BK Capital launches retirement plan dubbed Tekana

BK Capital, a leading financial services company in Rwanda, has made a significant stride towards securing the financial future of all Rwandans with the launch of the Tekana Personal Pension Scheme. The new pension scheme aims at promoting long-term financial well-being by providing a flexible and innovative solution to complement existing pension schemes in the country. With contribution rates in Rwanda currently standing at 8%, lower than more developed parts of the world, BK Capital saw an opportunity to increase coverage and encourage more individuals to save towards their retirement. In a recent interview with CNBC Africa, Siongo Kisoso, the Managing Director at BK Capital, highlighted the challenges and benefits of the newly launched pension scheme. Kisoso emphasized that personal pension schemes are relatively new in the market, and creating awareness and helping individuals understand the importance of saving for retirement now is a key challenge. However, he also sees this as an opportunity to educate and engage more people in securing their financial future. When asked about the uniqueness of the Tekana Personal Pension Scheme, Kisoso pointed out the flexibility of the product, which allows individuals and employers to join and benefit from a regulated and managed pension fund. The scheme is managed by an experienced fund management team expected to generate high returns to help members meet their retirement goals. Additionally, the scheme offers digital access through a client portal for easy account management and engagement with customer service teams, providing a superior user experience. Kisoso hinted at upcoming add-on benefits that will further enhance the scheme's offerings and excite potential members. One of the key benefits highlighted by Kisoso is the security and governance of the pension scheme. BK Capital, as the fund manager and administrator, ensures that the investments are managed professionally and transparently. With reputable financial institutions such as Bank of Kigali and BPR Bank as custodian and trustee respectively, along with external auditors for verification, the scheme aims to provide a secure and reliable investment opportunity for individuals looking to save for retirement. Moreover, being a licensed personal pension scheme, all income generated is tax-exempt, further increasing the potential returns for members. In closing, Kisoso expressed his excitement about the project and emphasized the importance of starting a dialogue around retirement savings and long-term financial planning. He encouraged viewers and potential scheme members to see this as the beginning of a journey towards securing a comfortable and prosperous retirement. By increasing pension savings and ensuring the right level of coverage, individuals can avoid financial challenges in retirement and achieve financial freedom. The Tekana Personal Pension Scheme stands as a revolutionary step towards financial security and well-being for all Rwandans.