Oyo Govt Reaffirms Commitment To Digital Transformation, Transparency In Cooperative Sector

The Oyo State Government has reiterated its commitment to transforming the cooperative sector through digitalisation, improved accountability and institutional reforms aimed at strengthening financial inclusion and promoting sustainable economic growth.

The Honourable Commissioner for Investment, Trade, Cooperatives and Industry, Professor Salihu Abdulwaheed Adelabu, stated this at the Annual General Meeting of Wabillahi Taofeeq Islamic Cooperative, held on Saturday, where the society unveiled its mobile application and digitalised passbook for members.

The Commissioner, who was represented by the Director of Cooperative Services in the Ministry, Mr Idowu Olawoyin, commended the leadership and members of the society for embracing technological innovation, describing the initiative as a significant step towards modernising cooperative administration and improving service delivery.

Delivering the Commissioner’s keynote address titled “Digital Transformation of Cooperative Societies in the Age of Artificial Intelligence: A Pathway to Transparency, Accountability, Financial Inclusion and Sustainable Growth,” Olawoyin emphasised that digital technology had become essential to the effective management and sustainability of modern cooperative institutions.

He noted that digital platforms could improve membership registration, savings and contributions monitoring, loan administration, financial reporting and communication between cooperative management and members. He also highlighted the opportunities offered by Artificial Intelligence in financial analysis, risk assessment, transaction monitoring and informed management decisions.

According to him, the Oyo State Government, under the leadership of Governor Seyi Makinde, recognises cooperative societies as vital instruments of grassroots economic development, employment generation, financial inclusion and poverty reduction.

He highlighted ongoing initiatives of the Ministry, through the Department of Cooperative Services, including the digitalisation and revalidation of cooperative societies, statewide sensitisation programmes, strengthened regulatory administration and alignment with the Federal Government’s National Cooperative Digitalisation Programme.

He further explained that the State’s participation in the National Technical Workshop on Cooperative Sector Digitalisation, held in Abuja on August 11 and 12, 2026, underscored its commitment to aligning its cooperative development agenda with the emerging national framework, including the National Cooperative Smart Registry, Cooperative Verification Number and Cooperative Member Identification Number.

The Commissioner encouraged Wabillahi Taofeeq Islamic Cooperative to ensure that its newly introduced application provides reliable financial information, strengthens members’ confidence and guarantees adequate protection of their personal and financial information. He also stressed the importance of training members, particularly those who may not be familiar with digital technology, to ensure that nobody is excluded from the benefits of the innovation.

He particularly noted that Islamic cooperative institutions could leverage technology to promote ethical financing, responsible investments and economic empowerment in line with Sharia-compliant financial principles.

He therefore urged other cooperative societies across the State to embrace digitalisation, participate actively in the ongoing revalidation exercise, maintain accurate financial records, strengthen internal controls and ensure regular financial audits.

Earlier, the President of Wabillahi Taofeeq Islamic Cooperative, Engr. Sheu Oladele, expressed appreciation to the Honourable Commissioner for his support and representation at the occasion. He also appealed to the Oyo State Government to give Islamic cooperative societies due consideration in the distribution of assistance and other support extended to cooperative organisations across the State.

The Annual General Meeting featured the presentation of the society’s accounts, distribution of dividends to members, unveiling of the mobile application and digitalised members’ passbooks, as well as the presentation of a bus and motorcycles to deserving members.

Among the dignitaries present was Chief Taiwo Oke, alongside other distinguished guests and stakeholders in the cooperative sector.

The initiative further demonstrates the growing capacity of cooperative societies in Oyo State to embrace innovation, strengthen institutional governance and contribute meaningfully to the State Government’s vision of a vibrant, digitally enabled and economically productive cooperative sector