RIF Structure

RIF Structure

Structure of RNIT Iterambere Fund is as follows : 

As can be seen from the diagram, RNIT Iterambere Fund has been created through a Trust Deed. RNIT Ltd, as an investment management company fully owned by the Government of Rwanda is the Promoter / Investment Manager and has appointed a Trustee comprising of five independent members forming a Board of Trustee.( Dr Joseph Nzabonikuza, DG Special Guarantee Fund, Mr. Eugene HAGUMA, CEO Horizon Group, Mrs. Jacqueline MUGWANEZA, CEO Rwanda Bankers’ Association and Mr. Herbert ASIIMWE, Director of Banking and Non Banking Sector, MINECOFIN, Mrs. Alice MUSANIWABO, Director of Fixed Income Investments, RSSB). 

Trustees represent the unit holders and protect their interest in the Fund.  National Bank of Rwanda (BNR) is the Custodian of the Fund. 

The unit holders invest in the Fund and receive returns net of fees / expenses. The Fund is a pass- through vehicle, which directly invests in approved securities through the capital market. Moreover being open – ended fund it sells and repurchases units on a continuous basis. Unlike a stock exchange, the unit holder does not have to wait for matching of trade by a counterparty as the fund undertakes to create or extinguish units based on the sale or repurchase request.