Standard Bank contributes MK20 million towards MUST Endowment Fund

Thyolo, February 28, 2024 – Standard Bank Plc has released 2024 consignment of funding worth MK20 million to Malawi University of Science and Technology (MUST) towards its student 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 MK80 Million which is distributed in an amortized MK20 million per year.

Speaking during the handover ceremony Head of Business and Commercial Banking Graham Chipande said that the fund seeks to improve access to education to young Malawians and enhance education delivery at the institution.

“Standard Bank believes that investment in the human capital 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 Chipande.

He said that the funding resonates well with its core purpose which seeks to see the growth of Malawi in all sectors.

“As purpose driven Bank we believe that “Malawi is Our Home, We Drive Her Growth”. As such we understand the impact of our contribution towards initiatives that are propelling our Nation’s growth such as MUST’s Endowment Fund, and many others” he said.

The BCB Head also commended MUST for the transparency and diligence in the management of the student endowment fund.

“As a partner for growth, we have appreciated MUST’s accountability and diligence in managing the Fund. We believe in the potential the fund has in supporting the long-term financial needs of students and this depends on sustainability of the fund,” he said.

For her part MUST Vice Chancellor Professor Address Malata hailed Standard Bank Plc for fulfilling its commitment towards the student fund.

“We have enjoyed a great relationship with Standard Bank, and they have shown unwavering commitment to ensuring the donations are made on time for the Fund. Through their donations we have generated an additional MK23 Million through investments as of 31st December 2023. This money will benefit the students and faculties here at MUST,” she said.

Standard Bank made the first disbursement of MK20 million in 2022 and this year brings the bank’s total contribution to MK60 Million out of the MK80 million committed during the four-year period of agreement.

The MUST Fund was established in 2021 to provide a more sustainable mechanism of resource mobilization to support needy students and foster the university’s developments.

For more information please contact:

Alipo Nyondo

Email: [email protected]