Three students from various universities have won cash prizes after emerging as the top performers in the 2024 DSE Scholar Investment Challenge, organized by the Dar es Salaam Stock Exchange (DSE).

The DSE awarded medals, certificates, and cash prizes to the winners. The first-place winner received 1.7m/-, the second-place winner received 1m/-, and the third-place winner took home 800,000/-.

Speaking at the awards ceremony held on Friday in Dar es Salaam, Peter Nalitolela, Chief Executive Officer of the DSE, said the challenge aims to nurture innovative students in the fields of capital markets and securities investment. It also seeks to introduce students to stakeholders in the stock market, offering potential employment or collaboration opportunities after graduation.

“The challenge is a call to action for financial sector stakeholders, reminding them to consider young graduates for various emerging opportunities,” Nalitolela said.

He noted that October 7-13 was celebrated globally as World Investor Week, where capital markets authorities emphasized responsible practices and the delivery of quality services to customers.

The process to identify the winners began in September 2023, with students encouraged to participate both as individuals and through their investment clubs. Four top clubs advanced to the finals, and the judges are finalizing the selection of the three winners. 

Nalitolela highlighted that since Tanzania adopted a free market economy in the early 1990s, initiatives like this help promote its continued growth.

With approximately 610,000 current investors in Tanzania, Nalitolela said the DSE’s strategic plan aims to increase this number through the use of digital tools. He added that today, anyone can invest in the stock market 24/7.

The World Federation of Exchanges also supports public financial education to help achieve financial inclusion for all.

This year, 816 students from the University of Dar es Salaam (UDSM), the Institute of Finance Management (IFM), and the College of Business Education (CBE) participated in the competition.

In previous years, DSE involved all universities in the challenge. However, this year, the competition featured investment clubs of at least 20 students, with mentorship provided in collaboration with insurance brokers.

Participants in the DSE Scholar Investment Challenge were each given virtual capital worth 3m/- to use in securing securities listed on the online challenge platform.

“They bought shares and, upon selling, made profits. Every two weeks, they received a 2 percent dividend on the profits generated from their investments,” Nalitolela explained.

Erasmus Ishengoma, a UDSM student and the second-place winner, expressed how the competition enhanced his knowledge of investing in the stock market and bonds.

“We were given mentors who guided us on how to invest in the stock market and how to make informed investment decisions,” he said.