The Rwanda Social Security Board (RSSB) was a result of the merger of the Caisse Sociale du Rwanda (CSR) which was in charge of pensions, and the RAMA, the health insurance fund. One can possibly say that it is one of the largest government agencies, if not the richest, as it manages a huge portfolio of pensions and health insurance contributions of about half a million people. For decades, CSR had the monopoly of managing pension funds and built itself quite a comfortable kitty that it has invested widely. But all that is about to change with the enactment of the Pension Law that will allow private pension plans. That will mean that RSSB will have to up its game in the face of competition. It could start by speeding up adjustments of pension payments that are not at par with the current cost of living, which many elderly pensioners have been urging for decades. It should also think of how contributors can benefit more from their payments as the money they contribute does not sit idle but is invested. How about giving something back to contributors such as easing access to their money to use as collateral albeit with checks and balances? That way, one will not have to wait until they reach retirement age to get access to their money when they could have done so when they still had the energy and drive to invest it. So if RSSB is to remain relevant in the pension field, it will have to think outside the box it has been living in since colonial times because the new players who will flock the field will come prepared for a bruising battle.
