Tanzania: Azania Bank, Dse PLC in Youth Empowerment Deal

Azania Bank managing director Charles Itembe speaks during the launch of the Dar es Salaam Stock Exchange Scholar Investment Challenge (DSE-SIC) in Dar es Salaam yesterday. Others from left are DSE business development director Ibrahim Mshindo and chief legal counsel Mary Mniwasa. PHOTO | SAID KHAMIS

Summary

• DSE-SIC is an edutainment initiative that targets Tanzanian youth in schools and higher learning institutions to prepare them for the job market.

By Alfred Zacharia

Dar es Salaam — Azania Bank and the Dar es Salaam Stock Exchange Plc (DSE Plc) yesterday launched the DSE Scholar Investment Challenge (DSE-SIC) in a deliberate move to tweak the involvement of schooled youths in financial matters.

DSE-SIC is an edutainment initiative that targets Tanzanian youth in schools and higher learning institutions to prepare them for the job market.

"This challenge is specifically for Tanzanian youths in secondary schools and colleges. Apart from coaching youths on finance issues, the challenge also prepares them so they can make investment decisions when confronted with challenges associated with finance, shares and savings," the DSE Plc's chief legal counsel, Ms Mary Mniwasa, said in Dar es Salaam yesterday.

The winner and the first and second runners up will receive money which they will have to invest in line with the general objective of the challenge.

Azania Bank managing director Charles Itembe said his bank viewed the DSE-SIC to be a way of tweaking youths' knowledge of issues pertaining to finance and how financial markets work.

"To us, this is an opportunity to take part in an exercise that brings youths closer to the job market. The knowledge gained in the process should ultimately see them getting well equipped for the job market. This is one of the ways we conduct our corporate social responsibility (CSR)," he said.

The bank's CSR targets to educate the public on financial literacy, empower youths, help health-based community projects as well as financing researches that have a direct impact on communities. To participate, one will have to download the DSE-SIC App on an Android-enabled smartphone and register by filling in full names and contacts.

Each participant is given a virtual start-up capital of Sh3 million and explain how he/she would invest the money.

The winner will be an individual considered by a panel of judges to have made the most sound investment decisions, the highest portfolio value and to have contributed to the discussion forum.