The past five days saw Rwanda Social Security Board (RSSB) take full ownership of three major local companies: Inyange Industries, Ruliba Clays and BK General Insurance (BKGI). ALSO READ: THE BIG INTERVIEW: RSSB boss breaks down Inyange, Ruliba, BK General Insurance deals In an exclusive interview with The New Times, RSSB Chief Executive Regis Rugemanshuro said the deals are part of the institution’s new five-year strategy, focused on unlocking more value from existing assets while pursuing sustainable, long-term, risk-adjusted returns for members. Here are the key things to know about the deals: 1. What exactly did RSSB acquire? RSSB acquired the remaining 60 per cent stake in Inyange Industries and 50 per cent in Ruliba Clays, giving it full ownership of both companies. It was already a shareholder in the two businesses and had supported their expansion. It also acquired BKGI for Rwf31.7 billion, taking full ownership of the insurer and adding it to its existing insurance interests, SONARWA General Insurance and SONARWA Life Assurance. The transactions come as RSSB’s assets under management reached Rwf3.9 trillion at the end of June 2026, nearly double the level five years earlier. 2. Why take full ownership? RSSB says full ownership gives it greater control over strategy, capital allocation and performance. Previously, major decisions at Inyange and Ruliba had to take into account the interests of other shareholders. Now, RSSB can make strategic decisions more directly while leaving daily operations to professional management teams. The fund can also bring in strategic investors with technology, technical expertise, distribution networks or access to regional markets. It could eventually list shares in some of the companies. “The point is not that RSSB must remain the sole owner forever,” Rugemanshuro said. “The point is that we now have the control needed to strengthen these businesses, create value and choose the right partners.” ALSO READ: RSSB acquires BK General Insurance for Rwf32bn 3. How much are the deals worth? RSSB says the transactions underwent financial and valuation assessments to determine whether they offered value for members’ money. Inyange’s net asset value was estimated at Rwf61.2 billion, while Ruliba’s stood at about Rwf40 billion. Before the transaction, RSSB held a 40 per cent stake in Inyange Industries and 50 per cent in Ruliba Clays. For BKGI, the transaction value was approximately Rwf32 billion, with the valuation independently reviewed by a Big Four professional-services firm. The assessments also considered earnings potential, asset utilisation, risks and future growth prospects. 4. What is in it for RSSB members? The acquisitions are ultimately about how members’ contributions are invested and grown. Rugemanshuro said RSSB is not acquiring companies simply to expand its portfolio. The businesses are expected to generate profits, dividends and long-term capital appreciation while also spreading investment risk across different sectors. “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,” he said. If the companies become more efficient and profitable, their increased value and earnings can strengthen RSSB’s investment portfolio and, in turn, its ability to meet future member obligations. 5. What happens next? The immediate focus is on improving performance. At Inyange, RSSB wants to increase utilisation of existing production capacity, develop more products, strengthen the dairy value chain and expand exports. At Ruliba, the priority is to increase utilisation of its new plant and convert additional production capacity into stronger earnings. For the insurance businesses, the focus will be on integration, efficiency, technology and customer service, with regional expansion a longer-term ambition. RSSB could eventually bring in strategic investors or sell part of its stake through listings on the Rwanda Stock Exchange and potentially the Nairobi Securities Exchange. This could allow the fund to realise value created for members and recycle capital into new investments, while opening ownership to other investors. 6. What can customers expect? The intended benefit for consumers is not simply larger companies, but better products and services. At Inyange and Ruliba, increased production and better use of capacity should improve product availability and help keep prices competitive. In insurance, consolidation could reduce duplication, strengthen technology and distribution, and improve claims handling and customer access. “Profitability and affordability are not opposites,” Rugemanshuro said. “The healthiest profit comes from serving more customers better and operating more efficiently, not simply from charging more.” He said insurance customers should ultimately expect easier access, faster claims handling and products that better respond to their needs. 7. What does it mean for employees? RSSB says the acquisitions are a vote of confidence in the businesses and their employees, but staff should also expect changes. These will include clearer accountability, stronger performance management, better technology and more efficient operations, alongside greater emphasis on productivity, innovation and customer service. “There will be change,” Rugemanshuro said, while stressing that stronger companies should also create new opportunities for employees. 8. Why ordinary people should care? Over the next 12 to 24 months, RSSB expects to see higher production and product availability at Inyange, increased output and market reach at Ruliba, and progress in integrating the insurance businesses. Farmers supplying Inyange could see more reliable demand for quality milk, clearer standards and stronger collection and payment systems as production expands. Insurance customers should look for improvements in digital services, claims handling and product innovation. For RSSB members, when these businesses generate sustainable profits, it means dividends and growth in value that strengthen the fund. 9. What is the link between the deals and RSSB Tigers? Rugemanshuro said the success of RSSB Tigers in winning the Basketball Africa League (BAL) reflects the same principles RSSB applies to its investments preparation, professional management, teamwork and high standards. Describing the victory as an “extraordinary honour”, he said the team demonstrated that Rwandan institutions can compete and win at the highest level when talent is matched with professionalism. “The Tigers have inspired our staff,” he said, adding that the same philosophy applies across RSSB: invest with purpose, put professionals in a position to succeed and set clear performance standards. 10. What does RSSB want to become? Rugemanshuro said RSSB’s long-term ambition is to become a stronger and more diversified institution capable of meeting its obligations while generating sustainable returns for members. Its core responsibility will remain providing reliable social security services and investing members’ contributions prudently. But as its asset base grows, RSSB also wants to become one of Africa’s strongest long-term institutional investors, with greater diversification across Rwanda, the region and international markets. The goal, he said, is not scale for its own sake, but an institution strong enough to withstand economic shocks, seize long-term investment opportunities and keep its promises to members.
