Closing the Financial Literacy Gap with a Historic Scholarship Initiative
Richard Ngatia, the President of the East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA), has initiated a significant educational venture in collaboration with the European Business Institute in Luxembourg. This ambitious program will award 28,000 scholarships, worth approximately Ksh 4 billion, aimed at enhancing financial literacy among small and micro-enterprises across East Africa. This initiative is set to bridge the critical gap in financial education that hampers optimal decision-making and growth in businesses throughout the region.
Empowering Entrepreneurs Through Education
Each scholarship, valued at 740 Euros (approximately Ksh 130,000), will enable recipients to partake in a three-month certificate course covering vital business disciplines such as Business Management, Applied Blockchain Technology, Artificial Intelligence Integration, and Entrepreneurship. Targeting members from East African Community nations including Kenya, Uganda, Tanzania, and beyond, the program ensures that a minimum of 2,000 entrepreneurs from each country gain access to these transformative educational tools. President Ngatia emphasized the importance of this opportunity particularly for the youth, urging them to take proactive steps towards improving their business acumen for sustainability and better management.
Strengthening Regional Economic Foundations Through Learning
Under Ngatia’s leadership, the EACCIA has expanded its impact significantly, not just through scholarships but also by fostering peer learning through study and trade tours. This holistic approach not only addresses the immediate needs of individual entrepreneurs but also builds a robust foundation for the entire business community across East Africa and newly included member states like Comoros and Seychelles. The European Business Institute praised the proactive efforts of East African leaders in promoting education, reflecting a shared commitment to nurturing a savvy, financially literate entrepreneurial community that can thrive in an increasingly complex global marketplace.