The top twenty investment clubs in the recently concluded dfcu ‘Battle for Cash Investment Clubs Competition’ flew out late last week for a study tour in Nairobi. The flag off was presided over by Mr. William Sekabembe, dfcu Chief of Business and Executive Director.
The three-day study tour will cover areas like investment club formation, set up and management; Designing and Executing a Successful Investment Strategy; Compliance with laws and regulations; Funding your investment project and practical tips from the top four investment clubs in Kenya.
Between June and August 2017, dfcu Bank had teams going round the country carrying out regional saving and financial literacy workshops.
Some of the topics covered included; Why and how to save; where to invest money so it can grow, things to think about when thinking of investing and so much more. This was aimed at changing the perceptions and attitudes about money, savings and investments.
dfcu Bank received applications from close to 200 Investment clubs across the country. The applications were independently vetted by PwC who were able to zero down to 20 clubs that entered the TV competition.
As part of the application process, clubs were tasked to develop a business plan for an innovative investment project. So at the start of the show all shortlisted 20 clubs had to defend the business plan they wrote before a panel of judges to make it to the next show.
The clubs were trained in different aspects and assigned weekly tasks to demonstrate their ability to put into practice what they had been taught.
Geneber Outspan Organic Farmers, who were the overall winners in the competition, walked away with Shs25 million and coming in second, the Peak Investment Club won Shs15 million. The third winner Sikyomu Development Organisation got Shs10 million while the fourth and fifth clubs both got Shs5 million each.
In recognition of the role of women and youth in development there was a special category for women and youth. The best youth club prize was scooped by Plus Save Group and Soroti Women Cooperative Union were awarded in the best women club category. Both clubs walked away with Shs7.5 million each.
dfcu Bank introduced the Investment Clubs program in 2007, providing a conducive platform to foster group savings. The program has since grown with over 10,000 Investment Clubs that cut across all segments including students, the professionals, women and youth holding a savings turnover in hundreds of billions of shillings.
“It is not enough to simply save money if it is not growing so the Investment Club challenge was also about challenging the investments clubs and the public to think through how to grow and multiply their savings,” Sekabembe said.
An amount totaling to Shs100 million in prize money was set aside for the Investment Club challenge including monies spent on regional draws carried out in different parts of the country.