Most people who encounter ASUSU come assuming that the most important thing we do is digitize cooperatives. That is not correct. The biggest deal — the really most important thing we do — is that we listen to cooperatives and other thrift groups to understand how they do business, what there strengths and challenges are and how we can help enhance those strengths while eliminating the challenges. This is, therefore, a shortlist of some of the things we have learned as we put in work to deliver our service to the under-served and financially excluded from society.

Cooperatives are the biggest support small business owners and low income/daily earners have. Savings in Nigeria is said to be on a decline but Cooperatives are probably the reason it has not almost totally hit zero! Yes, the contributions still get withdrawn in one fell swoop for some health emergency or marriage or similar needs but next time you are riding a Keke or watching the road sweeper, let it inspire you to do some savings yourself!

They are underrated but highly effective: When we say Cooperatives are effective in Nigeria, We mean military discipline standard effective! Do you know what it takes for a daily earner to maintain contributions — We are not sure how they do it but it seems there is a strong moral social contract among them. They genuinely understand the responsibility that membership carries.

It is the easiest and most readily available financial access: If you need a loan today from a commercial bank or even CBN, you possibly would have to scale several steps of KYC and provide email addresses and utility bill and the liver of a three-month-old mosquito. Cooperatives? Not so much. These guys know each other. They know each other’s families and friends so they have one-upped the conventional system already.

Crowdfunding is not a new tech terminology: Of course, you knew that, but nothing brings this more into perspective than interaction with cooperatives. They crowdfund for everything -EVERYTHING- and it really does work for them. Asset financing like houses, commercial bikes, and tricycles, access to seedlings, pesticides for smallholder farmers in disadvantaged communities, weddings, burials, EVERYTHING! This is their own social safety net and it is not perfect, but it runs pretty darn good!