The CBN Staff Multi-Purpose Cooperative Thrift and Credit Society Limited was established on April 1979, when the then Governor of the Bank granted approval for its existence in the Bank. However, the Society could not start activities until August 1980 when the first savings contributions were received from the CBN salaries and wages office from 20 members.
On the January 11, 1989, the society was formally registered with Registration number 699 under S.10 of Coop Societies laws (chapter 9 of the laws of Lagos State, 1973.). On October 29, 1997, the society was registered as Multi-Purpose Cooperative Society Limited by Registrar of Cooperatives, Abuja with registration number 1001.
CBN Cooperative is not a subsidiary of Central Bank of Nigeria, but jointly owned by Staff members of the Bank. Thus, it is a co-operate body quite distinct from the owners, can sue and be sued and can own such properties as are approved by the Society’s byelaws.
In 1980, the Society started with only 20 members but as at today, the Society has 3,800 members comprising of both serving and retired staff spread across the Head Office in Abuja, Branches and Zonal Offices of the Central Bank of Nigeria.
The Society has a staff strength of 21 on its payroll. These staff members holds various requisite academic qualifications.
This is the Principal Policy Making Body. The Advisory Committee is on ground for consultation and advice as and when necessary. The Representative oversee the affairs of the Society at the Department and Branch level.
A Committee of 10 officers Management Committee is responsible for the running of the daily affairs of CBN Staff Multi-Purpose Cooperative Society Limited. These members are staff of the Bank and are elected at the Annual General Meeting.