The importance of cooperative society in an economy facing a downtown as the situation is in Nigeria cannot be overemphasised.
This declaration was made by the president of Anuoluwapo Cooperative Multipurpose Society Limited, Ijoko-Lemode in Ifo local government of Ogun State, Mr. Henry Babatunde Osevbobo.
Osevbobo who spoke on Friday during the fourth Annual General Meeting, AGM, of the society, said that was so because the society contributed to cushioning the effect of inflation and other pains associated with a poor economy.
He said, for instance, the conditions for loan facilities among other things in the cooperative society, were not as tough as those given by banks.
According to him, following the economic downturn, the lending rates of banks were such that the common man could not afford.
He said cooperative society, in view of its structure had made it possible for its members to enjoy some of the facilities without the kind of pressure that the banks imposed.
He said with co-operative societies in general, businesses of members had continued to grow while other challenges posed by their day to day activities requiring financial support were taken care of without much stress.
His words: “The importance of cooperative society cannot be overemphasised, especially in a poor economic situation such as we have in our country today. The downturn in the economy has affected the lending rate. All the conditions given by banks for loans and other such facilities are the type that the common man cannot really afford or cope with. The cooperative society comes to the rescue because it offers affordable conditions.”
He added: “The conditions of the co-operative society are the type the common man can afford. The conditions don’t come with the kind of stress people face getting loans from banks. To that extent, I will say it is very helpful in an economy such as ours. It helps people to build their businesses and take care of some challenges that may crop up in their day to day activities. We all know the poor state of the economy now. Things are very expensive, businesses are struggling to survive, but with the kind of benefits you get from cooperative society, it is easy to solve some of life’s challenges, especially as posed by the poor economic state.”
He explained that “All it takes to get the facilities in a cooperative society is to come in as a member, save for about six months, and then you are qualified for a loan. In some cooperative societies, you may be given double or triple of what you have saved.
“The repayment schedule is also easy. For instance, you know what it takes to repay a loan you get from a bank. It is not the same situation with the cooperative society. The pressure you get from banks to repay your loan is lacking in the cooperative society.”
Osevbobo said the awareness of the benefits of the cooprative society had led to the increase in its membership.
“We started Anuoluwapo Cooperative Multipurpose Society Limited in 2017 with seven members, but as at today, we have over 100 members. That is to tell you how well people have embraced the society. If it is not beneficial, there would not have been the increase,” he said.
