NBM plc injects K150 million into MUBAS Endowment Fund

National Bank of Malawi (NBM plc) has committed K150 million to the Malawi University of Business and Applied Sciences (MUBAS) Endowment Fund through a Memorandum of Understanding (MoU), aimed at addressing financial challenges faced by needy students.

The Endowment Fund, launched last year, was designed as a sustainable mechanism to support scholarships, research, and innovation for financially challenged students at the institution.

Speaking during the official MoU signing ceremony on Friday, NBM plc Chief Executive Officer (CEO), Harold Jiya, underscored the Bank’s commitment to advancing education as a driver of national development.

“This fund is meant to support student scholarships, research, needy students, and innovation at the university. As NBM plc, we felt it worthwhile to support this initiative, considering the crucial role academic institutions play in the development of the country,” said Jiya.

He added that the MoU outlines governance and transparency measures to ensure the funds are used effectively.

“We have put in place clear guidelines on how the money will be managed to guarantee accountability and sustainability. This framework will also help attract additional investments to support needy students,” he said.

MUBAS Vice Chancellor, Nancy Chitera, applauded NBM plc for the support, describing it as a significant milestone in addressing student welfare. She revealed that nearly half of the institution’s students face financial difficulties.

“We are very excited about this donation as it reassures us that the Bank believes in us. It gives us confidence that we are heading in the right direction. With over 10,000 students, half of whom are needy, we believe this Endowment Fund will provide long-term solutions to some of the challenges our students face,” said Chitera.

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