By Blessings Chitekwere:
The Malawi University of Business and Applied Sciences (MUBAS) has on Friday, October 3, signed a Memorandum of Understanding with the National Bank of Malawi (NBM) which has donated K150 million towards the university’s endowment fund.
The fund is aimed at supporting education, research projects, faculty development, and infrastructure at the institution.
MUBAS Vice Chancellor, Associate Professor Nancy Chitera, hailed the bank for what she described as a timely intervention, saying it will help create equal opportunities for students.
“This donation will go a long way not only in helping needy students but also in assisting the university in several developmental projects. It is an overall contribution to national development because these students will become responsible citizens and contribute to the economy once they graduate,” she said.
Chitera disclosed that MUBAS has over 5,000 needy students who struggle with accommodation, gadgets, and access to the internet for academic purposes. The university’s hostels can only house 1,200 out of more than 10,000 students, leaving many without decent accommodation.
She also revealed that MUBAS has been receiving donations towards the endowment fund since last year and the contributions now stand close to K700 million. She explained that the official launch will take place in the future but stressed that the money will not only benefit a few students. Instead, it will be invested through different activities, and the dividends will go towards supporting more students in a sustainable way.
“Thank you, National Bank, for coming through for the students. Thank you for coming through for the nation,” Chitera added.
NBM Chief Executive Officer, Harold Jiya, said the bank made the donation because it views MUBAS as a hub of entrepreneurship and national development.
“Our partnership with MUBAS today is not an isolated case. It builds on a long history that we have. We believe education is the foundation of national development. It is through these students that the nation will succeed.
“We want to be a catalyst for development in universities. We support different sectors of education including extracurricular activities to make sure students are prepared for the future,” said Jiya.
He added that the bank was compelled to support the endowment fund because of the potential it sees in students. Jiya also noted that he and several NBM officials walked through the corridors of MUBAS when it was still The Polytechnic under the University of Malawi.
MUBAS Students Representative Council (SRC) President, Francis Alex, also welcomed the support, saying it will help to keep needy students in class.
“We are grateful for this donation because students face so many challenges. The fund will help with scholarships, research projects, and other infrastructure that directly improves student welfare. The hostels are not enough to accommodate everyone. This should be a call to action for other organizations and companies to also contribute to the endowment fund,” Alex said.
The donation presentation and signing ceremony was attended by NBM executives, Heads of Departments, Executive Deans, and members of the MUBAS SRC.
