Growing Financial Crisis: Over 70% of Nigerian Cooperatives Still Use Manual Collections Methods

How Cooperatives Are Swapping Notebooks for Peace of Mind
— and why more are choosing tools like PaywithAccount

Let’s be honest: running a cooperative in Nigeria isn’t for the faint of heart. Between tracking dues, chasing payments, and trying to balance the books with a biro and a ledger, it's a wonder how our cooperative treasurers manage to stay sane.

A recent 2024 study from Nnamdi Azikiwe University really hit the nail on the head—over 70% of cooperatives across Nigeria are still using handwritten records and good old cash to keep things going. As you can imagine, that opens the door to all sorts of drama: missed payments, arguments over contributions, even outright theft. Yikes.

For millions of Nigerians—especially in underbanked communities—cooperatives aren’t just helpful, they’re essential. They're how people save, borrow, and support each other financially. But when things get messy (and they often do), it puts everyone at risk.

Take Iyabo Adebayo in Ibadan, for example. She’s the treasurer of a 70-member women’s cooperative. “We use notebooks and WhatsApp to track payments,” she says. “If someone misses a payment, I spend days following up. Sometimes, I just give up.”
Totally understandable.

This isn’t just Iyabo’s struggle. That same study showed that during busy times—like June, when many cooperatives do their audits—manual tracking slows everything down and raises the chances of people defaulting. That means less money for loans, more tension, and a whole lot of unnecessary stress.

But here’s the good news: a growing number of cooperatives are making the switch to automated tools like PaywithAccount—our very own direct debit solution that makes regular payments a breeze.

Instead of chasing folks down or sending weekly reminders on WhatsApp, members just give a one-time authorisation and boom—dues get collected automatically each month. Easy for members, a dream come true for treasurers.

“We switched to mandates, and collections became smoother overnight,” says Emeka Chukwu, who helps manage a transport workers’ cooperative in Enugu. “No more excuses. Everyone knows what to expect.”
We love to hear it.

As our Chief Plumber, Ope Adeoye, puts it:

“When treasurers spend more time chasing payments than managing money, the whole system starts to suffer. We're seeing more and more cooperatives pick up tools like PaywithAccount because people want something structured—and trustworthy.”

Honestly, it just makes sense. When payments are predictable, planning becomes easier. More members can access loans, savings grow steadily, and everyone breathes easier.

So as cooperatives across the country gear up for mid-year audits and dividend season, now’s the perfect time to say goodbye to handwritten ledgers—and hello to peace of mind.

Ready to make the switch? Let’s talk. 💬