FG Launches Cooperative Bank and Digital ID for Cooperators

On May 11, 2026, Sen. Dr. Aliyu Sabi Abdullahi, the Minister of State for Agriculture and Food Security, officially launched the Cooperative Bank Share Capital Mobilization at the Lascof Multipurpose Hall in Ikeja, Lagos. This event marked the beginning of two significant initiatives aimed at reforming the cooperative sector in Nigeria, as part of the Cooperative Reform Revamp Program (CRRP) for 2025-2030, which was approved during the 8th regular meeting of the National Council on Cooperative Affairs (NCCA) in March 2026.

The initiatives aim to revitalize the cooperative movement, which began in Nigeria in 1937, and to establish the Cooperative Bank Nigeria to provide affordable financial services to cooperators, including farmers, artisans, traders, and individuals with special needs. Abdullahi emphasized the importance of avoiding past pitfalls that led to the loss of identity for previous cooperative banks.

The government will support this initiative without direct funding from the treasury. Additionally, a digital identification system for cooperators was introduced to enhance financial inclusion and traceability within the financial system.