# Rwanda Social Security Board

Rwanda Social Security Board is a Pension Fund based in Kigali, Rwanda.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Kigali, Rwanda
- **Region:** Africa
- **Address:** KN 3 Road, African Union Boulevard Kiyovu, Nyarugenge
- **Founded:** 2011
- **Assets under management:** RWF 1.4 tn
- **Website:** rssb.rw
- **LinkedIn:** https://www.linkedin.com/company/rwanda-social-security-board

## Regulatory record

- **Reports private funds:** No

## About

The Rwanda Social Security Board was established in 2011 to consolidate social protection functions previously handled by separate entities. It reports to the Ministry of Finance and Economic Planning and collects contributions through the Rwanda Revenue Authority. The board holds a large fixed income book of domestic government securities and corporate bonds that accounts for roughly 62 percent of assets. Real estate forms the second major allocation through direct ownership of projects including Vision City Phase I, Kinyinya Park Estate, and multiple Batsinda and Gahanga residential developments. Equity holdings include positions in BK Group, MTN Rwanda, I&M Bank Rwanda, and Bralirwa on the Rwanda Stock Exchange, plus a 10 percent stake in the exchange itself. The fund also maintains full ownership of Ultimate Developers Ltd and Rwanda Ultimate Golf Course. The board employs no disclosed headcount figure and maintains no additional offices outside Kigali. It participates in the International Social Security Association and the African Securities Exchanges Association. In November 2024 it acted as speaker at the Pension Reform Private Sector Engagement event in Kigali. Governance ties to the Ministry of Finance create a direct mandate link that shapes allocation toward national housing and infrastructure priorities rather than external fund commitments.

## Sectors

- Real Estate
- Financial Services
- Insurance

## People

- Regis Rugemanshuro — Chief Executive Officer
- Philippe Watrin — Chief Investment Officer

## Questions

### Who runs investment decisions at Rwanda Social Security Board?

Philippe Watrin serves as Chief Investment Officer and Deputy Director General in charge of Funds Management.

### Does Rwanda Social Security Board participate in fund commitments or only direct deals?

The board holds a limited partner position in Virunga Africa Fund and maintains direct ownership of real estate projects and operating companies such as Ultimate Developers Ltd.

### What asset classes dominate the Rwanda Social Security Board portfolio?

Fixed income securities represent approximately 62 percent of assets, followed by direct real estate holdings and listed equities on the Rwanda Stock Exchange.

### Which companies does Rwanda Social Security Board own outright?

The board owns 100 percent of Ultimate Developers Ltd and Rwanda Ultimate Golf Course.

### How is Rwanda Social Security Board supervised?

The Ministry of Finance and Economic Planning serves as the supervising authority.

### Does Rwanda Social Security Board maintain positions in listed Rwandan companies?

Yes. Confirmed holdings include stakes in BK Group, MTN Rwanda, I&M Bank Rwanda, and Bralirwa.

### What geographic focus governs Rwanda Social Security Board investments?

All disclosed real estate projects and equity positions are located in Rwanda.

## Related profiles

- [QVT Financial](https://altss.com/profile/qvt-financial)
- [Teralys Capital](https://altss.com/profile/teralys-capital)

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Last updated: 2026-07-08T21:03:56.055Z

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