In a space of just five days, the Rwanda Social Security Board (RSSB) has announced takeovers of key local companies, from giants in agribusiness to construction to insurance sectors. In that period, RSSB acquired Inyange Industries, Ruliba Clays and BK General Insurance (BKGI), three significant developments with far-reaching implications. In an exclusive interview with The New Times’ JAMES MUNYANEZA, the chief executive of RSSB, REGIS RUGEMANSHURO, explained the philosophy behind these deals; the money involved; what the consumers, suppliers, RSSB members and employees of the acquired companies should expect; and the Board’s future investment strategy. Excerpts: Qn. RSSB has taken full ownership of Inyange and Ruliba, businesses in which it was already a significant shareholder. At the same time, it has acquired BK General Insurance, adding another major insurance business alongside SONARWA. Why did these three transactions make sense now? Ans. The short answer is that RSSB is entering its next phase as an investor, and these businesses are entering theirs. Let me put that in context. RSSB’s assets under management have doubled over the past five years, reaching Rwf3.9 trillion at the end of June 2026. We have also delivered double-digit investment returns for two consecutive years: 15.06 per cent, or approximately Rwf401 billion, in 2024–2025, and 12.8 per cent, or approximately Rwf438 billion, in 2025–2026. For the second year in a row, we received a clean financial audit opinion from the Office of the Auditor General. Our value-for-money and compliance assessment also improved from an adverse to a qualified opinion. That progress gives us confidence, but it also raises the standard. Under our new five-year strategy, we are focused on getting more value from assets we already own while continuing to identify investments that can deliver sustainable, long-term, risk-adjusted returns for our members. These three transactions fit that strategy. With Inyange and Ruliba, we were not buying unfamiliar businesses. RSSB was already a significant shareholder and had helped finance the productive capacity that now positions both companies for growth. Inyange has grown revenues from Rwf28.0 billion in 2021 to Rwf68.9 billion in 2025, while maintaining profitability throughout the period, with profit after tax reaching Rwf1.35 billion in 2025. Ruliba Clays has a strong history of profitability, generating profit after tax of Rwf787 million in 2020, Rwf 731 million in 2021, Rwf712 million in 2022, Rwf749 million in 2023 and Rwf474 million in 2024; in 2025, the business experienced some margin pressure as it transitioned towards its expanded production capacity, positioning it for a recovery in profitability as the new capacity is ramped up. Inyange’s milk powder plant can process up to 650,000 litres of fresh milk a day into products including milk powder, butter, ghee and UHT milk. The plant is operating, but the larger opportunity is still ahead of us: raising utilisation, expanding the product range, increasing domestic availability and growing exports. Ruliba’s second plant has increased combined annual capacity from roughly 62,000 tonnes to more than 126,000 tonnes. Again, much of the capital investment has already been made. What comes next is converting that capacity into higher volumes, stronger cash flows and sustainable profitability. That is why the timing matters. We are acquiring greater control just as these businesses move from building capacity to realising their full commercial value. Full ownership allows RSSB – and ultimately its members – to participate fully in that next phase. Now, for BKGI, this is a different type of opportunity, but the same investment logic applies. We are acquiring a profitable, well-capitalised insurer and bringing it together with our existing insurance interests. The goal is to create a stronger insurance group with greater scale, broader distribution, better technology, stronger underwriting capacity and a credible platform for regional growth. BKGI has delivered particularly strong and consistent earnings growth, with profit after tax increasing from Rwf2.7 billion in 2021 to Rwf4.7 billion in 2025, supported by sustained growth in premiums and underwriting profitability. Together, these businesses demonstrate the value of a diversified portfolio combining established profitability, strong market positions and opportunities for future earnings growth. So, these are not acquisitions for the sake of size. They are investments in businesses we understand, at a point when better ownership, stronger execution and greater scale can unlock significantly more value for our members. Qn. In the case of Inyange and Ruliba, what can RSSB achieve through full ownership and consolidation that it could not achieve under the previous structures? Ans. Control matters only if it improves outcomes. In this case, full ownership gives us the ability to move with greater speed, align strategy and capital allocation, and establish clear accountability for results. Under the previous structures, major decisions required alignment among different shareholders who could reasonably have different priorities, investment horizons or views on risk. Full ownership removes that friction. It allows the boards and management teams to act decisively on operational efficiency, technology, distribution, product development and market expansion – without compromising quality or governance. It also gives us greater flexibility in deciding the future ownership structure. We can engage strategic partners who bring more than capital: technical expertise, operating capability, technology, distribution and access to regional or international markets. We can also consider public listings when the companies are ready, and market conditions support it. The point is not that RSSB must remain