BK Foundation, in collaboration with iDebate Rwanda, kicked off the second edition of the Money Makeover Challenge on November 16, with the mission to teach financial literacy to young minds, and equip them with the skills needed to navigate today’s complex financial landscape.
In this cohort, the challenge has grown to engage 600 students from various schools, each forming teams of three to create innovative solutions to real-world financial challenges.
By fostering creativity, critical-thinking, and entrepreneurship, the programme aims to strengthen students’ financial management skills.
The initiative culminated in a grand finale, where the top 30 finalists presented their projects, showcasing their ability to address financial problems, while demonstrating the power of financial literacy in shaping the leaders of tomorrow.
According to Ingrid Karangwayire, the Executive Secretary of the BK Foundation, the Money Makeover Challenge, created in collaboration with iDebate Rwanda, is an initiative designed to teach financial literacy to young people through debate clubs, encouraging students to choose topics related to financial concepts such as investing, saving, and global economic trends.
"The challenge not only offers financial support but also fosters entrepreneurial spirit among the youth; being part of debate is really something that is massive. It teaches you how to really position yourself and how to speak eloquently, and so it's very important that we use platforms such as those ones so that you can reach as many young people as possible,” she said.
Karangwayire emphasised the value of debate in shaping students' ability to communicate effectively and position themselves as future leaders in the financial world.
Ketsia Keza, the founder of the Money Recovery Challenge, explained that the competition focused on teaching financial literacy, where students acted as financial advisors to a fictional family over a course of four weeks. The students learned about financial concepts and applied knowledge to practical scenarios during the final competition.
"The students were tasked with coming up with creative solutions to help this family, an average Rwandan household in Musanze District, achieve financial independence, as you notice in their presentation; however, the second cohort of the competition was larger than the first, with 600 students from 20 schools across all Rwandan provinces participating,” she said.
Keza also noted that the rewards for the winning teams had changed this year, with money being placed in a trust fund, the Aguka Trust Fund, rather than directly in bank accounts, in order to foster long-term financial growth.
"I hope Money Makeover reaches more people because high school students don’t have enough financial products they can engage with. I want them to be considered when financial policies and products are being created,” she added.
Keza also underlined the broader impact of the programme, emphasising the importance of teaching young people financial literacy early in life.
Prince Nshuti, one of the winners of the Money Makeover Challenge, shared his thoughts on the competition and his winning project, explaining that his team’s project focused on the three main investments: real estate, agricultural expansion, and exchange-traded funds.
"I am really happy about winning today; I appreciate this opportunity, but I am eager to continue developing my financial knowledge and expanding my understanding of financial literacy so that I can use the skills that I have gained to start a business, or apply them in other practical ways,” he said.
Agahozo Shalom Youth Village won the 2nd Money Makeover Challenge, taking home Rwf 900,000, while Hope Haven Christian School placed second and earned Rwf 450,000.
Instead of simply giving the prize money to the winners, it will be invested through AGUKA, a fund managed by BK Capital, in order to teach the students the importance of saving and investing, ensuring that they understand the long-term value of financial decision-making beyond the immediate reward.