Domestic resource mobilisation is one of the ways of enhancing a country’s economic independence. In this respect, Rwanda values the role Diaspora remittances play in national development. Now Rwandans living abroad have an opportunity to invest in secure investment vehicles to safeguard their financial future and all contribute more to national development through a newly established unit trust scheme, RNIT Iterambere Fund, according to Andre Gashugi, the Rwanda National Investment Trust (RNIT) chief executive officer. The Fund that is part of the country’s financial system seeks to promote, stimulate and enhance savings from all income earners, including the Rwandan Diaspora across the world. Gashugi said the Fund guarantees Rwandan Diaspora a good return on investment. “The RNIT Iterambere Fund is open for investment to Rwandans, including Diaspora, EAC nationals and international investors within the permissible legal framework of Rwanda,” he said. He added that the Fund managers are conducting a public awareness and education campaign about this opportunity through various channels, including social media. Gashugi said some Rwandans living abroad, particularly those who were in the country during the Initial Public Offer, have already invested in the Fund. “We call upon the Diaspora community to consider RNIT Iterambere Fund as an investment vehicle of choice that will also enable Rwandans living abroad and their children to continually connect with their homeland,” he said. He explained that while one can invest on own, there is also an additional facility that allows people to have a joint holding, “where the relative in Rwanda could be the first holder who gets annual income and the Diaspora person can be a joint holder” continuing to own the holdings. “Furthermore, since the Fund is for long-term wealth creation, it has put in place the Systematic Investment Plan (SIP) which allows investors to consistently build their wealth by investing a fixed sum on a given date each month through issuance of a bank standing order. The facility is especially attractive for Rwandan Diaspora with accounts in local banks as there is no additional cost of transfer,” he said. In order to invest in RNIT Iterambere Fund, one needs to duly fill-in and sign an application form (available on www.rnit.rw), scan it and send it to iterambere.fund@rnit.rw along with a supporting document of a bank transfer to the custodial account no. 1000033185 for RNIT Iterambere Fund held at National Bank of Rwanda (SWIFT code BNRWRWRW). Gashugi said investors living abroad are sent their statements of account on email on a monthly basis by the Fund managers to enable them consistently monitor their investment portfolio. He said, “The return on investment will be distributed to unit holders by way of bank transfer and income distribution will be in Rwanda Francs. This is particularly beneficial for Diaspora with beneficiaries in Rwanda as they can support their people through this Fund.” Meanwhile, the daily net asset value (NAV) closed at Rwf102.81 per unit on January 20, but increased over the last week, closing at Rwf103 on Friday last week. This translates into an annualised net return of 9.77 per cent.
