Cooperative societies in Lagos State have been told to embrace digitalisation in their business processes to gain a competitive advantage.

This was stated at a capacity building programme with the theme ‘digitalisation transformation strategy for cooperative societies’ organised by the Lagos State Cooperative College.

An Information Communication Technology expert, Joseph Onyema, stated that cooperative societies needed to move from the manual way of doing business and transit to a digital model that would increase their customer base and profit.

Onyema said, “Digital transformation technology strategy is the lifeblood of any business. For cooperatives in Nigeria, we are beginning to realise that their space is being encroached by fintech, banks are beginning to dabble into their space.

“For cooperatives business, one of the things that are key to them is to be able to transition their business model to a digital business that will grow their customers base, reduce cost margins, and increase profit.”

A financial expert, Kenneth Odusanya, also reiterated the need for the cooperators to be financial literate in other to avoid creating liabilities that would damage their lives, adding that cooperators should borrow to meet investment needs that would yield them passive income and make them financially independent.

Source: www.punchng.com