Efficiency in credit transaction could be enhanced after 416 savings and Credit Co-operatives (SACCOs) agreed to streamline their financial transaction services.

The new arrangement will see clients withdraw their money from any Sacco from any branch regardless of where they registered from.

John Rwangombwa, Governor of the central bank, said the merging process is almost complete and operational manuals and guidelines on how the system will work are being established.

"We are working together with the Rwanda Cooperative Agency and Access to Finance Rwanda to establish these manuals that will guide operations of these SACCOs.  This can be uniform since they all have similar operations,” Rwangombwa said.

Rwangombwa added that, central bank is coming up with an Information Technology (IT) tool that will automate the operations of the SACCOs to improve on efficiency of the sector.  

"This will greatly improve efficiency and easily track or limit any financial mal practices that may arise with the new system.”

According to central bank’s statistics, the sector recorded a 31.5 per cent growth in deposits recording Rwf37b during 2013 compared to Rwf28.2billion in 2012. Total assets increased from Rwf40.9b to Rwf54.7b, an increase of 33.5 per cent for the period under review.