NAIROBI, Kenya, Mar 29 – The Nairobi Stock Exchange has increased the cash prize for the winners of its investment challenge which aims to encourage a savings culture among the youth.
Chief Executive Officer Peter Mwangi on Tuesday said the winning team or individual in the online simulation challenge will each get Sh200,000 up from the Sh120, 000 that was given last year.
In the challenge which was launched in 2009, participants are given Sh2 million as virtual start up capital with the winner being the person or team that makes the soundest investments and have the highest portfolio value.
NIC securities – one of the title sponsors, said their top priority is to inculcate a disciplined regular build up of wealth.
General Manager Allen Mbindyo said they intend to continue investing heavily in the youth who form a core market.
Catherine Gitonga, CEO of Smart Youth Investments, who are also sponsoring the challenge, said Smart Youth aims to increase the quality and quantity of youth involvement in financial literacy through interactive and innovative methods.
She added the challenge will hopefully demystify trading of stocks and Treasury bonds at the NSE amongst the youth
The challenge will run from May till July this year.
The competition targets to reach 100 accredited tertiary institutions around the country which are to be grouped in geographical locations, also to register 4,000 participants as well as reach 7,000 youth through investor forums.
Local musician, Juliani is the brand Ambassador.
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