It is important for Namibian youth to be financially literate and knowledge of capital markets trading will serve them a long way, says Old Mutual spokesperson Ndangi Katoma.
He said this at the event where Old Mutual signed a three-year partnership agreement with the Namibian Stock Exchange (NSX) to train Namibian youth in capital markets trading with a sponsorship of N$200 000 per year, supporting the Namibian Scholars’ Investment Challenge.
A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold.
“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,” stated Katoma.
Tiaan Bazuin, CEO of NSX said: “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. Good knowledge of financial markets, the investments and options available should be a prerequisite for the financial success of any individual.”
The registration for the 2021 competition officially closed on 7 May 2021 with 134 teams that have entered, consisting of three to four 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 2021 to 22 October 2021.