Lagos State Governor Babajide Sanwo-Olu has unveiled an ambitious digital transformation agenda for cooperative societies, positioning technology-enabled cooperatives as a key vehicle for expanding access to finance for micro, small and medium-sized enterprises (MSMEs), while strengthening transparency, governance and financial inclusion across the state.
The strategy is anchored on the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO), a N10 billion financing initiative established in partnership with the Bank of Industry and Sterling Bank to provide affordable credit to cooperative-backed businesses.
Speaking at the 2026 International Day of Cooperatives celebration in Lagos, Sanwo-Olu said cooperatives remain one of the state’s most effective platforms for grassroots economic empowerment and inclusive growth.
The governor, who was represented by Babatunde Onigbanjo, permanent secretary, Ministry of Commerce, Cooperatives, Trade and Investment, noted that the government has released the first N5 billion tranche of the fund and onboarded 19 accelerator partners to facilitate loan disbursements to qualified beneficiaries.
Under the scheme, eligible MSMEs can access loans of up to N10 million without conventional collateral at a single-digit interest rate of nine percent per annum, with a six-month moratorium and a repayment period of up to 36 months.
