Kenya Top Stories


Ngatia Secures Ksh 4 Billion Scholarships for East Africa Chamber of Commerce Ventures

By Steve El Sabai

East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA) President, Richard Ngatia, has partnered with the European Business Institute in Luxembourg to launch a groundbreaking initiative. The plan aims to issue 28,000 scholarships worth nearly Ksh 4 billion to address the financial literacy gap faced by small and micro enterprises in East Africa.

The partnership will distribute a minimum of 2,000 scholarships to each member of the East Africa Community, including Kenya, Uganda, Tanzania, Rwanda, Burundi, Zanzibar, DRC Congo, South Sudan, and Somalia. With each scholarship valued at 740 Euros (Ksh 130,000), this collaboration represents a historic investment of Ksh 3.6 billion.

The scholarships will cover a three-month certificate course, running from January to March, offering subjects such as Business Management, Business Finance, Applied Blockchain Technology, Artificial Intelligence Integration, Micro and Macro Economics, Managerial Accounting, Entrepreneurship, and Communication.

President Ngatia encourages entrepreneurs, particularly the youth, to seize this opportunity and apply immediately. The scholarships aim to enhance human capital in the region, leading to improved business management and sustainability.

To streamline the process, the EACCIA and the European Business Institute will ensure a smooth transition from scholarship confirmation to course enrollment through designated contact persons in each of the 14 East African countries participating in the program.

In addition to expanding its membership and outreach beyond East Africa, the EACCIA aims to strengthen SMEs and other informal sectors in the region. The organization also plans to provide capacity-building interventions to national chambers of commerce.

The scholarships, effective immediately, mark a significant step towards improving financial literacy and promoting a savings culture in the region. The EACCIA and the European Business Institute express their gratitude for the collaboration and dedication to advancing education in East Africa.

With a high percentage of financial illiteracy in the region, this initiative aims to boost savings and investments among households and small and medium businesses. President Ngatia, a member of the World Chamber Federation (WCF) Council, emphasizes the importance of financial literacy in enhancing the region’s economic growth.

This initiative showcases Ngatia’s commitment to empowering businesses through education, building on his successful distribution of scholarships to women in the business chapter of the Kenya National Chamber of Commerce and Industry (KNCCI).

The EACCIA also seeks to support learning processes through study tours and trade tours, facilitating peer education and knowledge sharing among traders.

The scholarships come at a crucial time, as the Global Financial Literacy Survey reveals a significant lack of financial literacy in the region. By addressing this gap, the initiative aims to foster a better savings culture and drive economic development.

The EACCIA’s dedication to advancing education and empowering businesses is commendable. This collaboration sets a positive example for the region and Africa as a whole.

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