the sole owner forever. The point is that we now have the control needed to strengthen these businesses, create value and choose the right partners – or the right capital-market route – from a position of strength. Qn. These are significant commitments of members' money across very different industries. What due diligence, valuation and risk assessment did RSSB undertake, and what ultimately convinced you that these acquisitions represented good value? Ans. We did not apply one valuation template to three very different businesses. The investment principles were the same, but the analysis reflected how each company makes money and where its risks lie. In every case, we began with the economic environment and the outlook for the relevant industry. We then examined the company itself: its competitive position, historical financial performance, balance sheet, management capability, cash-flow potential, capital requirements and principal risks. We built detailed financial models, tested the expected returns and subjected the key assumptions to downside scenarios. A good investment case must remain credible when conditions are less favourable than expected. For Inyange and Ruliba, our existing shareholding gave us deep knowledge of the businesses, their assets and their sectors. Because both are asset-intensive manufacturers, net asset value was an important valuation anchor. But we did not stop at the physical assets. We also examined utilisation, unit economics, working-capital requirements, demand, pricing, supply-chain resilience and the cash flows the new capacity can realistically generate. However, BK General Insurance required a different lens because insurance is a regulated financial-services business. There, we focused on profitability, solvency and capital adequacy, underwriting performance, claims experience, reserving, balance-sheet quality, future earnings and strategic fit with SONARWA General Insurance and SONARWA Life Assurance. We also appointed an independent Big Four professional-services firm as transaction and valuation adviser for BKGI. That provided an additional layer of independent challenge and scrutiny. What ultimately convinced us was not one number. It was the combination of a fair entry valuation, strong underlying assets or earnings, identifiable opportunities to improve performance, manageable risks and a credible path to long-term value creation. Every transaction had to pass the same final test: does this protect members’ capital, compensate them appropriately for the risk and strengthen the fund over time? Qn. Can you disclose what RSSB paid and explain how you determined that it was paying a fair price? Ans. Yes. Transparency is essential because this is members’ money. For Inyange and Ruliba, the valuations were anchored in net asset value. Inyange’s net asset value was approximately Rwf61.2 billion, while Ruliba’s was approximately Rwf40 billion. RSSB acquired the remaining 60 per cent of Inyange and the remaining 50 per cent of Ruliba. For businesses of this nature, net asset value is a meaningful reference because much of their underlying value sits in factories, plant, equipment and productive capacity that is already in place. However, we did not treat the assets as valuable simply because they had been built. We assessed their condition, utilisation, commercial potential and ability to generate future cash flows. Both businesses have recently completed major capital investments, and the full earnings benefit of that capacity is still emerging. For BK General Insurance, the transaction valued the company at approximately Rwf32 billion. The valuation was independently reviewed by our transaction and valuation adviser and assessed against the company’s profitability, capital position, solvency, balance-sheet strength and future earnings. Our objective was never simply to complete three transactions. It was to acquire quality assets at prices that protect members’ capital and leave room for future value creation. Based on the valuation work, the quality of the underlying businesses and the independent scrutiny applied where appropriate, we are satisfied that the prices were fair and commercially sound. Qn. For an ordinary RSSB member contributing part of their salary every month, the obvious question might be: 'Why does my pension fund need to own a dairy processor, a construction-materials manufacturer and insurance companies? How does that improve my financial security?’ So, how did you ensure that these transactions passed the ‘Members First’ test? Ans. I would explain it very simply: a pension fund does not protect your savings by putting them in a vault. It protects them by investing them prudently so that they grow and are available when benefits fall due. Inyange, Ruliba and the insurance companies operate in different sectors, but they share an important characteristic: they provide essential products and services for which there is long-term demand. If they are well governed and professionally managed, they can generate profits, dividends and capital appreciation for RSSB members. Owning businesses in different sectors also helps diversify risk. We are not depending on one company, one industry or one source of return. That diversification matters because RSSB must meet obligations not just this year, but over many decades. Of course, ownership alone does not create value. We invest only when we believe the business is sound, the price is fair, the risks are understood and the expected return is appropriate. The objective is not to collect companies. It is to build a resilient portfolio that protects and grows members’ savings. If these businesses become more efficient, more profitable and more valuable, that value accrues to RSSB. It strengthens the fund from which pensions and other benefits are paid. Qn. How would you explain the direct