Rwanda Social Security Board

Long-term savings scheme EjoHeza: Rwanda’s innovative approach for pension coverage extension

Implementation year

EjoHeza is a voluntary digital pension fund managed as a defined contribution system, officially launched by Government of Rwanda on 14 December 2018, with the objective to increase coverage. All Rwandan residents including foreigners with a national identity number have the right to register, save to the scheme and benefit at the age of 55 years.

To encourage the community to enroll and save in EjoHeza, the Government reserved incentives to top-up members’ contributions, life insurance and tax incentives. Other motivation is that members can use a percentage of their savings as collateral for bank loans and can withdraw part of their contributions for education and housing.

All contributions to EjoHeza flow to an EjoHeza “pooling account” in the custodian bank for reconciliation, and only reconciled savings are invested by the Rwanda National Investment Trust, a government owned investment manager.

Within a period of one year, since EjoHeza launch, 317,595 members have subscribed with a total of savings of over 1.3 billion Rwandan francs (RWF) in the scheme and this number is expected to grow significantly over the next years.

Extension of coverage