Welcome to Mbbov Cooperative Society

The Challenge

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Challenges

Our Vision

We envision a society where finance is available for those who have the ambition to start their own enterprises; where young people invest their energy in building their futures; where people come together to save, share, lend and invest together; creating opportunities for individual and collective success

Our targets are people with whom we share common bond; those who are young professionals, aspiring, striving or thriving entrepreneurs, to meet their personal, economic, social, cultural and academic aspirations through a jointly owned enterprise

The Challenge of Financial Exclusion

A large percentage of the Nigerian population is still excluded from financial services. With very high levels of unemployment and the absence of a social safety net, many are left to fend for themselves by setting up micro enterprises, in a significantly hostile environment. Studies have revealed slow improvement in the number of people served by the formal financial market. This has led to people seeking financial services from the informal sector such as savings clubs/pools, Esusu, Ajo, and money lenders. Many face extortionate interest rates and a lack of support in progressing their business ideas.

Poverty

The Nigerian National Bureau of Statistics said in 2020 that 40% or 83 million Nigerians live in poverty. If the World Bank’s income poverty threshold of $3.20 per day is used, Nigeria’s poverty rate is 71%.

Access to Finance

According to a 2019 report by the National Bureau of Statistics, 73.2 million adults representing 41.6 per cent of the adult population in Nigeria are financially excluded - a major challenge for emerging entrepreneurs.

Lack of Support and Know-How

Nigeria lacks the infrastrcture to provide business know-how and financial literacy support to the vast majority of citizens. Most micro enterprises are started on a 'try-your-luck' basis, with little or no support.

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