Liberty Life Assurance Uganda has launched the Kuza School Challenge, a transformative initiative aimed at equipping students with essential financial literacy and entrepreneurship skills. The challenge focuses on nurturing a generation that understands the importance of financial discipline, including the skills of making, saving, and growing money while positively impacting their communities.
The inaugural session of this initiative kicked off at Kabojja International School on Saturday 14th 2024 with an informative session. This school is the first to participate in the Kuza School Challenge, setting the stage for the program’s expansion into more schools across the country.
Statistics on financial literacy in Uganda are concerning, with only 32% of Ugandans being financially literate (Bank of Uganda, 2023). Furthermore, 70% of micro and small business owners lack basic financial management skills (World Bank, 2023). Recognizing these gaps, Liberty Life is committed to fostering a mindset of financial discipline among secondary school students. These students are in their critical formative years, transitioning from primary school to university. This period is ideal for instilling a solid foundation of financial and entrepreneurial skills, helping them think productively and creatively about their future before they even reach high school graduation.
While addressing the students, Mr. Danish Mohammad Eqbal, Principal Officer/CEO of Liberty Life, emphasized the importance of leveraging readily available online resources to develop viable business proposals. He encouraged students to dedicate time and effort to finding these resources to create winning ideas. “You’re going to come up with a business idea, and the terms and conditions for this idea are that it must solve a community or social issue,” he explained.
The challenge encourages students to think beyond personal gain and focus on solutions that can bring positive change to society.
The Liberty Kuza School Challenge aims to support high school students in growing social enterprises by providing seed funding, technical support, and mentorship. By the end of the campaign, the goal is not just to help students start businesses but also to equip them with lifelong financial skills applicable to their future endeavors. Liberty Life expects to impact over 5,000 students in the next year through this initiative.
Anna Sundell, headteacher at Kabojja International School, expressed her gratitude to Liberty Life Insurance for bringing the Kuza School Challenge to their school. “I hope with this collaboration we can create awareness among our youngsters. Starting a business is not always about money and becoming rich, but also about helping out in the community and contributing to a more peaceful world,” she said.
She emphasized the importance of instilling a sense of social responsibility in students, making them aware that they have the power to make a difference in the world. “I’m really excited that we are hosting this, and that we’re doing this together. I think it’s going to be a great possibility for our learners and students,” she added.
The Kuza School Challenge will run for one school year in its first phase. Plans are underway to introduce the program to more schools and eventually organize an inter-school competition. The winners of the challenge will receive UGX 2 million each to start their businesses, along with mentorship to guide them through their entrepreneurial journey.
This initiative by Liberty Life Assurance Uganda is a significant step toward fostering financial literacy and encouraging social entrepreneurship among the youth, paving the way for a future generation that is financially savvy and community-oriented.