connection between these acquisitions and the long-term interests of RSSB members? Ans. The connection is straightforward: these are assets in different parts of the real economy, acquired at fair valuations, with the potential to generate sustainable cash flows and grow in value. Greater control allows RSSB to drive stronger governance, improve efficiency, make disciplined capital-allocation decisions and retain a larger share of the value created. When the companies pay dividends or increase in value, the return comes back to RSSB and strengthens its capacity to meet pensions and other member obligations sustainably. There is also a potential second stage of value creation. Once these businesses are stronger, more profitable and ready for the capital markets, RSSB can consider bringing in strategic investors or listing shares on the Rwanda Stock Exchange and potentially the Nairobi Securities Exchange. That could allow ordinary Rwandans and other investors to participate in their future growth, while enabling RSSB to realise part of the value it has created and redeploy capital into new opportunities. But the sequence matters: acquire with discipline, improve the businesses, demonstrate performance and then consider the ownership structure that creates the greatest long-term value for members. Qn. RSSB is expected to generate sustainable financial returns for members, but these investments can also influence food security, industrialisation, financial-sector development and employment. How do you balance those responsibilities? And would RSSB ever accept a lower financial return because an investment has particularly significant socio-economic impact? Ans. We begin with our fiduciary responsibility. RSSB must protect members’ capital, earn competitive risk-adjusted returns and remain able to meet both today’s benefits and tomorrow’s liabilities. Socio-economic impact is important, but it cannot be used to make a weak investment look acceptable. The good news is that, in many cases, returns and national development reinforce each other. A productive investment can create decent jobs, deepen financial inclusion, strengthen local supply chains, reduce dependence on imports and build export capacity – all while earning an attractive commercial return. Inyange, Ruliba and the insurance platform are good examples of that alignment. This matters because RSSB members do not live in isolation from the economy. Their long-term security is stronger in an economy that creates productive employment, competitive businesses and wider opportunities to save and invest. Our role is to identify situations where members can benefit both as owners of the capital and as participants in a stronger economy. Would we accept a lower return simply because an investment has a compelling social story? As a general rule, no. Any investment must still be consistent with our liabilities, investment policy, risk appetite and required return for that type of asset. If a project has exceptional public value but cannot meet the fund’s commercial requirements, it should not be presented as an ordinary investment. Nevertheless, RSSB does separately support initiatives with significant social impact where our mandate and governance framework allow it. These include healthcare workforce development under the 4x4 programme, public school infrastructure, support for vulnerable groups, scholarships for medical specialists, equipment for public health facilities, and investment in sport and sports infrastructure. Those interventions are important, but we should be clear about what is a commercial investment and what is a social-impact commitment. So, the principle is firm: we pursue socio-economic impact alongside sound returns, not in place of them. Qn. RSSB's assets have more than doubled over roughly five years, while annual investment returns reached around Rwf437 billion in 2026. That creates a high benchmark for new investments. Juxtaposed against an already strong RSSB portfolio, what return must these new acquisitions deliver, and over what period should members judge whether these acquisitions were successful? Ans. They will be held to the same investment discipline as every other asset we manage, but it would be misleading to expect every investment to produce the same return every year. A government bond, a manufacturing company and an insurer have different risk, liquidity and cash-flow characteristics. The right comparison is the return each asset generates relative to its risk and to the realistic alternatives available to us – not simply whether it matches the headline return of the entire portfolio in a particular year. Our expectation is clear: each company must generate a competitive risk-adjusted return, improve its operating performance and contribute to sustainable long-term value for members. We want all three businesses to rank among the strongest performers in their respective sectors, while supporting our ambition to maintain double-digit returns across the overall portfolio over the next five years. Members should judge the acquisitions in stages. Over the first 12-24 months, they should look for stronger governance, higher capacity utilisation, better operating efficiency, improved products and service, and disciplined execution of the insurance consolidation. Over three to five years, the test becomes financial: growth in earnings and cash flow, sustainable dividends, stronger returns on capital and a meaningful increase in the value of the companies. These are long-term investments, but long-term does not mean unaccountable. We expect measurable progress from the beginning. Qn. Let’s be a bit more specific on Inyange. You described the company as a business with a strong market position and robust growth. If it is already performing strongly, what is the next level RSSB believes can be unlocked