The fund, named the Rwanda SME Growth Fund, is a joint initiative between the Rwanda Social Security Board (RSSB) and Enko Capital. It was officially unveiled in Kigali on April 27, 2026, following the signing of a partnership agreement between the two institutions.
Under this arrangement, RSSB will provide the capital, while Enko Capital will be responsible for evaluating investment proposals and managing the fund’s portfolio.
The fund begins with an initial capital of $30 million (over Rwf 43 billion), with plans to expand to $100 million in the coming years. In addition to this investment, RSSB has set aside an extra Rwf 3 billion to support operational activities, including deploying skilled professionals to assist companies receiving funding.
This additional support is intended to help businesses address capacity gaps—for instance, by enabling them to recruit essential staff needed during expansion phases.
Unlike traditional financing mechanisms, the Rwanda SME Growth Fund will not offer grants or loans. Instead, it will take equity stakes in eligible businesses. Companies with viable and scalable projects will receive capital in exchange for a shareholding structure, where part of the ownership is transferred to the fund for a defined period of between five and ten years.
The Director General of RSSB, Rugemanshuro Regis, said the fund is designed to accelerate the growth of private SMEs. He noted that RSSB is also seeking additional partners to help raise the fund’s total value to $100 million.
He explained that many local industries operate below capacity, often between 40% and 50%, despite producing goods in high demand. He attributed this to the high cost and limited accessibility of bank loans, which the fund aims to address.
According to him, many entrepreneurs lack sufficient collateral to meet bank requirements, making it difficult to secure financing. As a result, businesses remain under-capitalized, limiting their production capacity and contributing to increased imports.
Businesses seeking funding will be required to submit detailed information about their operations and investment needs to Enko Capital.
Each company will be eligible to receive between $500,000 and $5 million from the fund.
RSSB indicated that after a period of five to ten years, the fund will exit its investment by selling its shares either back to the company or to other investors, depending on the growth achieved.
Co-Founder and Managing Partner at Enko Capital, Cyrille Nkontichou, emphasized that access to affordable capital remains a major challenge for SMEs, particularly due to high borrowing costs and strict lending conditions.
He noted that many SMEs lack collateral and require longer repayment periods, which often do not align with the terms offered by financial institutions. In this context, the
Rwanda SME Growth Fund presents a more flexible and sustainable financing solution.
Nkontichou added that Enko Capital already operates in several African countries, managing assets worth approximately $1.7 billion. He described the firm’s expansion into Rwanda as a strategic opportunity, not only to implement this fund but also to tap into the country’s growing investment landscape.
According to the Ministry of Trade and Industry, SMEs account for 98% of all businesses in Rwanda and employ around 2.5 million people, highlighting their critical role in the country’s economy.
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