Minister Mkenda launches NBC Student Essay, Business Idea Competitions

DAR ES SALAAM: The Minister of Education, Science, and Technology, Prof Adolf Mkenda has officially launched the “NBC Essay Writing Challenge” and the “NBC Business Idea Competition’’ in a remarkable initiative aimed at fostering creativity and entrepreneurial spirit among Tanzania’s youth. In a nutshell, the endeavour targets secondary school students throughout the nation, and it …

DAR ES SALAAM: The Minister of Education, Science, and Technology, Prof Adolf Mkenda has officially launched the “NBC Essay Writing Challenge” and the “NBC Business Idea Competition’’ in a remarkable initiative aimed at fostering creativity and entrepreneurial spirit among Tanzania’s youth.

In a nutshell, the endeavour targets secondary school students throughout the nation, and it comes as a collaborative effort between NBC Bank and the government, specifically through the Ministry of Education, Science, and Technology and the President’s Office – Regional Administration and Local Government (PO-RALG)

With ambitious plans to engage over one million students from both public and private secondary institutions, these competitions are set to ignite innovative thinking and practical entrepreneurship while enhancing financial literacy across the nation.

Here, participants will also acquire essential skills in resource management at home and in educational settings. Notably, the overall winner will walk away with an impressive cash prize of 10m/-.

The launch event, held at NBC’s headquarters in Dar es Salaam over the weekend was praised over by esteemed guests, including representatives from the President’s Office- PO-RALG, the Ministry of Education, as well as parents, teachers, and students.

In the course, NBC Bank Managing Director M. Theobald Sabi, delivered a speech leading his team in support of the initiative.

During his address, Prof Mkenda commended NBC Bank for its forward-thinking initiatives and highlighted the importance of the competitions. He noted that they offer students a platform to assess and validate their ideas on crucial issues, particularly relating to economic challenges.

“Recognising the significance of these competitions for our students, I urge all officials within the ministry to ensure vital information about these opportunities reaches schools nationwide, allowing even more students to participate,” he pointed out.

Prof Mkenda further praised NBC Bank’s commitment to promoting financial education at the grassroots level, assuring that such initiatives are pivotal in preparing a generation that values economic principles, practices financial discipline, and harnesses financial institutions for empowerment.

In his remarks, Mr Sabi elaborated on the goals of these creatively structured competitions, noting their importance in teaching financial discipline, the art of saving, and a holistic understanding of the business landscape.

He pointed out concerning statistics from the FINSCOPE 2023 survey, revealing that only 35 per cent of youths under 25 have bank accounts- a glaring indication of the financial literacy gap among the nation’s largest demographic.

“At NBC, we are dedicated to addressing this significant challenge,” Sabi added.

To further incentivize participation, numerous enticing prizes await competitors, including computers, mobile phones, educational books, backpacks, and cash prizes that culminate in the 10m/- reward for the overall winner. Additionally, the top 200 students will gain exclusive access to the “NBC Student Mentorship Club,” a unique program designed to nurture young talent through financial literacy and entrepreneurship training during school holidays.

Mr Sabi also expressed his appreciation to partner organizations, such as APE Booksellers, for generously donating 3,000 books and additional cash prizes.

In detailing the competition’s requirements, Mr Sabi clarified that participating students must have an NBC Bank account, as all cash prizes will be deposited directly into these accounts-either the NBC Student Account for secondary and tertiary students or the Chanua Account for those under 18.

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Feedback from educators and students has been overwhelmingly positive. Mr Ivan Danda, a teacher at Makongo Secondary School, along with students Prosper Clifford and Nora Mawalla, expressed gratitude to NBC Bank for this initiative. They believe it will undoubtedly lay a strong foundation for financial discipline, highlight the importance of saving, and equip students with valuable knowledge to thrive in the job market and business realm.

“With such promising opportunities on the horizon, the NBC Essay Challenge and Business Idea Competition stand as beacons of hope for Tanzanian students, setting the stage for a generation equipped with the skills and knowledge to shape the future,’’ commented Mr Danda.