Chance for students as CMSA launches University Challenge

Dar es Salaam. The Capital Markets and Securities Authority (CMSA) yesterday launched the University Challenge awareness programme for 2018 as it seeks to inculcate financial and capital markets literacy amongst students in universities and other higher learning institutions.

The challenge is one of the initiatives undertaken by CMSA to raise the number of Tanzanians engaging in capital market operations from the current two per cent to 10 per cent.

The programme will be undertaken through quiz and essay competitions through which students will answer a set of 100 multiple choice questions between May 22 and August 31, according to the CMSA acting chief executive officer, Mr Nicodemus Mkama.

“The number of Tanzanians engaging in capital market operations rose from 197,416 in December, 2014 to 640,000 in April, 2018, which is equivalent to two per cent of Tanzanians, but the goal is to raise this to 10 per cent come 2022,” he said.

In line with the implementation of the National Finance Education Strategy, the students would respond to questions that would be provided by sending short text messages with word ‘challenge’ to 0766046046 from any mobile phone network.

Overall winners in the quiz and essay competitions will pocket Sh1.8 million while the first runners-up in both categories will receive Sh1.4 million and the second runners-up will go home with Sh1 million, CMSA said yesterday.

The competition is aimed at creating awareness and enhancing knowledge about stock markets, inculcating a culture of savings and investments as well as broadening the country’s securities markets’ investor base. According to Mr Mkama, experience shows that the number of participants in the programme has been on the increase, rising from 2,000 in 2016 to over 15,000 last year.

“Furthermore the top winners of the competition have demonstrated notable competence in aspects of capital markets, self-confidence and exposure that has enabled them secure employment opportunities in top consulting and advisory firms who are also active stakeholders in the capital markets industry,” said Mr Mkama. CMSA also plans to introduce an awareness programme in secondary school dubbed FLY (Financial Literacy for the Youth) as a way of preparing future leaders and investors on the opportunities and benefits of participating in the capital markets.

In addition, participation in crowd pulling events, exhibitions, preparation of television and radio programs targeting general public and organisation of various seminars, workshops and office-to-office talks targeting specific user groups will remain to be among the priority activities to enable CMSA attain the set target for increased capital markets inclusion under the national financial inclusion framework for 2018 -2022.