As part of its strategy of empowering the youth through financial literacy, the Capital Markets Authority (CMA) has launched the Capital Markets University Challenge 2018. The inter-varsity competition primarily seeks to promote capital market knowledge and will take place from 25 September to 31 December 2018.
The Challenge will see 6,015 university students drawn from 37 participating local universities compete for the grand prize. The grand prize includes a Kshs150,000 portfolio of listed securities of their choice. Additionally, the three overall winners will participate in a fully-paid educational trip to a competitive Securities Exchange and a capital markets regulator in a country within the African continent for a period of 3 days. The university that produces the grand prize winner will also receive capital market-related textbooks worth Kshs 75,000 for its library.
‘The Capital Markets University Challenge 2018 is one of several initiatives designed to advance the Authority’s strategic priority of enhancing awareness and delivery of capital markets education among the youth as outlined in the recently launched CMA Strategic Plan 2018-2023.’ CMA Chief Executive, Mr. Paul Muthaura said. He added that it will also support economic transformation as envisaged in the 10-year Capital Market Master Plan, 2014-2023.
The ‘Challenge’ is a timely response to findings of Authority’s recent studies on Low Uptake of Capital Markets Products and the Capital Markets Investor Behavioural and Situational Analysis respectively. ‘It will demystify the sustainable long-term nature of capital market investments in the face of competition from other investment and quick-return instruments which are redirecting the savings of the youth.’ Mr. Njoroge Kamunyu, Manager Investor Education and Public Awareness noted.
The ‘Challenge’ is anticipated to achieve stronger and more measurable results in improving uptake of capital markets products by the youth. The competition which leverages technology will take place in five stages. The ‘Challenge’ comes ahead of the World Investor Week 2018, taking place 1-7 October 2018, which seeks to promote financial literacy and capability globally. The Authority conducted similar competitions in 2008, 2014 and 2015 respectively.