Standard Bank Plc has pledged to continue supporting higher education in Malawi after being impressed with strides under the K4.1 billion Malawi University of Science and Technology (MUST) Endowment Fund Scholarships for which it is co-sponsor.
Chief Executive Phillip Madinga made the remarks at MUST in Thyolo during the launch of the endowment scholarship fund which was established in 2021 aimed at providing financial support to students in need.
As one of the sponsors of the fund, Standard Bank invested MK80 into the MUST Endowment Fund.
“MUST has always been a beacon of excellence and innovation in education, we are motivated to see its commitment to ensuring that financial challenges do not hinder the academic aspirations of talented and deserving students. This endowment fund is a testament to MUST’s dedication to fostering inclusivity and academic achievement,” said Madinga.
The Bank’s ongoing partnership with MUST and other educational institutions underscores its commitment to supporting initiatives that drive positive social change and educational equity.
“We commend MUST for its visionary approach in addressing the needs of its students. We look forward to seeing the profound impact this fund will have and are honored to be part of a community that values and supports educational access for all,” he said.
According to Standard Bank, education, especially tertiary, plays a significant role in attaining the Malawi 2063 goals.
Mr. Boyd Luwe, Chairperson of the Fund expressed optimism that the fund will bring equity and address financial challenges students have been facing.
“As MUST we are happy to be the first in implementing home grown solution for students to have equal access to education. Since the institution was established, lack of finances has been a major barrier to attaining higher education which the fund is addressing,” said Luwe.
Luwe commended partners from the corporate world for their relentless support that will help students emerge productive leaders in the future.
“We are deeply grateful to our partners whose generosity has made this fund possible. Their commitment to supporting our students reflects a shared belief in the power of education to transform lives,” he said.
One of the beneficiaries of the Fund, Anastasia Mwamadi said that the endowment fund will reduce the number of drop out students due to lack of resources.
“Many students have been dropping out due to lack of school fees, accommodation, and meals. Therefore, I am happy for the initiative because it will help other needy students to continue with their studies here at MUST,” said Mwamadi.
MUST started the endowment fund with initial investment of MK1.3 billion which has now grown to MK4.1 billion which is being used for full and partial scholarships.
The first cohort sees 460 students benefitting from the fund which will also support innovation and research at the institution.
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