The Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) on Monday, 7th September, convened a high-level Stakeholders’ meeting on the digitisation of Cooperative Societies, marking a decisive step towards integrating the vast Informal Sector into a transparent, efficient, and growth-oriented Cooperative Economy.
The meeting, held at the Ministry’s Conference Room, brought together key actors under the leadership of Permanent Secretary, Mr. Babatunde Onigbanjo and featured strategic presentations on the Lagos State Micro, Small and Medium Enterprises Cooperative (LASMECO) platform and the broader digitalisation agenda.
In his opening remarks, the Permanent Secretary underscored the Ministry’s commitment to ensuring that Cooperative societies are not left behind in the State’s digital transformation drive.
Mr. Onigbanjo sought clarity on pathways for cooperatives currently outside the LASMECO framework to benefit fully from the emerging Ecosystem.
In his remarks, the Technical Adviser to the Honourable Commissioner for MCCTI, Dr. Olamide Okulaja, delivered a compelling synergy presentation on LASMECO and digitisation.
He highlighted the strategic imperative of the initiative, noting that approximately 95 per cent (95%} of businesses in Lagos operate in the informal sector.
These Micro, Small and Medium Enterprises (MSMEs), he observed, form the backbone of the Economy, yet remain largely invisible within formal Governance structures.
Dr. Okulaja emphasised that the current fragmented systems present a unique opportunity to transform the Governance of the Cooperative Economy.
The Technical Adviser outlined a proposed dual legal framework supported by a single Unified Digital Architecture, with MCCTI serving as the Platform Owner, Policy Director and Standard- setter. Key elements of the architecture include a robust Cooperative guarantee structure and strategic alliances designed to strengthen trust, access to finance and operational efficiency across Cooperative societies.
Dr. Okulaja reaffirmed that significant investment has already been committed to the process. He assured stakeholders that pending Memoranda of Understanding would be finalised without delay, enabling the timely launch of the platform.
The meeting noted that LASMECO has been established as a financial lever to provide structure, an audit gateway and access to finance for beneficiaries. The initiative offers loans at a single-digit interest rate of 9 per cent (9%) per annum, significantly reducing the cost of financial inclusion.
Further contributions focused on the operational frameworks required to translate policy into impact. Stakeholders stressed the need for seamless alignment between the digitisation agenda and existing Cooperative policy. Discussions also addressed revenue-generation potential and the residual regulatory considerations involving the Central Bank of Nigeria. Participants expressed confidence that ongoing engagements would elevate the initiative to the next level of implementation.
Also speaking, the Managing Director of SEKAT Technologies, Mr. Ajomale Taiwo, noted that the database registry would align SMEs on business decision layers, with a unified platform integrating business analytics and intelligence for seamless execution of the initiative.
The Meeting concluded with a Vote of Thanks by the Director of Cooperative Services, Dr. Adeyinka Adeyemi, who commended the collaborative spirit and reaffirmed the Ministry’s resolve to deliver a modern, inclusive and digitally enabled cooperative sector.
The Lagos State Government remains steadfast in its mission to formalise opportunity, deepen financial inclusion and position Cooperative societies as Engines of Sustainable Economic Growth for the benefit of all Lagosians.
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