Cooperative societies

A cooperative (also known as co-operative or co-op) is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Cooperatives are guided by seven internationally recognised principles, including open and voluntary membership, democratic member control (one member one vote), member economic participation, autonomy, education and concern for community. In Africa, common types include agricultural marketing cooperatives (cocoa, coffee, shea), savings and credit cooperatives (SACCOs), and consumer cooperatives. Cooperatives are typically registered with a national cooperatives department.