and what exactly do you intend to change there? Ans. There is still a great deal to unlock at Inyange. The first opportunity is straightforward: invest in new production lines to produce more of the products that are regularly sold out in the local market. When demand is clearly present, improving availability is one of the fastest ways to create value for consumers and the company. The larger opportunity is to make far better use of the capacity that has already been installed. That means raising utilisation at the milk powder plant, developing more value-added products, using technology to improve productivity and quality, strengthening distribution, and growing both domestic and export sales. But the factory cannot grow sustainably without the value chain growing with it. As international demand for milk powder increases, Rwanda will need more high-quality milk, supplied consistently and at competitive cost. That requires closer work with farmers, cooperatives, milk-collection centres and other partners to improve productivity, quality, cold-chain capacity and reliable off-take. We will also explore partnerships with experienced multinational operators that can bring technical capability, product-development expertise and access to new markets. Any partnership must be commercially balanced and create clear value for Inyange and RSSB members. Our ambition is to build Inyange into a highly competitive regional food and beverage business. A future listing on the Rwanda Stock Exchange and potentially the Nairobi Securities Exchange is part of that ambition, but performance and readiness must come first. Qn. Inyange's importance extends well beyond the factory, because thousands of farmers and suppliers depend on its value chain. What practical changes should a dairy farmer or horticulture producer expect from a larger, more ambitious Inyange? Ans. Farmers and suppliers are not on the edge of Inyange’s growth strategy; they are at its centre. A larger processor needs a larger, more reliable and higher-quality supply base. As utilisation at the milk powder plant increases, farmers should see greater and more consistent demand for quality milk. Over time, that can create more predictable off-take and a more dependable route to market. It also strengthens the commercial case for investing upstream – in farmer productivity, animal health, milk collection, cold storage, quality testing and faster, more transparent payment systems. The same principle applies to horticulture and other locally sourced inputs. Inyange will source locally wherever the quality, reliability and economics are competitive, while working with suppliers to help more of them meet those standards. I do not want to promise that every change will happen immediately or that growth removes the need for high standards. Farmers will be expected to meet demanding requirements on quality and consistency. In return, Inyange should be a serious, reliable and predictable commercial partner. The management and board will determine the detailed priorities and sequence, but the direction is clear: Inyange’s growth must be built with farmers, not simply on farmers. Qn. And for consumers buying these products, does greater profitability risk translating into higher prices? And, in the case of insurance, should BKGI and SONARWA customers expect consolidation to translate into lower premiums, new products or better services? Ans. Profitability and affordability are not opposites. The healthiest profit comes from serving more customers better and operating more efficiently – not simply from charging more. At Inyange and Ruliba, the companies have already invested in significant new production capacity. As utilisation rises, fixed costs can be spread over more units. Better procurement, stronger distribution, less waste and more efficient operations can further reduce unit costs. Those gains should help the businesses offer more reliable supply, better quality and competitive prices while still earning an appropriate return. In insurance, consolidation creates a similar opportunity. Shared technology and corporate functions, broader distribution, stronger data, improved product design and greater scale can reduce duplication and improve customer experience. Policyholders should expect easier access, faster claims handling, more relevant products and a stronger insurer standing behind the promise it has made to them. It is, of course, too early, and would be irresponsible to promise blanket price or premium reductions. Prices must reflect input costs and, in insurance, the risk being covered. But customers of all three businesses should expect a better overall value proposition: competitive pricing, better products, more reliable service and a stronger institution behind them. Qn. Ruliba is synonymous with construction materials. And, as you stated, the company has just completed a second manufacturing plant, doubling its initial production capacity. How significant is that expansion and is the domestic market large enough to absorb the additional production, or, in your view, is this new capacity fundamentally tied to regional exports? And could greater domestic production help reduce dependence on imported construction materials? Ans. It is a major expansion. Ruliba is already known for high-quality clay construction products, and the second plant at Rugende (in Gasabo District) was built in response to demand that was growing faster than available supply. This has taken the company’s combined annual capacity from roughly 62,000 tonnes to more than 126,000 tonnes, and, yes, that does more than double the potential production volume. And so, it creates meaningful operating leverage: as utilisation increases, fixed costs are spread across a much larger output base, which should improve efficiency, competitiveness and profitability. The domestic