Gov’t to set up Cooperative Bank

Government is planning to set up a Cooperative Bank of Rwanda and a national cooperative college that would regulate operations of the current 3,500 registered cooperatives in the country. The revelation was made by the Minister of Trade, Commerce and Industries, Monique Nsanzabaganwa, while addressing the Senate yesterday evening on the current state of cooperatives in the country and how the government is facilitating them. 
Commerce Minister Monique Nsanzabaganwa.
Commerce Minister Monique Nsanzabaganwa.

Government is planning to set up a Cooperative Bank of Rwanda and a national cooperative college that would regulate operations of the current 3,500 registered cooperatives in the country.

The revelation was made by the Minister of Trade, Commerce and Industries, Monique Nsanzabaganwa, while addressing the Senate yesterday evening on the current state of cooperatives in the country and how the government is facilitating them.

‘We are currently in talks with the Kenya Cooperative Bank to assist us in setting up the Rwanda Cooperative Bank; we recently signed a memorandum of understanding with the Kenya Cooperative College to assist in training Rwandans on how to manage the cooperatives,” said Nsanzabaganwa.

“We are expecting experts from Kenya to arrive here next month to seal the deal regarding training Rwandans on managing cooperatives and we intend to send the first batch of trainees to Kenya Cooperative College in January.”
The minister however released damning information to the Senator saying that government officials have embezzled or conspired in embezzling Rwf 800m from cooperatives.

She said that the information was gathered from 20 cooperatives that were audited, adding that that is not the total amount embezzled.

“All cooperatives are under 74 unions which are also under seven federations; we intend to set up a cooperative confederation which will be the supreme organ of cooperatives in the country,” Nsanzabaganwa told the Senate.

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