The Federal Government of Nigeria has unveiled an ambitious plan to modernise the country’s cooperative sector, introducing proposals for a dedicated Cooperative Bank and a comprehensive digital registry for cooperative societies. The initiative aims to transform millions of members from traditional, paper-based operations into a structured, tech-driven financial ecosystem.
Announced on March 26, 2026, at the 8th National Council on Cooperative Affairs (NCCA) meeting in Abuja, the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP) seeks to enhance governance, transparency, and financial inclusion for cooperative members across the nation. Aliyu Abdullahi, Minister of State for Agriculture and Food Security, highlighted the critical role of technology in empowering cooperative societies and strengthening accountability.
Brandspur Banking News Desk reports that a central feature of the reform is the introduction of the Cooperative Verification Number (CVN)—a system modeled after the Bank Verification Number (BVN) used in the banking sector. The CVN will create a unified national database to track cooperative societies and their members, eliminate inactive or fraudulent groups, and allow the government to identify and support legitimate farmers, small business owners, and other cooperative stakeholders.
As part of the broader reform, the government plans to establish a dedicated Cooperative Bank focused on providing accessible financing tailored to cooperative members. For years, many societies have struggled to secure loans from commercial banks due to restrictive terms and high interest rates. The new institution is expected to offer flexible and affordable credit solutions, while also reviving the National Centre for Cooperative Development (NACCODEV) to deliver training in modern business practices, governance, and financial management.
The RH-CRRP framework is built around seven strategic pillars: regulatory reform, digitalisation, access to credit, institutional strengthening, enterprise development, stakeholder partnerships, and strict monitoring of the 2026–2027 action plan. Officials say these measures are essential to boosting food security, driving rural development, and formalising cooperative societies as critical contributors to Nigeria’s economy.
With these reforms, millions of Nigerians who participate in traditional savings and contribution schemes, such as ajo and esusu, are expected to benefit from safer savings structures, improved access to government support, and easier access to affordable financing. Cooperative societies, long constrained by weak operational structures and low digital adoption, could now emerge as engines for job creation and increased productivity across Nigeria’s 774 local government areas.
