L–R: Cyrille Nkontchou, Director-General of Enko Capital, and Regis Rugemanshuro, CEO of RSSB, at the launch of the $30 million Rwanda SME Growth Fund, an initiative aimed at expanding financing for small and medium-sized enterprises.
“It is the first, but only the beginning—so it has to do well,” said Rwanda Social Security Board (RSSB) CEO Regis Rugemanshuro, half-jokingly as he challenged partners while officially launching the Rwanda SME Growth Fund.
Starting with an initial $30 million, the fund is a clear demonstration of the importance the Government of Rwanda places on supporting small and medium-sized enterprises (SMEs). It forms part of what Rugemanshuro described as a broader financing ecosystem aimed at enabling SMEs to scale into national and even international enterprises.
Growing the private sector remains a central pillar of Rwanda’s National Strategy for Transformation (NST2), now in its second phase. The fund is expected to expand to $100 million in the near future through collaboration with additional partners. For that to happen, Rugemanshuro stressed, the first phase must succeed.
Regis Rugemanshuro, CEO of RSSB, speaking at the launch of the $30 million Rwanda SME Growth Fund, where he underscored the need for capital to help SMEs scale and drive long-term economic transformation.
“No pressure,” he told RSSB’s partners, before adding with a smile, “on second thought, there is some pressure.”
For the fund to grow within the desired timeframe, its initial success will be key to attracting more investors. RSSB has already secured some partners, including Africa FSB and Enko Capital, both of which formalised their participation by signing agreements at the launch.
Highlighting the significance of the initiative, Enko Capital Director-General Cyrille Nkontchou said, “This is African capital at work—financing African businesses for African growth.”
Enko Capital Director-General Cyrille Nkontchou speaking at the launch of the $30 million Rwanda SME Growth Fund, highlighted the role of African capital in financing local businesses and driving sustainable growth.
“We are not just launching a fund,” he added. “We are helping to build Rwanda’s next generation of national champions.”
SMEs are widely regarded as the backbone of global economies. They account for about 90% of businesses worldwide and contribute more than 70% of employment, particularly in developing countries, where they generate around half of GDP. Despite this, many SMEs continue to face limited access to reliable financing.
“Rwanda’s SMEs don’t lack ambition,” Nkontchou said. “They lack access to the right kind of capital. This fund marks a shift from short-term lending to long-term, partnership-based capital for SMEs.”
“Our approach is simple: patient capital, in local currency, tailored to real business needs.”
While most SMEs rely on microfinance institutions or banks, the fund positions itself as a third financing avenue.
“We are filling the missing middle between microfinance and traditional banking,” Nkontchou explained.
Rwanda has increasingly established itself as a testing ground for innovative financing models, many of which are later replicated across the continent. The RSSB partnership with financial institutions is expected to be another such model.
“RSSB’s leadership shows how domestic institutional capital can transform local economies. This is a landmark partnership—a pension fund directly backing the real economy,” said Nkontchou. “Together with RSSB, we are setting a new benchmark for pension fund innovation in Africa.”
By aligning policy, capital and execution, he added, Rwanda is helping shape the future of African private equity, which “lies in mobilising domestic capital at scale.”
“It is a blueprint we believe can be replicated across Africa.”
Beyond financing, the fund will also provide strategic support to participating SMEs.
“Capital alone is not enough—capability building is what turns SMEs into scalable businesses,” Nkontchou said. “Our model combines investment with hands-on support to accelerate growth and resilience. We invest not only in companies, but in their ability to succeed.”
Rugemanshuro underscored the long-term vision behind the initiative, expressing confidence that the fund will plant seeds whose impact will be felt decades from now.
When he spoke of results in “twenty, thirty, even a hundred years,” it sounded less like optimism—and more like a plan.