market remains important. Rwanda has continuing demand from housing, commercial development and infrastructure, and reliable local production can substitute for some imported construction materials. That supports local industry, shortens supply chains and reduces exposure to international freight and foreign-exchange costs. At the same time, the plant should not be limited by the size of one market. Regional exports are an important part of the growth case, particularly where Ruliba can compete on quality, price and dependable delivery. So, the strategy is not domestic demand or exports; it is to build a strong domestic base, utilise the new capacity efficiently and develop regional markets in a disciplined way. Qn. And could all this translate into more competitive prices for construction materials for developers and ordinary families building homes? How do you balance profitability with the wider economic benefit of affordable, locally produced building materials? Ans. Construction costs are shaped by many factors: financing, land, labour, transport, taxes and the overall mix of materials used. Most of those factors sit outside Ruliba’s control. So, I would be cautious about claiming that one factory expansion will materially reduce the total cost of building a home. What Ruliba can control is the quality, availability and cost competitiveness of its own products. A larger and more efficient company, spreading fixed costs across almost twice the production volume, should be better positioned to offer dependable local supply at competitive prices. For me, the balance between profitability and affordability is not complicated. If Ruliba can produce a high-quality product efficiently, price it competitively and deliver it reliably, demand and market share should grow. That creates value for customers and improves the company’s financial performance. The goal is not the highest possible price per brick. It is the strongest sustainable business: one that earns an appropriate return by giving customers compelling value. Qn. Let’s turn to insurance. RSSB already owns SONARWA General Insurance and SONARWA Life Assurance, and has now acquired BK General Insurance. What is the end-state you are trying to create? Ans. I believe combining these businesses could help reduce costs. But the ambition goes beyond that. We want to build a Rwandan insurance champion with the scale, capital, expertise and technology to compete at a much higher level. Insurance is fundamentally a promise to pay when something goes wrong. The strength of that promise depends on capital, underwriting discipline, risk management, expertise and trust. A larger and better-capitalised group can invest more effectively in technology and specialised talent, diversify its portfolio, broaden distribution and develop products for customers who remain underserved. It can also underwrite larger and more complex risks. As the country develops major projects in infrastructure, energy, aviation, manufacturing and construction, a stronger domestic insurer should be able to participate more meaningfully in those risks and retain more value in the country while still using reinsurance prudently where the scale or complexity of the exposure requires it. The end-state is a group with an efficient general-insurance arm, a strong life-insurance business, shared capabilities where that makes sense, and clear accountability for underwriting quality, customer service and returns on capital. Our immediate priority is to build a local champion, alone or ideally with a regional strategic partner. Over the medium to long term, the ambition is to compete regionally and, when the business is ready, consider a listing on the Rwanda Stock Exchange and potentially the Nairobi Securities Exchange. Qn. Let’s talk about the employees – the people working in the companies RSSB has just acquired. Whenever ownership changes, employees naturally worry about what comes next. What should the employees at Inyange, Ruliba, BK General Insurance, and, indeed, SONARWA, expect, and what is your message to them? Ans. My first message to employees is that these transactions are a vote of confidence in the businesses and in their potential. RSSB is investing because we believe these companies can grow, and their people are central to that growth. There will be change. It would not be credible to acquire full control, pursue consolidation and then suggest that every structure and way of working will remain exactly the same. We expect transformation across the businesses: clearer accountability, stronger performance management, better technology, more efficient operations and a sharper focus on product quality and customer service. Employees should see opportunity in stronger companies, but also higher expectations. The future we are building will reward professionalism, productivity, innovation, collaboration and a genuine commitment to customers. Qn. In your statement announcing your full acquisition of both Inyange Industries and Ruliba Clays, you spoke of the need for 'stronger governance' and 'disciplined capital allocation'. What will stronger governance look like across these companies in practice, and what must management demonstrate before RSSB commits additional capital to a new factory, technology platform, insurance product or regional expansion? Ans. Stronger governance must be visible in how decisions are made and how performance is managed. It means boards with clear mandates and the right mix of industry, financial, risk and governance expertise. It means management teams working against agreed targets, reliable financial reporting, strong audit and internal controls, transparent procurement, active risk management and timely intervention when performance is off track. Our approach as a shareholder is “nose in, hands off.” RSSB must know what is happening, ask