In Nigeria, cooperatives play a crucial role in the informal financial system, providing savings and lending solutions. Empowa is focused on introducing digital technologies to enhance housing finance.
The Role of Cooperatives in Nigeria's Financial Sector
There are over 100,000 cooperatives in Nigeria serving as collective savings mechanisms for their members. These cooperatives assist their members in saving for various needs, such as staple purchases and housing financing. Cooperatives focused on housing finance help members pool resources for homeownership or rent-to-own models.
Empowa's Partnership for Entry into the Nigerian Market
Empowa is establishing a new tripartite partnership involving Empowa, PropPay, and the National Housing Cooperative Collective. This partnership was officially announced at the National Housing Cooperative Conference where Empowa showcased its digital solutions for managing savings, financial transactions, and access to housing finance. "We believe in the need for digital tools," participants noted at the conference.
Prospects and Future Plans
In the coming months, Empowa plans to implement digital systems for cooperatives and their members, promote housing financing, and launch educational programs for cooperative members. All of this aims to create a sustainable ecosystem for affordable housing in Nigeria. Active collaboration with developers and cooperatives is expected as part of this project.
Empowa's launch in Nigeria opens new horizons for housing financing through blockchain technology and digital tools, which holds significant importance for the local population.
