Youth get opportunity to tackle Capital Markets through Old Mutual funded training
Old Mutual signed a three-year partnership agreement with the Namibian Stock Exchange (NSX), to train local youth in Capital Markets trading with a sponsorship value of N$200,000 per year supporting the Namibian Scholars’ Investment Challenge (NSIC), over the next three years.
Old Mutual’s sponsorship investment is channelled towards the prize money of the NSIC, a competition that was initiated by the NSX in 1998 to introduce university students and Grades 10 – 12 learners to investments in shares.
As a financial services provider with dual listings on the JSE and NSX, it is imperative for Old Mutual to help build capacity and skills in the field of Capital Markets.
“This fun and interactive competition is also a better way to improve financial literacy levels amongst the Namibian youth”, said Ndangi Katoma, Executive: Marketing, Communications and Customer Strategy at Old Mutual.
According to Tiaan Bazuin, CEO of NSX, the entity welcomes Old Mutual as the principal sponsor over the next three years, noting that the generous prize money offered by Old Mutual, has sparked a visible increase of participating teams.
“This competition is an ideal opportunity for future income earners in Namibia to learn at an early stage about share trading, risks and benefits so that they become familiar with the operations of the financial markets. A good knowledge of financial markets, the investments and options available should be a prerequisite for the financial success of any individual,” he added.
Bazuin further alluded that companies sponsoring this competition, not only underwrite these financial literacy goals, but also contribute to paving a career path for the participating scholars and this should ultimately lead to a wider participation and lay a foundation for long-term sustainable growth of the domestic capital market.
Other companies that have confirmed monetary or in-kind sponsorships towards the hosting of the 2021 NSIC are: Simonis Storm Securities (Pty) Ltd, Namibia Savings & Investment Association, the Financial Literacy Initiative, as well as FutureMedia. It must also be noted that the FLI and AIESEC has been assisting the NSX with organising of the scholar’s competition since 2017, he said.
The registration for the 2021 competition officially closed on 7 May 2021 with 134 Teams that have entered, consisting of 3-4 members per team.
Participants have been provided with a fictitious N$500,000 to buy and sell listed shares on the NSX from 10 May to 22 October 2021. While participants received a starter pack consisting of basic information and a glossary on financial terminologies, participants have been tasked to do proper research and to apply analytical and good investment decision making with the aim of increasing the value of their portfolio by the end of the trading date.
This year, parts of the NSIC will be hosted virtually, as it promises to be even more exciting based on the number of companies that have come on board to offer either monetary or in-kind support, which enabled a number of improvements to streamline the competition logistics.
The top five performing accounts each wins a cash deposit into an Old Mutual Unit Trust account. The total prizes are in excess of N$115, 000 allocated as follows: 1st Prize – N$50000; 2nd Prize – N$30000; 3rd Prize – N$20000; 4th Prize – N$10000 and 5th Prize – N$5000
Additionally, all registered teams that take part until the end of the challenge will receive Certificates of Participation to add on their CV’s as a skill set that will leverage their competitiveness when they start applying for jobs.
To follow your school or university teams progress please visit www.nsx.com.na