Unit Trusts in Rwanda: RNIT Iterambere Fund and Others

Collective investment schemes, often called unit trusts, pool money from many investors and invest it in assets such as government bonds, Treasury bills, bank deposits and shares. Each investor owns units, and the value of those units rises as the investments earn income. In Rwanda they offer an accessible way to invest in the capital market with small amounts. This guide explains how unit trusts in Rwanda work, including the RNIT Iterambere Fund, how returns are earned, how they are regulated and what to compare.

The RNIT Iterambere Fund

The best-known example is the Iterambere Fund, run by the Rwanda National Investment Trust (RNIT), a government-established fund manager. It was set up to help Rwandans, including those with modest incomes, save and invest. The fund invests mainly in government securities and other fixed-income assets, and it accepts small regular contributions, which makes it suitable for building savings over time. Several private fund managers also run unit trusts in Rwanda, some in Rwandan francs and some in dollars.

How a unit trust works

When you invest, you buy units at the current price. The fund manager invests the pooled money according to the fund's objective, and income from the investments is added to the fund. As the fund grows, so does the value of each unit. When you need your money, you sell units back at the current price. This lets small investors own a share of a diversified portfolio of government bonds and other assets that they could not easily buy on their own.

How returns work

A fund's return comes from the interest and other income its investments earn, minus its fees. The unit price or the yield the manager publishes reflects this. Returns are not guaranteed, and past performance does not promise future results, but funds that invest in government securities tend to be relatively steady. Check how often prices are published and how the fund's return has compared with Treasury bond rates over time.

Safety and regulation

Collective investment schemes in Rwanda are supervised by the Capital Market Authority (CMA). A licensed scheme must keep investors' assets with an independent custodian or trustee, separate from the manager's own money. Before investing in any fund, confirm it is licensed by the CMA and read its prospectus or key facts, which explain what it invests in, the fees and how withdrawals work.

What to compare between funds

Compare the fees, the minimum to start and to top up, how quickly you can withdraw, whether you can pay in by mobile money, and the fund's track record. Think about what the money is for: a fund focused on government bonds suits medium-term goals, while money you may need tomorrow is better in a savings account or SACCO. For a long-term, government-backed savings plan with incentives, see our guide to Ejo Heza, and for direct bond investing, investing in Treasury bonds.

Unit trusts and inflation

With inflation in Rwanda high in 2026, it is important to compare a fund's return with the rate at which prices are rising. A fund that earns less than inflation still loses buying power, even though your balance grows. Funds holding longer-term government bonds may lock in higher yields, but their prices can also move when interest rates change.

Unit trusts or shares?

Unit trusts focused on government securities are generally less risky than individual shares. Investors who want higher long-term growth and can accept more risk can also buy shares; see how to buy shares on the Rwanda Stock Exchange. Many people hold both, alongside an emergency fund in an Umurenge SACCO. Our savings calculator shows how regular contributions could grow.

Frequently asked questions

What is the RNIT Iterambere Fund?

A unit trust run by the Rwanda National Investment Trust that invests mainly in government securities and accepts small regular contributions.

Unit trusts in Rwanda: RNIT Iterambere Fund and others