The National Bank of Malawi Plc (NBM) on August 20, 2021 committed K60 million support towards the MUST Endowment Fund.
The Fund was launched on July 10, 2021 at Lilongwe Golf Club through a golf tournament that was teed off by the Vice President, Right Honourable Dr Saulos Klaus Chilima.
Since then, individuals and organizations have been pouring resources into the Fund which the university will invest and only use a small percentage of the profits earned for various activities, including students’ scholarships, especially for needy students.
In his remarks, Director of MUST Institute of Industrial Research and Innovation (MIIRI), Dr David Mkwambisi said public universities are facing financial challenges due to inadequate funding from government hence the need for them to explore other avenues of income generation.
“On our part, we think an Endowment Fund is ideal because it ensures sustainability of the resources we receive and it will also mean that we will not have to be going with a begging bowl to our partners every other year. Once they contribute towards this Fund, we will invest the money and only use a part of it so that we grow the money in perpetuity,” he said.
In his remarks, NBM Chief Executive Officer, Mr MacFussy Kawawa, said the Bank found the MUST initiative innovative and sustainable and in line with his bank’s ethos.
“We will pay this money over three years in equal amounts. Our aim is that it should go towards support for brilliant but needy students. As such, this will mean instead of us managing the Fund through the annual top students’ awards as we have previously been doing, we will leave that task to MUST management but we will be following whatever is happening,” said Mr Kawawa whose bank has supported the university in many areas.
He also committed to work with MUST in other areas of common interest, including offering placements for internships for those who get its scholarships “at least where applicable”.
MUST Vice Chancellor, Professor Address Malata, thanked NBM for the support, saying it is one of the organizations that have supported the MUST Endowment Fund from the onset.
“They were there when we launched the Fund in Lilongwe by establishing a team that participated in the golf tournament. They also donated a golf bag which we auctioned during prize presentation and realized in excess of K4 million. They have also previously supported us in many ways,” said Professor Malata.
She urged other individuals and organizations to emulate the gesture shown by NBM, adding that there are several benefits that would go to those that support the Fund.
Among others, individuals who support with K5 million or more will qualify for a named Endowment where their support will be known within the MUST Endowment Fund by a name of their choice and they will also dictate how they want that money to be used.
For institutions, a named Fund starts from K20 million and already NBM has qualified for a named Fund.
Other benefits, according to Mkwambisi, includes discounted fees for services such as training, use of MUST facilities, consultancies and many others.