The 9th edition of Capital Market University Challenge concluded with six university students-three in quiz category and three in essay category winning prizes at national level in an awarding ceremony that took place at Kigali Convention Centre on May 27, 2022.
The top winners emerged from 30 contestants who had won at provincial level.
These include Faustin Habimana from UR, College of education who emerged first, Iverson Mico Nsabagasani from UNILAK, the 2nd and Egide Tumukunde from IPRC Karongi, the 3rd all in the Quiz category.
Those in the essay category include Pascal Niyomuremyi from Davis college and Akilah who emerged the 1st, Samuel Tuyisenge from ILPD, the 2nd and Daniel Mwenedata from UR , School of business and finance, who emerged the 3rd.
Awards in both Quiz and Essay category at provincial level comprised Rwf400,000, Rwf300,000 and Rwf200,000 for 1st, 2nd and 3rd winners respectively in every province.
The winners at national level secured Rwf700,000, Rwf500,000 and Rwf300,000 for 1st, 2nd , and 3rd winners respectively in each category in addition to the money they secured at provincial level.
Awards that were given to the winners of both the quiz and essay categories are in the form of securities i.e shares and bonds listed at the Rwanda Stock Exchange as a way to initiate students on the culture of saving and investing through the capital market.
The annual contest, in which 1,000 students from 37 Higher Learning Institutions participated, seeks to promote the creation of savings clubs/groups among students by providing them with capacity building on how best, through their clubs, to save and invest through the local capital market according to Magnifique Migisha, the competition coordinator who is also the Public Relations Officer at Capital Market Authority (CMA) that organizes the annual competition.
"This edition was so unique because it was conducted online as the system was automated. Each province is well represented and we are happy students have learnt how to save and invest through the capital market. The winners have secured Rwf12 million in total,” he said.
He said that while the students are pursuing different professions at their respective universities, the competition helps prepare students as future investors and professionals in the capital market industry.
The students are also encouraged to invest collectively through saving clubs.
Winners speak out
"We are happy that the competition doesn’t consider those studying business and economy at university but also any faculty which benefits every student interested in participating in the competition. The contest has helped to continue learning about other opportunities on the capital market apart from formal education at university. I have designed a Rwf2 million agribusiness project and I hope the award and saving through capital market will help to initiate part of it,” said Faustin Habimana, a student from College of Education at University of Rwanda-Rukara campus, who emerged first in Quiz Category at national level
Egide Tumukunde, another winner who emerged the 3rd said that he already has a startup to address mental health issues among the youth which could get a boost from an award that is in form shares and bonds listed at the Rwanda Stock Exchange.
Sandra Nadege Uwayezu, a student from Kepler University, the previous capital market university challenge winner said: "I am one of the previous winners in the essay category in Kigali. Nations all over the world have made their wealth via investments. I am very delighted CMA has engaged us in the challenge to learn and understand the art of investment. As a contestant I was really challenged when we got the opportunity to participate. I thank CMA for having us especially as university students because I believe we are the future."
Eric Bundugu Acting Executive Director of Capital Market Authority (CMA) told the youth that the capital market industry is an avenue for saving and investment which can help them raise capital for their business.
Talking about benefits of saving culture at early age, Lucy Nshuti Mbabazi, is the Head of Africa Advocacy and Partnerships of The Better Than Cash Alliance, a UN-hosted partnership of governments, companies, and international organisations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.
She said:" There is no person, business, or country that can succeed without saving. It starts with what you have and investing it wisely.The best savings are the ones that are in investment opportunities such as the capital market.”
While speaking to university students, Eric Rwigamba, the Director General of the Financial Sector Development at the Ministry of Finance and Economic Planning urged them to start saving as early as in Primary school.
"Saving is important at any age. Youth should start planning at an early stage where to invest their savings to develop themselves, their families and the country in general. The capital market challenge aims to equip them with needed skills and showcase the investment opportunities in the capital market,” he said.
He noted the initiative to inculcate saving culture in youth is in line with government vision.
"We need to grow socially and economically to develop the country. For that to happen we need a certain level of investment. We need to invest more in our economy, in our market to create jobs, raise GDP and we need to save,” he noted.