Cooperative managers urged to boost savings, investments

By Lukman Olabiyi

Managers of cooperative Societies have been urged to mobilise greater savings from members, diversify investment portfolios and embrace digital technology to drive sustainable growth, improve returns and strengthen members’ financial security.

The President of Bodija Unique Cooperative Investment & Credit Society, Oyo State for the 2026/2027 cooperative year, Mr. Olufemi Adesope, gave the charge at the society’s ninth Annual General Meeting (AGM), held at the International Conference Centre, University of Ibadan, Oyo State.

Adesope, who assumed office at the meeting, described his new responsibility as a call to duty, stressing the need to consolidate the society’s achievements while exploring new opportunities for growth. “We must build on our successes, learn from our experiences and deliberately position Unique Cooperative Society for greater heights,” he said.

Speaking on the AGM theme, ‘Building Bridges, Empowering Members: Cooperatives in the Digital Age,’ the new president called for a shift from dependence on traditional cooperative activities to a broader investment strategy encompassing viable businesses, property investments, community projects and other sustainable income-generating ventures.

He said the society must continually identify opportunities capable of generating additional value for members, while strengthening partnerships with credible financial institutions, professional organisations, businesses, technology companies, other cooperatives and development institutions.

Adesope also emphasised the need for continuous training in financial literacy, investment, entrepreneurship, leadership and digital skills to equip members and leaders for the evolving financial landscape.

He said the society must accelerate the digitalisation and automation of its operations, including member registration, savings, loans, investment monitoring, communication, reporting and performance tracking.

According to him, technology should make the society’s operations faster, more transparent, accessible and efficient, while supporting sound financial management and informed decision-making.

The president pledged that his administration would prioritise transparency, prudent financial management, risk control and accountability to protect members’ investments and sustain confidence in the society.

He also advocated measurable annual targets for membership growth, savings, investments, income, assets and member benefits, alongside regular performance reviews to ensure that the society remained on a sustainable growth path.

“Our goal must not merely be to preserve what we have built, but to continuously grow, improve and create greater value for every member,” he said.

Adesope commended the Board of Trustees, particularly the society’s founding president, Mr Olusegun Sanni, and past president, Mr Gbolahan Arogundade, for their guidance, experience and continued support.

In his keynote address, a Professor of Agricultural Economics at the University of Ibadan, Sulaiman Adesina Yusuf, urged individuals seeking sustainable financial growth to join cooperative societies, pool resources and remain actively involved in their development.

Speaking on the same theme, Yusuf said cooperative societies offered members an opportunity to build wealth collectively through regular contributions, disciplined savings and long-term investments.

He challenged cooperative leaders to embrace digital transformation to improve operational efficiency, attract new members and strengthen public confidence in their institutions.

However, he cautioned that technology alone could not guarantee effective participation or build trust, stressing that cooperative societies must preserve their people-centred values even as they modernise their operations.

“Let us be honest with each other: a digital notice is not the same thing as meaningful participation. An app cannot manufacture trust,” he said.

Yusuf explained that properly deployed technology could strengthen accountability by enabling members to access their account balances, review decisions and request records.

“What it can do, if we build it honestly, is make trust visible: a balance a member can check, a decision a member can read, a record a member can request.

“Technology can support accountability. It cannot take responsibility for it. That responsibility still belongs to us, the leadership and the membership of this cooperative,” he said.