On Wednesday morning, the Uganda Securities Exchange (USE) officially launched its inaugural University challenge at its offices based in Nakawa Business Park, Kampala. The #USEUniChallenge involves students from different University across Uganda competing for 10 Million shillings worth of shares in their preferred companies in the country. Only three lucky winners will walk away with 10 million shillings worth of shares.
The competition, to be run by the USE, will provide an online practical and fun way of understanding how to manage a virtual portfolio of funds through trading in virtual shares and bonds listed on the USE as well as loans and fixed deposits. Any student from an academic background can participate with the top three winners sharing UGX10 million in shares and be awarded internships. Winners will be chosen by a panel of independent judges drawn from the financial sector and schools of business.
During the same presser, Stanbic Bank were unveiled as the platinum sponsors. Cathy Adengo, the Stanbic Bank Head of Communications and CSI said, “Stanbic is proud to be a part of the inaugural Uganda Securities Exchange – University Challenge. This is an excellent initiative that will enhance financial literacy among our youth while nurturing a culture of saving and investing.”
“Thousands of students will get the opportunity to experience a fun way of learning how to manage virtual portfolios of funds through trading virtual shares and bonds as well as loans and fixed deposits,” Adengo added.
Speaking about the mechanics of the competition the CEO of the USE Paul Bwiso explained, “Once registered after paying an entry fee of UGX 5000 each participant student will get an online account with virtual start-up capital of UGX35 million to trade with using real-time data of shares and bonds prices streamed from the USE for the three month duration of the competition. Students will also be mentored online by selected mentors from the USE fraternity on any queries that they may have about investing or navigating the smart trader software respectively.”
Competitors are required to register online and pay or by going either to www.younginvestors.co.ug or use their mobile phone to dial *272# on the MTN network.
According to the USE the key objectives of the competition are twofold; popularize trading of equities and bonds at the USE amongst the youth. Mentor the youth in a safe environment about the risks and gains involved while trading at the USE.
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