Kigali, 28th April 2026 – The Rwanda Social Security Board (RSSB) alongside Enko Capital, has announced the initial closing of its Rwanda-focused SME Growth Fund, with a commitment of US$30 (RWF equivalent). The Fund, which aims to achieve a final close of US$ 100 million, will be managed by Enko Capital, an alternative asset manager focused on Africa with US$1.6 billion in assets under management (AUM), through its subsidiary in Rwanda.
This Fund is designed to offer long-term, flexible growth capital in local currency to small and medium-sized enterprises (SMEs). SMEs play a crucial role in Rwanda’s economy, representing over 90% to 97% of all businesses, contributing 55% to the GDP, and providing over 60% of total employment. Among SME owners, 68% seek loans, with 46 % borrowing from informal institutions, 22% from formal institutions, and only 10% from banks. Furthermore, 82% of MSMEs’ output is sold within the district of production, while 16% is distributed throughout the country, and merely 2% is exported. The Fund’s objective is to promote growth across various business sectors and to stimulate regional or broader export of goods and services originating from Rwanda.
These SMEs, which include numerous businesses owned by youth and women, play a critical role in driving job creation, supporting enterprise growth, and contributing to broader economic development. However, they face challenges in obtaining financing due to high collateral demands, which can reach up to five times the amount of their borrowing. However, access to appropriately structured, growth-oriented financing remains limited, underscoring the Fund’s investment thesis.
RSSB recognizes that constraints facing SMEs extend beyond access to finance, with underlying structural constraints often limiting their ability to access and effectively deploy capital. Therefore, enhancing the capabilities of SMEs by providing training in corporate governance, product development and diversification, aimed at improving their competitiveness, is key to the success of the Fund. Consequently, the Fund strategy incorporates a Technical Assistance (TA) component to aid businesses both before and after investment.
The TA facility, seeded with US$3 million by RSSB, will be structured as a separate vehicle aligned with the Fund. This structure will leverage the expertise and networks of the Fund team and TA partners, with the objective of strengthening the SME ecosystem. As a leading institutional investor, RSSB is committed to advancing private sector-led economic transformation. The SME Fund is part of a broader strategy that includes pension reforms and efforts to mobilize capital and expand investment to support economic development.
FSD Africa has played a crucial role in the successful structuring and implementation of this strategy, providing support to RSSB throughout this process. Additionally, they are engaged in structuring a potential guarantee facility to the project to promote and mitigate risks associated with SME investments.
Regis Rugemanshuro, Chief Executive Officer at Rwanda Social Security Board said:
Rwanda has set ambitious targets to become a High-Income Nation by 2050. RSSB is fully committed to supporting the realization of this vision by aligning our capital allocation strategies to the key pillars and priority sectors in the Vision 2050 blueprint. With the National Strategy for Transformation (NST2), a five-year government program with a central focus on private sector-led growth currently under implementation, the Rwanda SME Growth Fund is a timely initiative which will support the Economic Transformation Pillar. The SME Fund also presents some significant firsts by a public pension fund in the region cementing RSSB’s innovative position. These include: (i) the first public pension-fund led initiative focused exclusively on SME financing; (ii)the first permanent capital vehicle anchored by a pension fund and (iii)the first time that a pension fund is dedicating a Technical assistance (TA) facility in a fund. Together, the investment capital and Technical Assistance facility address both financing and capability gaps, enabling SMEs for growth and scale.
Alain Nkontchou, Managing Partner of Enko Capital, added:
We at Enko believe that African development will come from African capital which is why the launch of this fund is such a pivotal moment for us. We feel privileged to collaborate with the RSSB to unlock private sector capital for private sector development in Rwanda. Through the SME Growth Fund, Enko demonstrates its commitment to channelling longer tenor and flexible funding to Rwandan businesses for growth and job creation.
Dr Evans Osano, Chief Financial Markets Officer at FSD Africa said:
At FSD Africa, we work to unlock longer-term, risk‑tolerant domestic capital into the real economy to accelerate sustainable economic growth—by enabling SMEs to invest, create jobs and raise productivity. The Rwanda SME Growth Fund is a strong example of this approach in action: it brings domestic institutional capital to the table, offers patient local‑currency financing, and pairs it with technical assistance so that promising businesses can strengthen governance and execution as they scale.
Notes to Editors
Media contacts
- At ENKO Capital, please contact
- At RSSB, please contact, Regis Rugemanshuro on email address, rugemanshuro@rssb.rw
- At FSD Africa, please contact, Kaara Wainaina on email address, kaara@fsdafrica.org