difficult questions and protect members’ capital – but it must not try to run the companies day to day. The shareholder sets the investment objectives, appoints a capable board and approves clearly defined reserved matters. The board approves strategy, oversees performance and risk, appoints and evaluates the CEO, and holds management accountable. Management runs the business. When those lines are clear, accountability becomes much stronger. Disciplined capital allocation means that additional funding is never automatic simply because RSSB owns the company. Management must present a compelling business case: the customer problem being solved, the capital required, expected returns, time to cash flow, funding structure, principal risks and the downside if the assumptions do not hold. We also need evidence that management has the capability to execute and that the proposal is better than other uses of the same capital. Once capital is approved, we will follow up and follow through. Milestones, budgets and returns will be monitored, and management will be accountable for delivering what was approved. Capital is members’ money; every franc must have a clear purpose and a measurable return. Qn. With these major developments, some people will be left wondering if RSSB is getting too involved in running commercial businesses. As a social security institution and an institutional investor, how will you ensure that you do not end up being overloaded trying to run all these companies seeing as your portfolio of significant businesses keeps growing? Ans. That distinction is fundamental: RSSB is an investor, not an operator. We do not process milk, we do not produce construction materials or underwrite insurance policies. Our role as shareholders is to establish the right governance, appoint strong boards, set clear strategic and financial expectations, allocate capital prudently and hold the companies accountable for performance. Day-to-day operations remain the responsibility of professional management teams with the relevant industry expertise. That applies equally to Inyange, Ruliba, BKGI and the future consolidated insurance group. RSSB is not becoming an insurance company; it is the shareholder of professionally managed and independently regulated insurance businesses. Our investment team monitors each company after investment against agreed financial, operational and strategic targets. It focuses on portfolio performance and the quality of governance, not on approving individual sales, running factories or managing claims. As the portfolio grows, the answer is not for RSSB’s CEO or investment team to become more operational. It is for RSSB to become a more capable institutional owner – with stronger portfolio analytics, clearer shareholder mandates, better board appointments, disciplined capital allocation and consistent performance oversight. Qn. You’ve talked about doing business beyond Rwandan borders, how ambitious are your regional expansion plans? Ans. Regional ambition is not a slogan, and expansion is not a measure of success by itself. The starting point is to build exceptionally strong businesses at home. For Inyange and Ruliba, the immediate priority is to use the new productive capacity efficiently, strengthen their domestic market positions and expand exports in markets where they can compete on quality, price and reliability. Over time, distribution partnerships, strategic alliances or direct investment could turn them into genuinely regional businesses. But every move must be supported by real demand, sound economics and the ability to execute. Insurance follows a different path because we are not exporting a physical product. A larger, better-capitalised group can first serve regional corporate clients, participate in cross-border insurance programmes, develop partnerships with insurers and reinsurers in other markets, and then consider direct market entry where the commercial case is compelling. We are not interested in planting flags for prestige. Regional expansion must improve returns, diversify earnings and strengthen the business. If an opportunity does not meet those tests, we will not pursue it. Our ambition is therefore serious but disciplined: build national champions in Rwanda, then use that strength as the foundation for regional scale. Qn. What do you say to people asking ‘why acquire 100 per cent if RSSB may eventually bring in other investors or pursue public listings’? Is the objective to build stronger companies and then subsequently resell at a higher valuation, and will ordinary Rwandans eventually have the opportunity to buy shares in some of these businesses? Ans. Yes, that is one possible path – but it is important to be precise about the objective. We did not acquire 100 per cent simply to resell shares at a higher price. We acquired control because these businesses have reached a stage where faster decisions, stronger accountability and coordinated execution can unlock more value. Full ownership gives us the ability to strengthen governance, improve efficiency and profitability, allocate capital with discipline and prepare the companies for their next phase. It also gives us flexibility over what comes after that. A strategic investor may bring sector expertise, technology, distribution or access to new markets. Institutional investors may provide long-term capital. A public listing can broaden ownership, improve market discipline and allow Rwandans to participate directly in the growth of important national businesses. So yes, our ambition includes potential listings on the Rwanda Stock Exchange and, where appropriate, the Nairobi Securities Exchange. If the companies perform well, RSSB may be able to sell a portion at a higher valuation, realise part of the value created for members and recycle that capital into new investments – while retaining an interest in their future growth where that remains attractive. Full ownership is not a trophy. It is a platform for value creation and gives us the freedom to choose the future ownership structure that best serves members. 