Lagos State Governor, Babajide Sanwo-Olu, has unveiled a digital transformation agenda for cooperative societies aimed at improving access to finance for micro, small and medium-sized enterprises (MSMEs) across the state.
The initiative is designed to leverage technology to strengthen cooperative societies, enhance transparency and governance, and create more opportunities for entrepreneurs to access affordable funding. The governor also announced plans to scale up the N10 billion Lagos State Access to Finance for MSMEs through Cooperatives (LASMECO) scheme as part of efforts to boost economic growth and financial inclusion.
Speaking on the importance of the programme, Sanwo-Olu said cooperative societies remain critical drivers of grassroots economic development and can play a greater role in supporting small businesses when equipped with modern digital tools. He noted that digitising cooperative operations would improve accountability, efficiency and record-keeping while making it easier for members to access financial services.
According to the governor, the digital platform will help strengthen trust within cooperative societies and provide government and financial institutions with reliable data needed to support business growth. He added that expanding access to finance remains a major priority of his administration, particularly for MSMEs that contribute significantly to job creation and economic activity.
Sanwo-Olu stressed that the expansion of the LASMECO scheme would provide additional opportunities for entrepreneurs to secure funding, grow their businesses and create employment opportunities for residents.
The governor reaffirmed his administration’s commitment to building an inclusive economy where small businesses can thrive through innovation, strategic partnerships and access to affordable capital.
The initiative is expected to accelerate financial inclusion, improve the performance of cooperative societies and empower thousands of MSMEs, further strengthening Lagos’ position as Nigeria’s leading commercial and economic hub.
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