Azania Bank chief lures youth to invest in DSE listed companies

18Nov 2020
By Guardian Reporter
Dar es Salaam
The Guardian
Azania Bank chief lures youth to invest in DSE listed companies

YOUTH should invest in stock exchange listed companies because they are safe and profitable vehicles which also allow them to own such firms as shareholders.

Azania Bank's managing director, Charles Itembe talking to the media during the launch of this year’s DSE-Scholar Investment Challenge in Dar es Salaam yesterday. He accompanied by DSE’s chief legal counsel, Mary Mniwasa (2nd L) and other officials. Photo courtesy of Azania Bank.

Azania Bank Limited’s Managing Director, Charles Itembe said in Dar es Salaam yesterday while launching this year’s edition of Dar es Salaam Stock Exchange Scholar Investment Challenge, that the bank which is the main sponsor of the competition understands the importance of youth participating in profitable investments.

“This competition is an opportunity for students in particular and young people in general to gain knowledge in DSE listed companies but also how the stock exchange operates to lure them as participants,” Itembe said while pointing out that Azania Bank decided to sponsor the competition to assist DSE’s objective of sensitizing the public.

“Azania Bank considers this as commendable efforts by the stock exchange to link youths with listed companies but also equip them with stock trading and financial management skills,” the Azania Bank Managing Director added.

He emphasised that financial literacy and stock trading are important subjects to be understood by the public especially youths who must understand that their future belongs to engaging in businesses including stock trading. “But this initiative falls under our corporate social responsibility policy which focuses on supporting the education sector,” he noted.

DSE’s Corporate Secretary, Mary Mniwasa said the competition which started in 2014 is geared towards sensitizing students regarding the functioning of the stock market and its importance to the national economy.

Mniwasa said the annual completion is also an important avenue to impart stock market knowledge and skills to students and young people who have regarded investment in stocks of listed company as none of their business.

“Since we started organizing this competition, it has made progress year after year because it enables youths to convene share knowledge and compete hence understanding the functioning of the stock market,” she said adding that the competition is open to secondary and college students who participate through DSE online platform.

The DSE Corporate Secretary further noted that the main objective of the DSE Scholar Investment Challenge Initiative is to impart knowledge of investment in capital markets and hence create a culture of saving and investment among the youths.

“Among other things, this initiative also aims to enhance financial management and entrepreneurial skills among Tanzanian youths and create sense of ownership, loyalty and association with peers by reaching out to them and create collective savings and investments,” she added. The deadline for the competition is December this year.