Cashless policy minimizing fraud in Cooperative Societies – Provost

Provost, Lagos State Cooperative College, Akorede Ojomu with other participants and management staff at the training
Provost, Lagos State Cooperative College, Akorede Ojomu with other participants and management staff at the training
Provost, Lagos State Cooperative College, Akorede Ojomu with other participants and management staff at the training

The Provost, Lagos State Cooperative College, Akorede Ojomu on Monday said the adoption of cashless policy has helped in minimizing fraud in Cooperative Societies in the State.

Ojomu spoke with newsmen after flagging off five days training on Digital Transformation Strategies for Cooperatives Societies during COVID and Post-COVID-19 Era, held at the college’s premises in Agege, Lagos.

He said unlike before when cooperative societies had direct access to money, cashless policy had led to digital payment of which to a large extent reduced fraudulent practices in the societies.

According to him, “the more you reduce contact with cash, the more you incidents of fraud; if all the money has to be paid digitally, fraud will be reduced.”

Flagging off the training, Ojomu explained that the training was packaged as part of efforts to assist Cooperative Societies in dealing with challenges posed by the global COVID-19 pandemic, particularly as they related to the increasing use of digital technology in the delivery of business operations and services.

He said cooperative organizations were unique business entities in terms of their characterization, most especially as they were not created essentially for profit maximization but to achieve economic welfare of members.

“It is thus in the spirit of looking out for each other that the Cooperative College deemed it appropriate to provide this capacity building initiative knowing quite well that it is what is needed by cooperative societies at this point in time.

“We are already at the age and stage where effective application of digital technology might prove inevitable to the survival of our business entities, hence the need to take proactive action that would guarantee our continued existence and growth.

“This training programme has thus taking into account, our needs as Cooperative Societies in the dynamic world of digitalization, ensuring that no stone is left unturned in the effort to secure the future of our business operations,” he said.

Ojomu added that the college had been meticulous in selection of topics that were germane to the main issue in focus which is digital transformation, saying that participants would be taken through sessions on  Data Analysis using Excel application, Cyber Security, Accounting, Entrepreneurship , Understanding Cooperative Business Model, Digital Literacy, Business Planning & Control in Cooperative Management, Economic Self-Reliance and Digital Transformation Strategy, among others.

He implored participants to take maximum advantage of the opportunity to get the best out of this training programme.

The Registrar of the College, Mrs Riskat Oshomo announced that about one hundred participants from across the State are taking part in the training.

Some of the participants who described the capacity building training as a welcome development said they were looking forward to learning new ways of managing Cooperatives in the new normal.

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