16. Looking ahead, what do these developments say about RSSB’s future investment strategy? Does this mean that RSSB intends to become a more active owner – taking meaningful positions, and consolidating some key businesses and helping them grow and eventually realising value? And, as RSSB’s asset base continues to grow, will diversification increasingly require investment outside Rwanda as well? Ans. RSSB taking meaningful equity positions – or even owning 100 per cent of a business – is not new. Our portfolio includes companies we have helped turn around and investments we have exited profitably. What is becoming more deliberate is how we exercise ownership and how we recycle capital. As Rwanda’s largest domestic institutional investor, RSSB will continue to play an important role in the economy. In some cases, that may mean providing catalytic capital to a sector, consolidating fragmented businesses, or acquiring a company that can be strengthened under better governance. But our development role does not dilute our investment discipline. The purpose is to create a stronger asset, earn an appropriate return and, when the time is right, realise value through a strategic sale, a partial divestment or a public listing. We will be active where active ownership can genuinely change the outcome. We will not seek control where it adds complexity without adding value. On investment outside Rwanda, our decisions will continue to be guided by our Strategic Asset Allocation and regulatory framework. As the portfolio grows, geographic diversification becomes more important. Concentrating a very large pool of members’ savings in one economy creates concentration risk, however strong our confidence in that economy may be. Over time, we therefore expect measured growth in regional and international exposure alongside our domestic portfolio. That evolution will be gradual, disciplined and driven by diversification and return – not by a reduced commitment to Rwanda. In fact, a more resilient and globally diversified RSSB will be better positioned to invest at home through different economic cycles. Qn. These kinds of acquisitions and transactions will shape the expectations of the ordinary Rwandan and RSSB members. What would you say to them? Ans. What they should expect is for these businesses to become stronger, better governed and more capable of serving them. The farmer supplying Inyange should expect a more dependable buyer and, as production grows, greater demand for quality milk. The relationship should become more structured, with clearer standards, more reliable off-take and better systems supporting collection, quality and payment. The Ruliba employee should expect a stronger and more competitive company, with better prospects for investment, skills development and sustainable employment. At the same time, stronger ownership will bring higher expectations for safety, productivity, quality and performance. The New Insurance Group policyholder should expect the financial strength of a larger group, improved service, more efficient claims handling and products that respond better to customers’ needs. The consumer should expect better availability, consistent quality and stronger value. That does not necessarily mean an immediate reduction in every price, but it should mean more efficient businesses competing harder to earn and retain the customer’s trust. For the RSSB member, the link is financial. Profits, dividends and long-term growth in the value of these companies strengthen the fund and its ability to pay benefits sustainably. Over the next 12-24 months, people should look for practical evidence: higher utilisation and broader product availability at Inyange; rising volumes, dependable delivery and stronger market reach at Ruliba; and a clear, disciplined integration programme in insurance, followed by better digital service, claims experience and product innovation. Across all three, Rwandans should expect stronger boards, clear performance targets and visible operating improvements. Qn. Before we finish, I cannot let you leave without talking about basketball. First, congratulations to you, RSSB and the entire RSSB Tigers organisation on winning the Basketball Africa League championship in the club's inaugural appearance in the competition. Becoming the first Rwandan club to win the BAL was a significant achievement for both the team and Rwandan basketball. Now you have another major assignment ahead, as RSSB Tigers prepare to represent Rwanda and Africa at the FIBA Intercontinental Cup in Beijing later this month. And I wish the team the very best. But what did winning the BAL in your first appearance mean to you personally and to RSSB? Ans. It was an extraordinary honour. RSSB Tigers carried Rwanda’s flag to the top of African club basketball, and to have played even a small part in that journey is a privilege I will carry for the rest of my life. The credit belongs to the players, the coaching and support staff, and the most remarkable fans in the BAL. They believed, they showed up and they turned every game into a home game. Rwanda made history! The victory proved something important: we can compete – and win – at the highest level when talent is matched by preparation, professionalism and belief. The BAL is becoming more competitive every season, but I genuinely believe Kigali can remain a home for major African basketball trophies in the years ahead. Qn. From RSSB Tigers to Inyange, Ruliba and now a larger insurance platform...Is there a connection between what you are trying to demonstrate through the Tigers and what we have discussed throughout this