The Rwanda National Investment Trust (RNIT) is considering increasing annual returns on its flagship RNIT-Iterambere Fund, subject to regulatory approval and prevailing macroeconomic conditions. The move comes amid growing calls from investors, who say the fund's annualised return of just over 11 per cent has remained largely unchanged for several years despite rising inflation and the depreciation of the Rwandan franc. Jonathan Gatera, RNIT's Chief Executive Officer, said the fund intends to raise returns as it expands, but any adjustment will depend on market conditions and consultations with regulators, including the National Bank of Rwanda (BNR). Raising interest rates is market-driven. We would like to offer higher returns, and they will increase as our assets under management grow, Gatera told The New Times on Friday, July 17. He noted that inflation, external shocks and other macroeconomic factors all influence returns. Interest rates are derived from these factors; they are not something we determine ourselves. However, we believe the situation is improving, he said. The RNIT Iterambere Fund has delivered annualised returns of slightly above 11 per cent, compounded daily, for the past six years. Interest earned is tax-exempt, making it one of the few investment products offering tax-free returns while allowing investors to withdraw their savings without penalties. Investors seek inflation-adjusted returns Long-term investors say higher returns would help preserve the real value of their investments as living costs continue to rise. Oswald Mutuyeyezu, who has invested in the fund for nearly eight years, said the current return no longer adequately reflects inflation. The current interest rate is no longer sufficient considering inflation and currency depreciation. Increasing it to at least 12.5 per cent would make the fund more competitive with Treasury bonds and encourage investors to keep their money invested for longer, he said. He added that while the fund's tax-free returns remain a major attraction, a higher yield would further strengthen investor confidence. Moïse Nkundabarashi, a lawyer at Trust Law Chambers and President of the Rwanda Bar Association, said investors have consistently urged RNIT to review the fund's returns. Nkundabarashi, who said the Rwanda Bar Association has invested about Rwf1.3 billion in the fund over the past four years, said higher returns would help investors cushion themselves against inflation. We have requested management to consider reviewing the returns so investors can better cope with inflation. We were encouraged to learn that RNIT is exploring measures such as reducing management fees and increasing returns to unit holders, he said. We believe such a decision would enhance annual returns, strengthen the value of our investments and support our long-term financial sustainability while contributing to Rwanda's economic development. Fund posts steady growth Launched in 2016 as Rwanda's first collective investment scheme, the RNIT Iterambere Fund has grown steadily as more Rwandans embrace collective investments and the capital market. Assets under management have risen from Rwf1 billion at launch to Rwf86 billion as of July 12, 2026, when the fund marked its 10th anniversary. The fund now manages about 90,000 investment accounts representing more than 350,000 unit holders, including students, salaried employees, young professionals, cooperatives, small businesses, families and institutional investors. Over the past decade, the fund's Net Asset Value (NAV) per unit has increased from Rwf100 to Rwf274, reflecting sustained growth in investors' wealth. RNIT also plans to triple its investor base over the next decade by expanding access to collective investment products. The open-ended unit trust allows individuals to start investing with as little as Rwf2,000, making it one of Rwanda's most accessible investment vehicles. The fund is also considering listing on the Rwanda Stock Exchange, a move officials say would boost its visibility, attract more investors, including Rwandans in the diaspora, and support its long-term growth strategy.
