Young people should be at the forefront of promoting a savings culture in the country, Eric Rwigamba, the director-general for financial sector development at the Finance ministry, has said.
Speaking during the finals of the 5th edition of the Capital Market University Challenge on Monday, Rwigamba said saving is crucial for individual and national development.
"Encourage other youth to form investment clubs to embrace the savings culture collectively to support personal and national development objectives,” he told the contestants and other students at the event in Kigali. He also encouraged them to share the knowledge they gained during the Challenge with families, friends and neighbours.
"Teach your relatives and friends on how they can save and invest through Rwanda’s capital market,” he said.
The Capital Market University Challenge, which started on March 6, ended on Monday, with Vision Quest team from University of Rwanda-Huye Campus winning the Rwf1.5 million grand prize in the quiz category.
Strikers team, from University of Rwanda-College of Agriculture, Animal Sciences and Veterinary Medicine (CAVM), were second and won Rw1.2 million, while Save for the Purpose, from ULK Gisenyi Campus, were third and walked away with Rwf800,000.
Derrick Muhire, from Kepler University, won the essay writing category and Rwf500,000, while Abraham Uwimana bagged Rwf300,000, with the second runner-up, Justin Nkunzimana, winning Rwf200,000.
This year’s competition was conducted by Capital Market Authority in collaboration with the Rwanda Stock Exchange, Economic Policy Research Network, the International Association of Students in Economic and Commercial Science (AISSEC), as well as the Institute of Certified Public Accountants of Rwanda (ICPAR) and the Rwanda National Investment Trust.
Speaking at the event, Eric Bundugu, the CMA acting executive director, said that the Challenge is conducted as part of public education and awareness drive aimed at inculcating the savings and investment culture among university students, especially through the capital market.
"Interesting and competitive activities, such as this competition, will attract their interest which will encourage them to participate,” he added. The winners are expected to invest all their prize money in shares of firms listed on the local bourse.
The Capital Market University Challenge started in 2012 targeting undergraduate students in all universities and other higher learning institutions in Rwanda.