Co-operative Bank Rwanda
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Co-operative Bank Rwanda or Rwanda Co-operative Bank is a proposed
commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...
in
Rwanda Rwanda (; rw, u Rwanda ), officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of Central Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator ...
. It is expected to broaden "financial inclusion" in the country, working through the Umurenge Saccos and increasing financial services in rural areas.}


Overview

In July 2014, approximately 2,500 members of the Rwanda Cooperative Agency (RCA) met
Paul Kagame Paul Kagame (; born 23 October 1957) is a Rwandan politician and former military officer who is the 4th and current president of Rwanda since 2000. He previously served as a commander of the Rwandan Patriotic Front (RPF), a Uganda-based rebel ...
, the
President of Rwanda This article lists the presidents of Rwanda since the creation of the office in 1961 (during the Rwandan Revolution), to the present day. The president of Rwanda is the head of state and head of executive of the Republic of Rwanda. The presid ...
during an event called “Meet The President”. At that event, held in
Kigali Kigali () is the Capital (political), capital and largest city of Rwanda. It is near the nation's geographic centre in a region of rolling hills, with a series of valleys and ridges joined by steep slopes. As a primate city, Kigali has been Rwa ...
, the country's capital city, the president instructed the minister of trade and industry to establish a cooperative bank, in the shortest time possible. Under guidelines by the
National Bank of Rwanda The National Bank of Rwanda ( rw, Banki Nkuru Y'u Rwanda, french: Banque Nationale du Rwanda) is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is John Rwangombwa. Location It is quartered at the N ...
, the minimum capital required is Rwf5 billion (US$6 million). There are approximately 8,000 cooperatives (community cooperatives) in Rwanda, according to the RCA. The cooperatives are prepared to provide 60% of the needed start up capital. Also, there are an estimated 480 Saving and Credit Cooperatives, (Umurenge SACCOs) in the country. These Saccos are being courted to provide the remaining 40% of the required start-up capital. Also, the Saccos need to be linked to a common computer system, in order to serve as branches of the proposed bank. When the bank becomes operational in 2018, as expected, its lending rates are planned to be lower than the
commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...
s.


Ownership

While the ownership details are being worked out, the owners will include (a) Unmurenge Saccos (b) other Rwanda cooperatives (c) other Rwanda entities. The Rwanda government requires that all shareholders in the bank be Rwandan.


Branches

It is expected that some of the offices of the 480 Saccos in the country will become branches of the proposed bank, after the completion of computerization and linking of their operations.


See also

*
National Bank of Rwanda The National Bank of Rwanda ( rw, Banki Nkuru Y'u Rwanda, french: Banque Nationale du Rwanda) is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is John Rwangombwa. Location It is quartered at the N ...
*
List of banks in Rwanda This is a list of banks in Rwanda ; Commercial banks # Guaranty Trust Bank (Rwanda) plc - commonly referred to as GTBank Rwanda #Bank of Kigali # I&M Bank (Rwanda) - Formerly Commercial Bank of Rwanda (BCR) # Compagnie Générale de Banque (Co ...


References


External links


Establishing a Cooperative Bank in Rwanda
{{Economy of Rwanda Banks of Rwanda Organisations based in Kigali Economy of Kigali