Faith Batamuriza, Head of Retirement Benefits Supervision at BNR, told the Dusangire Ijambo talk show on Rwanda Television that while the rate is still low, increased awareness campaigns are helping more Rwandans understand the importance of saving for retirement.
'Pension coverage is at 48%, which is still far from where we want to be. Our campaigns aim to show people that saving now ensures a stable life in old age without financial stress,' she said.
Batamuriza noted that the pension sector is a critical part of Rwanda's financial system and a driver of economic growth through investment. BNR, she added, monitors pension funds to safeguard members' savings and ensure investments are made prudently.
Dr. Hitimana Regis, Chief Benefits Officer at the Rwanda Social Security Board (RSSB), said pension schemes are designed to provide income security when people's ability to work declines. Rwanda's formal pension system has been in place since independence in 1962.
For those in the informal sector, the Ejo Heza long-term savings scheme offers a pathway to retirement savings. To date, 4.2 million people have registered, with 3.6 million actively contributing, and more than Frw 80 billion saved.
Private pension arrangements are also growing, allowing employers to set up retirement benefits for staff or enabling individuals and companies to create pension funds that supplement statutory schemes.
Dr. Hitimana said recent reforms have increased contribution rates and boosted payouts for retirees. He stressed that contributions are mandatory for employers, with heavy penalties for non-compliance.
In addition, Rwanda's RNIT Iterambere Fund (RIF) has mobilised Frw 59.1 billion to date, including amounts withdrawn by members. In 2024, the number of shareholders saving through the fund surged by 69.97%, rising from 19,495 in 2023 to 33,137.
IGIHE
