MK220 Million Pledged To Support Secondary School Education for another 4 years

LILONGWE, JANUARY 30th, 2024 – Malawi stock-exchange listed Standard Bank has pledged its support towards the education sector in the country by renewing its Merit Scholarship Fund administered in partnership with Press Trust to support secondary school students across the country.

Speaking at the renewal event of the Scholarship Fund in Kasungu, Standard Bank Plc Chief Executive Phillip Madinga, said that the Bank believes strongly in the power of the youth to lead in the nation building as well as wealth creation; and is pleased that the Bank’s 4-year partnership with Press Trust has yielded good fruits.

“Four years ago, we embarked on a journey to support girls and boys in secondary schools across the country and we have so far managed to build a 112-bed capacity hostel with a contribution of MK115.6 million at Lilongwe Girls Secondary School and administered a scholarship fund worth MK120 Million for 74 students throughout their secondary education.” he said.

He added that the achievements have prompted the Bank to continue indulging in joint financing interventions and renew its partnership with Press Trust.

“We have therefore seen it fit to renew our agreement with Press Trust and cater for 46 students including those with special needs at estimated cost of MK220 Million over 4 years. The Merit Fund which will cover school fees, stationery, school bags, school shoes, uniform, as well as examination fees and for special needs students the various aids needed for learning”, said Madinga.

“We believe that these scholarships are proof of Standard Bank’s commitment to its role as catalyst for socio-economic development and is in line with Malawi Vision 2063 growth pillars,” he emphasized.

Speaking at the engagement, Trustee of Press Trust Prof. Moses Maliro highlighted the key success areas that have prompted the renewal of the scholarship fund.

“The effective collaboration between Standard Bank and Press Trust has enabled us to improve access to education. We are reaching out to more young people because of their support.” Said Maliro

Head of Operations at Press Trust, Chikondi Maleta further shared the key highlights from the previous Standard Bank cohort that prompted the renewal of the Merit Scholarship Fund.

“Through the continuous support from Standard Bank, we have witnessed impressive results from the students in their MSCE exams. 75% of the students have scored below 20 points with the highest points of eight (8) claimed by a young girl from Providence Secondary School.” Said Maleta.

Madinga added that the Bank will continue its efforts to empower the youth through targeted interventions in the Education sector and emphasized the need for Malawi to converge resources and efforts by investing in education.

In addition to signing a Memorandum of Understanding with Press Trust and boosting the education sector, Standard Bank continues to make its annual contribution of MK20 Million to Malawi University of Science and Technology for the student endowment tuition bursary.