Great progress and positive policy outlook on Rwanda’s EjoHeza micro-pension scheme


pinBox co-founder Parul Seth Khanna met with Dr. Ndagijimana Uzziel, Rwanda’s Honorable Finance Minister, on the side-lines of the AFI-GPF 2019 at Kigali to discuss the progress and his outlook on EjoHeza. A nine-member team from pinBox and Mastercard had worked with Rwanda’s Finance Ministry and AFR to help design, build and rollout this government-sponsored digital micro-pension scheme. EjoHeza is based on national-ID linked, digital individual accounts. It provides attractive fiscal incentives including matching co-contributions and free term insurance cover for the first 3 years to motivate voluntary participation and persistency. A citizen can use a simple feature phone and a USSD facility to easily open a portable pension account within 2 minutes. EjoHeza is being administered by the Rwanda Social Security Board (RSSB). We were delighted to know from the Honourable Finance Minister that over 180,000 citizens have voluntarily opened EjoHeza accounts and have contributed roughly Rwf 500 million for their retirement within the first 8 months of the Scheme’s launch.

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