Rwanda : Gov’t mulling Saccos merger

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Savings and Credit Cooperatives, also known as Saccos, have been a huge hit in Rwanda, registering an estimated Rwf 28 Billion in savings by members.

And while the status-quo is already good, the good is set to get better.

A merger of all Saccos into a single cooperative bank is reportedly being eyed by the government, as it attempts to increase access to financial services in rural areas.

Trade and Industry Minister Francois Kanimba was quoted as saying that a study is underway to help establish the proposed cooperative bank, which would lend to rural residents at low interest rates.

“The next step is to facilitate them in forming a bigger financial institution that can be able to solve the problem of access to credit, and take on larger projects, and lending out at lower interest rates,” the Minister remarked when quizzed on this development by reports.


 

 

 

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Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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