East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA) has partnered with the European Business Institute in Luxembourg to launch a groundbreaking initiative.
EACCIA President Richard Ngatia said the plan aims to issue 28,000 scholarships, worth nearly Sh4 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 (Sh 130,000), the total investment will amount to Sh3.6 billion.
"We encourage entrepreneurs, particularly the youth, to seize this opportunity and apply immediately," Ngatia said.
"The scholarships aim to enhance human capital in the region, leading to improved business management and sustainability."
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.
"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," Ngatia said.
"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."
He added that the scholarships mark a significant step towards improving financial literacy and promoting a savings culture in the region.
Ngatia noted that with the high percentage of financial illiteracy in the region, the initiative aims to boost savings and investments among households and small and medium businesses.
"This initiative showcases 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)," Ngatia noted.
"The EACCIA also seeks to support learning processes through study tours and trade tours, facilitating peer education and knowledge sharing among traders."
With the Global Financial Literacy Survey revealing a significant lack of financial literacy in the region, Ngatia notes that the deal could not have come at a better time.
By addressing this gap, he says the initiative aims to foster a better savings culture and drive economic development.