Africa-Press – Rwanda. Mobile Money Rwanda Limited (MoMo Rwanda), in partnership with the Rwanda Social Security Board (RSSB), has launched “Iremere Ejo Heza”, a campaign that will enable over six million MoMo users (MoMotima) to automatically save for their pension through the long-term saving scheme Ejo Heza, a voluntary and government-sponsored programme available to all Rwandans.
Anyone working in either the formal or informal sector, whether self-employed or employed by someone else, can join the scheme.
Ejo Heza was created by the Government of Rwanda through the Ministry of Finance in 2017.
Ejo Heza was established by the Government of Rwanda, through the Ministry of Finance, in 2017. It is a defined-contribution scheme created voluntarily by opening a savings account with the scheme administrator, RSSB, and it covers both salaried and non-salaried people.
How does Iremere Ejo Heza work?
Speaking at the event on November 25, Chantal Kagame, CEO of Mobile Money Rwanda Limited, said that Rwandans can save as little as Rwf 100 daily.
“MoMo users automatically contribute to their retirement savings with RSSB, directly from their MoMo wallets. You simply dial 182*5*3#, select ‘Iremere EjoHeza’, choose whether you want to save daily, weekly or monthly, and set your amount. After that, the contribution is automatic — no paperwork, no queues, everything done on your phone.
“Iremere Ejo Heza is important because many Rwandans work hard but don’t have an easy way to plan for retirement, especially those in the informal sector. This service turns small, regular contributions into long-term security. Whether you’re a farmer, moto rider, trader or salaried employee, you can now build a more secure and independent future, using the same MoMo wallet you already use every day. If you have a phone and a MoMo account, Iremere EjoHeza is for you. You can save on behalf of another person if you choose,” explained Kagame.
Chantal Kagame, CEO of Mobile Money Rwanda Limited, speaks during the launch of the “Iremere Ejo Heza” campaign on November 25. Photo by Dan Gatsinzi.
Regis Rugemanshuro, CEO of RSSB, said their main goal is to ensure that at least 90 per cent of Rwandans save through the Ejo Heza scheme, similar to the over 90 per cent who are enrolled in the community-based health insurance (Mutuelle de Santé).
He explained that this target will be achieved by using a system that helps people remember to save regularly through MoMo.
Regis Rugemanshuro, CEO of RSSB, delivers his speech during the launch of the “Iremere Ejo Heza” campaign on November 25.
“Ejo Heza currently has around four million members who save consistently, and we aim to encourage all MTN Mobile Money users, who are about six million, to join the Ejo Heza programme,” he said.
“The scheme provides about a 12 per cent annual interest rate on members’ savings, pointing out that the Ejo Heza funds are invested in Government treasury bonds for them to generate higher returns. So far, members have saved 80 billion,” he added.
According to the law establishing the long-term savings scheme and its organisation, a child below the age of 16 years can also be a beneficiary of a long-term savings scheme account opened by his/her parent or guardian. Any Rwandan citizen with a national ID issued by NIDA and any foreigner residing in Rwanda has the right to voluntarily open an Ejo Heza account.
MoMo users can automatically contribute to their RSSB retirement savings directly from their MoMo wallets.
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