NBR urges govt to pass insurance and pension bills

Feb 17, 2012

The National Bank of Rwanda (NBR) is calling on the government to pass pending insurance and pension-related bills.

The National Bank of Rwanda (NBR) is calling on the government to pass pending insurance and pension-related bills.

It believes the new regulations will help to restore public confidence in the area, as well as encouraging investment in private pension schemes, the New Times reports.

Speaking to the newspaper, Director of Pensions at Rwanda Social Security Board Emmanuel Kayitare said the new laws will provide guidelines for the registration and operation of private pensions, as well as a monitoring strategy.

Total pension contributions grew from Rwf28 billion (€36 million) in June 2010 to Rwf35 billion a year later - an increase of 27 per cent.

However, Mr Kayitare stated there is currently no set framework for the industry.

"There is potential in private pension schemes and I am optimistic that the bill will bring more investments in the sector," he added.

The Rwandan financial sector, which includes insurance and pensions, looks set to put in a fairly stable performance this year, although the International Monetary Fund has warned the poor state of the global economy could hamper growth.ADNFCR-2976-ID-801294733-ADNFCR