Lilongwe, January 18, 2023–Standard Bank Plc has released 2023 consignment of funding worth K20 million to Malawi University of Science and Technology (MUST) towards its endowment fund which seeks to assist needy students and enhance resources mobilization at the institution.
Through the endowment fund, Standard Bank committed a four year sponsorship amounting to K80 million which is distributed in division of K20 million per year.
Standard Bank commenced its contribution from last year with the first disbursement of K20 million, therefore, this is the second contribution to the fund.
Speaking during the handover ceremony William Nuka, Head of Engineering and Chairperson of the Bank’s Corporate Social Investment (CSI) Committee said that the fund seeks to improve access to education for students and further improve service provision at the institution.
“Standard Bank believes that investment in education contributes positively to the overall growth of our nation. Therefore, the fund we are disbursing today will help students to acquire the desired education at the same time improving education standards at MUST,” said Nuka.
Nuka said that the funding resonates well with our core purpose which seeks to see the growth of Malawi in all sectors.
“Our Purpose as Bank is Malawi is Our Home, We Drive Her Growth. As such we understand the impact of our contribution towards initiatives that are propelling developmental growth such as MUST’s endowment fund,” he said.
Nuka further added that through the funding Standard Bank is enhancing equity in the education sector.
“As a Bank we are aware of MUST’s policy which states that no student should withdraw due to financial and equipment challenges. Our contribution is aligned with the policy to ensure that every student has equal access to education with suitable equipment,” added Nuka.
The Vice Chancellor of MUST, Professor Address Malata predicted positive growth of the institution which will emanate from the cordial relationship between the two entities.
“Since we started our operations in 2014, Standard Bank has been a partner for growth helping MUST to be financially sustainable. The contribution will help to enhance delivery of education at the institution and assist needy students,” said Malata.
Through the endowment fund, MUST is aligning itself with the MW2063 therefore, the contribution is a catalyst for achieving objectives of the plan.
“As an education institution we hope to see the growth of the endowment fund’s revenue to K30 billion. As a result the institution will be contributing 40 percent to our budget in the process helping the government to achieve the MW2063 vision,” She said.
Malata assured Standard Bank of the safety and accountability of the funds at the warm heart of higher education in the country.
MUST Endowment Fund was established in 2021 to provide a more sustainable mechanism of resource mobilization to support needy students and also foster the university’s developments.
Within two years of establishment, the MUST Endowment Fund is close to K2 billion which will be used u for tuition fees and other infrastructure development after a tenure of three years.