The Rwanda Social Security Board (RSSB) has acquired all the remaining shares in Inyange Industries, Ruliba Clays and BK General Insurance, giving the institution full ownership of the three companies.
The companies operate in important sectors of Rwanda’s economy, including food processing, construction materials and insurance. RSSB says the acquisitions are part of its strategy to invest members’ funds in businesses capable of generating sustainable returns while increasing the value of its assets.
The institution also expects the investments to diversify its portfolio and reduce risks associated with depending heavily on a single sector.
Speaking to IGIHE, RSSB Chief Executive Officer Regis Rugemanshuro said the acquisitions offer significant long-term benefits because the three companies are already operating successfully and generating profits.
Inyange Industries Valued at Rwf 61.2 Billion
Inyange Industries has been processing agricultural and livestock products in Rwanda for many years, particularly milk and other food products.
RSSB already held shares in the company before acquiring the remaining shares and taking full ownership of its industrial operations.
The company’s production capacity has grown considerably over the years. Its powdered milk plant in Nyagatare District has the capacity to process 650,000 litres of milk per day.
The factory also provides dairy farmers with a stable market for their milk, which is collected and processed into products such as fresh milk, yogurt, juices and other food products.
According to RSSB figures, Inyange’s revenues have increased significantly. The company generated nearly Rwf 28 billion in revenue in 2021, while revenues reached Rwf 68.9 billion in 2025.
In 2025, Inyange Industries recorded a profit of Rwf 1.35 billion after taxes and other expenses.
Rugemanshuro said the company was valued at Rwf 61.2 billion last year, making it the most valuable of the three companies recently brought under full RSSB ownership.
RSSB says it plans to further increase Inyange’s production capacity, promote value addition and explore opportunities to expand its products into international markets.
Ruliba Clays Doubles Production Capacity
Ruliba Clays, another company now fully owned by RSSB, operates in the construction sector, producing materials such as bricks and roofing tiles.
The company previously operated a factory in Kigali Sector in Nyarugenge District. To respond to growing demand, it established another factory in Rugende, Gasabo District.
The expansion has significantly increased Ruliba Clays’ production capacity, from approximately 62,000 tonnes of materials per year to more than 126,000 tonnes annually.
The increased production is expected to help address shortages of construction materials in Rwanda while creating opportunities to access foreign markets.
Ruliba Clays recorded a profit of Rwf 787 million in 2020, followed by Rwf 731 million in 2021, Rwf 712 million in 2022, Rwf 749 million in 2023, and Rwf 474 million in 2024.
Rugemanshuro said Ruliba Clays is valued at approximately Rwf 40 billion. RSSB says full ownership will allow it to strengthen the company’s management, increase production and improve its competitiveness in the market.
BK General Insurance makes a profit.
BK General Insurance Profit Rises to Rwf 4.7 Billion
In the insurance sector, RSSB acquired all the shares previously held by Bank of Kigali Group in BK General Insurance, giving it full control of the company.
BK General Insurance is one of Rwanda’s major general insurance companies, offering services including motor vehicle, property and travel insurance, as well as other business-related insurance products.
RSSB figures show that the company has continued to increase its profitability.
BK General Insurance made a profit of Rwf 2.7 billion in 2021, while its profit increased to Rwf 4.7 billion in 2025.
The company’s assets also grew, reaching a value of Rwf 32 billion last year.
RSSB says it intends to strengthen the insurance business by promoting quality services, greater use of technology and competitiveness in regional markets.
The institution also plans to combine the strengths of its insurance companies, including BK General Insurance and SONARWA, with the long-term goal of creating a stronger insurance business capable of expanding its operations.
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RSSB Sees LongTerm Value in the Investments
RSSB says the acquisitions are not simply aimed at owning commercial companies but are intended to increase the value of funds belonging to its members.
Rugemanshuro said RSSB must invest in businesses with the potential to grow, generate profits and deliver sustainable returns. “If the companies continue to perform better, generate more profits and increase their value, that value will contribute to increasing RSSB’s assets. This will enable the institution to have greater capacity to pay pensions and other benefits provided to its members.”
RSSB says its long-term objective is to develop strong companies with effective governance that can attract new partners and eventually expand into international markets.
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RSSB Assets Reach Rwf 3.9 Trillion
The acquisitions come as RSSB continues to grow its overall asset base.
During the 2025/2026 financial year, which ended in June 2026, RSSB’s assets reached Rwf 3.9 trillion.
Its profit reached Rwf 438 billion, compared with Rwf 401 million in the 2024/2025 financial year, according to the figures provided.
For RSSB, the success of the latest acquisitions will ultimately depend not only on owning the three companies but also on their ability to expand, generate sustainable profits and increase their value for the benefit of the institution and its members.
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