Category Archives: scholarships

Large Bank Engagement Programs: Nigeria and Kenya

How do large banks engage with the public? Some have programs that go beyond the usual corporate social responsibility – and which go out to address unique national challenges or provide opportunities to large segments of the population who may also be customers of the bank

Kenya scholarships and training.

In Kenya, large banks have some education programs, offering scholarships and support to gifted primary and high school students in different counties. The largest of these has been Equity Bank, which has its “Wings to Fly” leadership program. In nine years, Wings to Fly has given over 15,000 scholarships to needy or financial challenged pupils, 8,000 of who attained the university entrance grade after secondary school.

There are also other entrepreneurship forums, training programs and business clubs.

KCB has a KCB2Jiajiri, a Kshs 50 billion program started in 2016 that aims to benefit 500,000 entrepreneurs in 5 years, thereby creating at least 2.5 million direct and indirect jobs. 

Barclays

Barclays Bank of Kenya launched Ready to Work, a free online training program to help college students and recent graduates get “job-ready” for a world of work. The bank also has a business club founded in 2003 that has supported over 9,000 companies and whose entrepreneur members have traveled to network and trade in over ten countries.

Nigerian bank do mega events:

Access Bank: In December, Access Bank had a huge year-end musical event.

The Bank also hosted a “Born In Africa Fest,” a musical event that was attended by over 25,000 guests.

Ecobank: The bank has a recurring fintech challenge to find financial technology companies with solutions and models that can scale across Africa.

GT Bank

GT Bank stages an annual fashion event called the GTBank Fashion Weekend that brings together fashion and business leaders from around the world to create the biggest fashion experience in Africa.

They also aim to showcase African art in different countries.

UBA: Unique among the banks is UBA, who in conjunction with their Chairman, and his Tony Elumelu Foundation have just launched the fifth year of a $100 million entrepreneurship challenge a philanthropic program that aims to find, train and fund 10,000 African entrepreneurs. So far, over 4,470 entrepreneurs have benefited, and, through UBA in Kenya, over 350 local entrepreneurs in Kenya have received the seed capital of $5,000 for their businesses, training and mentoring, and many of them have been to Nigeria to attend an annual congress of entrepreneurs.

The number of applicants has been increasing each year. Last year there were over 150,000 applicants, and this year applications are all being done via TEFConnect, which is billed as the largest digital networking platform for African entrepreneurs.

The TEF Entrepreneurship Program is open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years. The deadline for applications submission is March 1, 2019.

Zenith Bank

Zenith Bank held “Style by Zenith,” a flagship Lifestyle, beauty, fashion, accessories and entertainment fair, in conjunction with Fashion One, in the last weekend of December 2018.

Rewiring Education

This week, the M-Pesa Foundation Academy and Nairobi International School hosted author John Couch, who was first Vice President of Apple Inc., for a talk session on “rewiring education.” The chief guest was Kenya’s Cabinet Secretary for ICT, Joe Mucheru. 

Rewiring Education speakers.

Excerpts from the rewiring education Q&A: 

  • Kids come into employment fully trained in things that are no longer relevant. They then have to unlearn that, and we are working with universities to modernize the curriculum.
  • Schools have to hire teachers who are registered with the Teachers Service Commission. But those who are there only have B.Ed (Bachelor of Education degrees), and lack skills to stand in front of students who are far ahead of them in technical knowledge.
  • The Kenya government has developed a brilliant curriculum, that will start next year, but teachers have not been trained to deliver this. International schools take three years to retrain a teacher.
  • The median age in Kenya is 19 years, and half the civil service is made up of teachers.
  • The most important skill to have in life is (to embrace) continuous learning.
  • Schools can currently evaluate student memorization, but not their creativity and innovation abilities.
  • “When I was studying at Berkeley, California in the 1970’s, people thought the social revolution was taking place in the streets, but I knew it was taking place inside computers.”
  • Safaricom set out to provide connectivity to all schools in Kenya and the government was to provide the devices.
  • “The way we are teaching kids is a disservice and I am in the process of suing the UK government for wasting thirteen years of my life!”
  • The US also treats teachers as a union problem, not a professional occupation. Teachers are underpaid and under-trained.

