The ongoing global financial crisis has brought many businesses in the USA and Europe to their knees prompting the USA government to resort to bailouts. Many of these businesses were financed through credit and their collapse has been felt throughout the world including Asia and Africa. The culture of borrowing has also caught up with many Kenyans as demonstrated by massive borrowing of money they do whenever IPO is floated at the Nairobi Stock Exchange. Many are now struggling to repay the loans. Should one borrow or save in order to invest? How can the youth get capital to start a business?

Students in Free Enterprise (SIFE) Kenya in partnership with POSTBANK have launched an essay writing competition and debate to promote the culture of saving especially among the youth.  Under the theme ‘Save to invest and grow the economy’ the competition, first of its kind, seeks to enlighten all players in the economy on the importance of savings.

The essay writing and debate is open to all students in the 14 SIFE Kenya affiliated public and private universities. The students with best essays will get a chance to defend their views in a debate. The top three students will receive Kshs. 15,000, Kshs.10,000, Kshs. 5,000 respectively. In addition participating students will receive gifts from Postbank.

A 500 words essay highlighting the role saving can play in our economic development should be sent by 15th December 2008 to
 [email protected]

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