The Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) has intensified efforts to digitise cooperative societies across the state, as part of measures to integrate the vast informal sector into a more transparent, efficient and growth-oriented cooperative economy.
The ministry on Monday, September 7, 2026, convened a high-level stakeholders’ meeting on the digitisation of cooperative societies at its conference room. The meeting, led by the Permanent Secretary, Mr Babatunde Onigbanjo, featured strategic discussions on the Lagos State Micro, Small and Medium Enterprises Cooperative (LASMECO) platform and the broader digital transformation agenda.
Speaking at the meeting, Onigbanjo reaffirmed the ministry’s commitment to ensuring that cooperative societies are not left behind in Lagos State’s digital transformation drive. He also sought ways of ensuring that cooperatives currently outside the LASMECO framework can be effectively integrated into the emerging digital ecosystem and benefit from its opportunities.
The Technical Adviser to the Commissioner for MCCTI, Dr Olamide Okulaja, in his presentation, highlighted the importance of the initiative, noting that about 95 per cent of businesses in Lagos operate within the informal sector. He said although micro, small and medium enterprises constitute a major part of the state’s economy, many remain outside formal governance and financial structures.
Okulaja explained that the fragmented nature of existing systems presents an opportunity to transform the governance and management of the cooperative economy through a unified digital architecture. He proposed a dual legal framework supported by a single digital platform, with MCCTI serving as the platform owner, policy director and standard-setter.
He said the proposed system would feature a robust cooperative guarantee structure and strategic partnerships aimed at strengthening trust, improving access to finance and enhancing operational efficiency among cooperative societies. He added that significant investment had already been committed to the initiative, with pending Memoranda of Understanding expected to be finalised to facilitate the launch of the platform.
The meeting also highlighted LASMECO as a financial lever designed to provide structure, an audit gateway and access to funding for beneficiaries. The platform offers loans at a single-digit interest rate of nine per cent per annum, which stakeholders said would help reduce the cost of accessing finance and deepen financial inclusion among small businesses.
Also speaking, the Managing Director of SEKAT Technologies, Mr Ajomale Taiwo, said the proposed database registry would help align small and medium-sized businesses at various decision-making levels. He explained that a unified platform integrating business analytics and intelligence would support seamless implementation and improve the quality of business decisions.
Stakeholders at the meeting also examined the operational and regulatory requirements for implementing the initiative, including its alignment with existing cooperative policies, revenue-generation opportunities and relevant considerations involving the Central Bank of Nigeria. The meeting ended with a vote of thanks by the Director of Cooperative Services, Dr Adeyinka Adeyemi, who commended the collaborative efforts and reaffirmed the ministry’s determination to build a modern, inclusive and digitally enabled cooperative sector.
The Lagos State Government said the initiative is part of its broader efforts to formalise economic opportunities, expand financial inclusion and position cooperative societies as key drivers of sustainable economic growth across the state.
