How to invest in Treasury bonds in Rwanda
From RWF 100,000 you can buy Government of Rwanda bonds that pay interest every six months, taxed at just 5%. Here is how to take part.
The National Bank of Rwanda (BNR) issues Treasury bonds on behalf of the government, usually every month. They are one of the simplest ways for Rwandans to earn a fixed income from a safe borrower, and the low tax rate on bond interest makes them especially attractive. This guide explains how Treasury bonds in Rwanda work, how to invest step by step, how to sell before maturity, and whether bonds make sense when inflation is high.
Rwanda Treasury bonds: key facts
Treasury bonds are issued with terms of 3, 5, 7, 10, 15 and 20 years. The minimum investment is RWF 100,000 for most investors, which puts bonds within reach of many savers. Bids of RWF 50 million or more can be competitive, meaning the investor proposes the rate they want.
Interest, known as the coupon, is paid twice a year, and your capital is returned in full at maturity. Interest on these bonds is taxed at just 5%, which is lower than the tax on many other forms of investment income in the region.
How a Treasury bond pays you
Suppose you invest RWF 1,000,000 in a bond with a coupon of 12% a year. Every six months you receive RWF 60,000 in interest, less 5% tax of RWF 3,000, so RWF 57,000 arrives in your account. Over a year that is RWF 114,000 after tax. At maturity, you receive your RWF 1,000,000 back. This predictable income makes bonds useful for planning future expenses such as school fees.
How to invest in Treasury bonds in Rwanda
1. Open a CSD account. A Central Securities Depository account holds your bonds electronically. Open it through your bank or a licensed broker, using your national ID and bank details.
2. Check the issuance calendar. BNR publishes an issuance calendar and an announcement before each auction, giving the bond's term, the amount on offer and the closing date. Read the announcement on the BNR website.
3. Submit a bidding form. Fill in a bidding form and submit it through your bank or broker before the auction closes. Most individual investors make non-competitive bids, accepting the rate set at the auction.
4. Pay for your bonds. If you are allocated bonds, pay for them by the settlement date. Interest then arrives every six months until maturity.
Selling a bond before maturity
Bonds are listed on the Rwanda Stock Exchange, so you can sell before maturity through a broker at the market price on the day. If interest rates have risen since you bought, your bond may sell for less than you paid; if rates have fallen, it may sell for more. Buying a bond whose term matches your goal avoids having to sell at a bad time. Our guide on how to buy shares on the Rwanda Stock Exchange explains how brokers work.
Is investing in bonds worth it now?
Inflation in Rwanda was 17.2% in September 2026, and BNR has raised its Central Bank Rate to 8.75%. Compare the coupon on a new bond with inflation: when inflation is higher than the bond's interest, the money's buying power falls, even though the bond is safe. Longer bonds lock in today's rate, which can work in your favour if inflation and rates come down later. Follow the latest figures on our money in Rwanda page.
Bonds alongside other savings
Treasury bonds work well as part of a wider plan. Keep an emergency fund in an account you can reach quickly, such as an Umurenge SACCO account, and use voluntary schemes like Ejo Heza for retirement. See our guides to Umurenge SACCOs, Ejo Heza and unit trusts in Rwanda, which let you start with smaller amounts.
Frequently asked questions
What is the minimum to invest in Treasury bonds in Rwanda?
RWF 100,000 for most investors.
How is Treasury bond interest taxed in Rwanda?
Interest on these bonds is taxed at 5%.
How often do Rwanda Treasury bonds pay interest?
Twice a year, with the capital repaid at maturity.
Sources
This article is general information, not financial advice.