Rwanda Social Security Board (RSSB)
Company Overview
The Rwanda Social Security Board (RSSB) is a central governmental body established to administer and promote social security services within Rwanda. Formed by the merging of the Social Security Fund of Rwanda (SSFR) and the Rwanda Health Insurance Fund (RAMA) as per law No.45/2010, and amended by law No.04/2015, RSSB is headquartered in Kigali. The organization strives to ensure high-quality service in its role as the largest investment fund in Rwanda, focusing on pension schemes, medical insurance, and social welfare.
RSSB manages several social security schemes, including pensions, occupational hazards insurance, maternity leave benefits, and health insurance. The board is also responsible for long-term saving schemes and plays a vital role in investment activities both nationally and internationally.
Vision and Mission
- Vision: To build a comprehensive social security system that meets members' needs effectively.
- Mission: To act as a member-first, data-driven entity prioritizing the interests of its members through strategic planning and decision-making.
Corporate Values
RSSB's operations are governed by core strategic values such as Integrity, Collaboration, Accountability, Respect, and Excellence.
Key Responsibilities
RSSB is tasked with managing and promoting various social security schemes, registering participants, collecting contributions, conducting compliance audits, processing benefit payouts, and investing strategically to enhance the financial security of members. The board actively contributes to social security policy development and collaborates with regional and international partners.
Recent Developments
In 2024, RSSB plans significant investments, focusing on long-term saving opportunities targeting the informal sector—addressing challenges unique to this demographic.
Leadership
- Regis Rugemanshuro - Chief Executive Officer: Leading RSSB's strategic vision with a focus on enhancing health coverage and social security administration. Regis holds an MBA and PMP certification, previously serving as Chief Digital Officer.
- Louise Kanyonga - Deputy Chief Executive Officer: Contributes expertise from her tenure as Chief Strategy & Compliance Officer, driving initiatives like the BK Capital Personal Pension Scheme since August 2022.
- Dr. Regis Hitimana - Chief Benefits Officer: Oversees various benefit schemes with a background in health economics and national health policy, participating in gender inclusivity discussions across sectors.
- Philippe Watrin - Chief Investment Officer: Directs investment initiatives with education from the Ecole Centrale de Marseille, focusing on ESG investments.
Contact Information
- Address: KN 3 Rd African Union Boulevard, Kiyovu, Nyarugenge, P.O Box 250/6655 Kigali-Rwanda
- Phone: 4044 Toll Free Line, 5006 EjoHeza
- Email: info@rssb.rw
Online resources include employee applications, contribution simulations, and social security clearance certificates.
Pension and Investment Initiatives
RSSB oversees a public pension fund with assets valued at approximately $1,276,850,000, and a membership base of roughly 5 million individuals. The board offers defined benefit pensions covering old age, invalidity, and survivor benefits, positioning itself as the manager of Rwanda's largest public pension fund among 50 other smaller private funds.
Competitor Landscape
- Britam Rwanda: Provides insurance products focusing on sustainability and community impact through its foundation.
- Old Mutual Rwanda: Offers personal and corporate insurance solutions with an emphasis on motor and travel coverage.
- BK Insurance: Innovates through customer-centric solutions, supported by technological enhancements, founded by the Bank of Kigali.
- MUA Insurance Rwanda: Operates across African markets offering short and long-term insurance, expanding its reach with a focus on digital innovation.
- Radiant Insurance: Known for rapid growth and emphasis on innovation and customer satisfaction, operating since 2012 in Kigali.
Strategic Insights
RSSB's dual role as a social security provider and a substantial investment fund solidifies its competitive edge in Rwanda. It leverages a high dependency ratio and innovative investment schemes to maintain market leadership against competitors like Britam and MUA Insurance. Through strategic diversification into investment and pension schemes and leveraging its public institutional status, RSSB aims to exploit emerging opportunities in Rwanda's formal and informal sectors.