interview: that with the right investment, professional management, governance and ambition, Rwandan institutions and businesses can compete successfully not only at home, but beyond our borders as well? Ans. Absolutely. Over the past six years, our transformation at RSSB has been about building a member-first, data-driven and high-performing organization, an organisation that wins for its members. Sport makes that idea very real. It teaches teamwork, competitiveness, resilience and humility. It teaches you to study failure without being defeated by it, correct mistakes, pay attention to detail and celebrate the success of your teammates. Most importantly, it teaches that talent alone is not enough. You have to prepare, execute and deliver when the moment comes. The Tigers have inspired our staff in a way that is difficult to measure fully but impossible to miss. They have shown what can happen when talented individuals become a real team, accept high standards and commit to one purpose. That is the same spirit we want across RSSB. Whether someone is serving a member through CBHI, pensions, RAMA or EjoHeza, supporting an employer, managing an investment or building one of our businesses, the question is the same: are we ready to do the work, solve the problem and deliver for the member? So yes, there is a common philosophy. Invest with purpose. Put professionals in a position to succeed. Establish clear standards. Work as a team. Compete fairly. And never be afraid to aim beyond what people think is possible for a Rwandan institution. Qn. And, as the Tigers prepare for the Intercontinental Cup, what are your expectations? Ans. We are preparing seriously, and we will give ourselves every chance to compete and win. We respect the level of the competition, but we are not going simply to participate or enjoy the occasion. We are betting on ourselves. Our ambition is to win it all. Qn. Looking ahead in the context of the newly acquired companies and the philosophy behind it, five years from now, what would have to be true for you to look back at the acquisitions of Inyange Industries, Ruliba Clays and BK General Insurance and say: 'These were among the best investment decisions RSSB made for its members'? Ans. Five years from now, I would want to see three things. First, the companies should be materially stronger: more efficient, more profitable, better governed, generating stronger cash flows and competing successfully in larger markets. Second, RSSB should have earned attractive risk-adjusted returns through dividends and capital appreciation. The businesses should be worth substantially more than the capital we invested, and that increase in value should be supported by performance – not simply by hope or a higher market multiple. Third, the value should be visible beyond RSSB’s financial statements. Inyange should be supporting a stronger agricultural value chain and reaching more domestic and export customers. Ruliba should be contributing to Rwanda’s industrial and construction capacity with high-quality, competitive local products. The insurance group should be regional, financially stronger, more innovative, trusted by customers and capable of underwriting more significant risks. Ultimately, the test is simple: did we protect members’ capital, grow it meaningfully and build businesses that are more valuable because RSSB owned them? If the answer is yes –and the evidence is clear – then we will be able to say these were among our best investment decisions. Qn. Finally, with RSSB’s asset base now exceeding Rwf3 trillion and increasingly playing a major role across different sectors of the economy, what kind of institution are you ultimately trying to build over the next decade? Ans. We should begin with what RSSB exists to do. We manage social security for the majority of Rwandans across pensions, medical insurance, community-based health insurance, occupational hazards, maternity benefits and EjoHeza. Our mandate is to collect contributions efficiently, pay benefits reliably and invest members’ funds prudently. Ten years from now, that must still be the first thing people say about RSSB: it is an institution that keeps its promises – fully, reliably and on time. Second, we want to be trusted for the right reasons. Our values – integrity, collaboration, accountability, respect and excellence – are not words on a wall. They are what make a promise about someone’s healthcare or retirement credible. Trust requires clear reporting, decisions we are prepared to explain publicly and service that treats every contributor with respect, because members are the ultimate owners of the money we manage. From an investment perspective, our ambition is to build RSSB into one of Africa’s strongest and most sophisticated long-term institutional investors. As the asset base grows, the portfolio must become better diversified, more resilient and increasingly capable of performing through different economic cycles. We will continue allocating capital to investments that generate attractive risk-adjusted returns, protect members against inflation, produce sustainable cash flows and compound in value over decades. That will require disciplined domestic investment, greater regional and international diversification, stronger portfolio companies, deeper capital markets and an institutional ability to identify, price and manage risk at a world-class level. But scale alone is not the goal. The goal is strength: the strength to meet every liability, withstand shocks, seize long-term opportunities and remain accountable to the people whose money we manage. Ultimately, we are building an institution that can make a promise today to a young Rwandan entering the workforce – and still have the financial strength, investment performance and institutional credibility to honour that promise 30 or 40 years from now.
