Rwandans will soon be able to save and invest in RNIT Iterambere Fund from the comfort of their homes or businesses using mobile platforms. The initiative is expected to improve collection and mobilisation of funds as well as deepen access to the saving and investment vehicle.
“We are working with different stakeholders and telecom firms to further ease collection of funds from investors…We are also assessing ways we can use mobile phones to save or invest with the Fund. We will install the system once the assessment is completed,” Andre Gashugi, the Rwanda National Investment Trust (RNIT) chief executive officer, said.
The move targets micro-savers because “we want all Rwandans to benefit from the saving and investment opportunities offered by RNIT Iterambere Fund,” he added. “This will also promote financial inclusion targeting, mainly people with little means.”
Robert Mathu, the Capital Market Authority chief executive officer, noted that the Trust is instrumental in helping retail investors to access financial markets, while mobilising long-term investment funds. “Through RNIT, individual investors also have access to investment advice and do not have to hire their own fund managers since all of them are aggregated and served by the Trust,” he said. RNIT Iterambere Fund, Rwanda’s the first unit trust, was launched in July and it’s currently worth Rwf1.2 billion.
The Fund’s net asset value closed at Rwf104.99 per unit on Friday, a marginal rise from Rwf104.92 on Tuesday.
Justin Hirwa, an investor, said the Fund provides a disciplined, flexible and convenient way of saving and investing. Hirwa added that it is crucial to sustain the culture of saving to ensure the country becomes self-reliant.
Saving is about using the money one has wisely besides setting aside some funds to cater for emergencies or investment, he said.