CMA Kenya launches University Financial Literacy Competition

The Capital Markets Authority of Kenya formally launched the 2018 Universities Challenge at KICC in Nairobi on September 25, which aims to equip young people with investment skills and nurture a culture of financial literacy and investing and saving for the future through participation in capital markets.

The 2018 edition of the Universities Challenge, which runs from September 25 to December 31, will feature 6,015 participating students from 37 local universities. They will go through five stages of elimination through testing their financial literacy and knowledge, starting with an online exam, followed by a stage dubbed a “scavenger hunt”, then they will make presentations at universities followed by presentations to CMA staff. There will then be a grand finale event in Nairobi where twelve top students will get to pitch to investment stakeholders, CMA staff and representatives of all universities in the challenge.

Speaking at the launch, CMA CEO Paul Muthaura, said that the average age of entrants was 23 years and that this was as a result of them targeting ongoing students and make them young investors because of the long-term nature of capital markets investments. Also that the use of technology was part of the CMA’s engagement process of expanding financial literacy as well as to transform the visibility of the authority through social media. He added that the CMA was in the middle of implementing a ten-year master plan and had won several awards for being among the most innovative market regulators in Africa.

The winner of the 2018 inter-university competition will get a grand prize of a Kshs 150,000 (~$1,500) portfolio of listed securities of their choice and the university where the student comes from will get investment textbooks worth Kshs 75,000 for its library. Three other winners will get fully paid 3-day educational trips to observe a securities exchange and capital markets regulator in Africa.

Participate in the CMA University Challenge 2018

What can shares worth Kshs. 150,000 do for your life? How about a trip to a foreign country?  How about rewarding your university with books worth Kshs.75, 000? And what about being a guru in investing in the capital markets?

This is what is at stake for the winner of the Capital Markets Authority’s University Challenge 2018. The Challenge is open for undergraduate university students in universities that have confirmed participation. Register for this Challenge from 8th August 2018 to 22nd August 2018. Check the CMA website and social media pages for further details on the University Challenge registration process.

Kenya’s CMA Targets Young Investors through a University Challenge

Kenya’s Capital Markets Authority (CMA) will be holding a nationwide University Challenge as part of its education and investor awareness outreach program. The CMA team staged a chat last week on its Facebook page where its staff answered dozens of questions from young investors interested in participating in the Challenge, which is the second one in the series after another that was held in 2015.

Some excerpts of the responses during the chat:

  • The Challenge is open to all students interested in capital markets.
  • It is for individual young investors (over 18 years), who are enrolled at any university in the country and are in good standing academically (i.e. not on probation, or suspension at their university), and who must not be related to any CMA officials of organizers of the Challenge.
  • Once the university Challenge starts in mid-July 2018, the CMA which also has an investor education department will organize tours and barazas (meetings) with some Universities and will also have ambassadors at different campuses around the country.
  • The CMA Investor Education department has an investor education page on their website, a library for research, and also a unique resource portal for investors in capital markets to get information which is also useful to people who have graduated and are now outside of campus, but still interested in becoming savvy young investors.
  • The Challenge runs from July to November and students who enter will go through a series of online examinations, and the finalists will also get to give presentations.
  • The top prize is Kshs 150,000 (about $1,500) which the winner will use to buy shares at the Nairobi Securities Exchange (NSE). Other winners will also get a chance to travel and see how capital markets in other African countries work.
  • You can re-watch the chat on the CMA Facebook page.

Besides the Challenge aimed at young investors, other interesting and notable CMA opportunities include a sandbox to test bitcoin, block-chain, and other financial technology (fintech) solutions in Kenya.