Government is considering the merger of all savings and credit cooperatives (Saccos) into a cooperative bank as it accelerates efforts to increase access to financial services in rural areas.Saccos, especially Umurenge Saccos, have been a success with combined savings estimated at Rwf28 billion. Now, Government wants to build on this success by enabling the Saccos to form a cooperative bank, capable of delivering financial services, especially in rural areas to promote financial inclusion for all.Trade and Industry minister Francois Kanimba said 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."Our vision in that direction is to consolidate these Saccos at a district level and come up with a big institution which can be able to fund bigger projects that have been taken up by Saccos,” Kanimba said.Christine Murebwayire, president of COPRIVIBA, a farmers’ cooperative says that a cooperative bank would be able to provide products friendly to farmers with lower interest rates that would help finance bigger agricultural projects."Most farmers and people in rural areas need to start projects, which need a lot of money but these banks (commercial banks) cannot lend to us at rates where we can make profits,” she pointed out.The establishment of the bank has to consider the issue of ownership if it is to be successful and maintain the financial inclusion momentum. "We have to be extra careful and safeguard the integrity of the current system and continue encouraging the citizens to save and avoid any skepticism about Saccos,” the minister said. In the current system, people fully own Saccos, which has partly promoted the savings culture. Any change in the structure could possibly affect the progress made.There is also need to address the current challenges facing the SACCOs, especially in management, which experts say, if inherited by the cooperative bank, would be bound for failure."We have been carrying out training and capacity building targeting these Saccos and we continue to ensure that their management is competent,” Mugabo said.The central bank hired 60 inspectors, two for each district, during the year to supervise the Saccos and ensure the realisation of sound management practices, a move that has increased their liquidity and ability to lend money to members.