Nigeria’s system integration company, CWG Plc has advanced reasons why it decided to create the Unified Cooperative Solution (UCP) platform, a technology solution that meets the operational needs of cooperative societies in Nigeria.
Making a presentation at the Fourth Annual Digital Masterclass and Symposium for corporative leaders, regulators and managers in Nigeria, organised Cooperative Support Services Limited in Lagos, the Product Manager, Unified Cooperative Platform at CWG Plc, Mr. Lateef Fadeyi, explained that the solution was created to rejig the cooperative sector, which is commonly classified as the minority in Nigeria today because of its inconsistency in data representation and exclusion in the financial ecosystem.
He noted that CWG, along with the National Co-operative Financing Agency of Nigeria (CFAN) has developed UCP to offer a robust all-in-one platform that supports access to financial inclusion and cooperative services.
“The UCP is an integrated core operations solution with front and backend access to both members and administrators. Its automated loan management and reporting with secured access,” he said at the forum with the theme: ‘Cooperative Business Model Disruption in the era of Digital Technologies and Innovations,” Fadeyi said.
He also highlighted the benefits of the solution, which many stakeholders in the cooperative ecosystem agreed has changed the status quo to include worldwide accessibility, ease of operations, up to date and efficient data and enhanced knowledge for planning.
Other benefits, according to him, were ease of payment and collections, increased productivity, data security, complete visibility and transparency and no complexity of infrastructure setup.
He added that the platform allowed for efficiencies in diving member, accounts and credit risk management processes; with high-end security features and access to a centralised financial services ecosystem; among other benefits.
“UCP creates visibility to the Cooperative Societies and its members; closing the gap on access to key benefits like access to healthcare, food, insurance, pension, affordable housing and so much more. Details on how to join the movement is simply by online registration of individual cooperatives,” Fadeyi noted.