CMA launches University Challenge 7th edition

Rwanda Capital Market Authority (CMA) last week on Friday kicked off the seventh edition of Capital Market University Challenge with an official launch held in Musanze Integrated Polytechnic Regional Centre (IPRC). Shortened for CMUC, the annual competition is a flagship of the authority’s programme on public education and awareness, aimed at inculcating the culture of saving and investment particularly through capital market among students. The competition started in 2012 bringing together students in all universities and other higher learning institutions for a month-long quiz and essay competition about capital market know-how. The opening ceremony was graced by IPRC administrative staff and students representing four universities. Theogene Kubahoniyesu, a CMUC 2017 winner, sharing the story of his journey, encouraged students in colleges across the country to participate in the contest, and also start saving and investing through the capital market. “We won Frw1.1 million. We did not use the money and since CMA teaches us the culture of saving and investing, we bought shares in some of the locally listed companies. After one year, we invested in other businesses and as of now, we have over Frw3m on our bank account excluding the money in circulation. “You can’t imagine the pride that fills me whenever I enter one of Bank of Kigali buildings, knowing that I’m one of the bank’s shareholders,” he boasted. Noting the challenge reaches at least 4,000 students every year, Magnifique Migisha, CMA’s public relations officer, encouraged those present to take advantage of the available opportunities so that they can save and invest wisely in capital market products. “By embracing saving early, we can be self-reliant, we can provide jobs,” said Migisha, adding that one does not need millions of francs to start a business. “All you need is to think and have a vision.” He explained to the students that capital market products such as bonds and shares can also be used as collateral when seeking bank loans. This year, according to CMA, all 42 academic institutions of higher learning in Rwanda will be will participate in the contest. The competition currently awards the top three in each category but plans to raise the bar in the near future. “Beyond the cash prize, we learn what capital market is - that we can invest and earn profit without interrupting your studies,” said Serapie Tuyishime, a business and information technology student at the University of Kigali, Musanze Campus. “Saving actually saves,” noted Tuyishime sharing her experience on the importance of saving. While contestants in quiz category receive topics on the main day, those in essay writing will tackle ‘The role of savings clubs in boosting the savings culture among the youth’ as topic. The deadline for participants to have submitted their essays by March 15, 2020. The competition’s grand finale is slated for April 3, 2020 in Kigali Convention Centre where awards will also be presented to the best performers at the national level. The prizes The top three clubs in quiz category will be awarded Rwf 1.5 million, Rwf 1.2 million and Rwf 1 million respectively, while the overall winners in the essay writing will scoop Rwf 700,000, Rwf 600,000 and Rwf 500,000 respectively. All prizes are provided in forms of shares in companies listed at Rwanda Stock Exchange – pragmatically exposing the winners to the industry. Also, CMA has pledged to award the best social media activist for this challenge. CMA is a government-affiliated agency founded in 2008 to regulate the capital market industry. Initiated in 2012, the challenge’s last edition alone attracted 672 contestants in both the essay and quiz categories while at least 20 universities and higher learning institutions have participated.

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CMA launches University Challenge 7th edition