernising cooperative operations, strengthening governance, and expanding access to finance.
Central to the reform is the proposed establishment of a cooperative bank, alongside the introduction of a Cooperative Verification Number (CVN) and a smart digital registry designed to enhance transparency, accountability, and data management within the sector.
Reacting to the development, Adeoye said the creation of a cooperative bank would significantly improve access to affordable credit for grassroots entrepreneurs, farmers, and small business owners who rely heavily on cooperative structures for survival.
He added that the introduction of the CVN system would help standardise operations, eliminate fraud, and build trust among members and stakeholders in the cooperative ecosystem.
“We commend President Bola Tinubu for this beautiful initiative. It is a bold step towards strengthening financial inclusion and empowering millions of Nigerians who depend on cooperative societies for their livelihoods,” Adeoye said.
He appreciated Hon. Victor Oyegoke, the SA on Cooperatives & Farmers Welfare to the Honorable Minister of State for Agriculture & Food Security for his trust and constant support for cooperatives and financial empowerment of the people.
Adeoye further pledged the full support of his organisation and members of the financial inclusion community toward the successful implementation of the cooperative bank and CVN system.
According to him, aligning cooperative societies with digital tools and structured financial systems will not only enhance efficiency but also position the sector as a major contributor to national economic growth.
Adeoye noted that with proper execution, the reforms would unlock new opportunities for job creation, boost agricultural productivity, and support small and medium-scale enterprises nationwide.
He also urged stakeholders to collaborate with the government to ensure the seamless rollout of the initiatives, stressing that collective commitment would be key to achieving the desired impact of inclusive and sustainable economic development.