In a significant move to honour its commitment to the overall winners of the 2023 Innovation Jam, the National Bank of Malawi (NBM) plc has announced a cash compensation totalling K12.3 million for the awardees.
In the initial arrangement, the winners, Richard Mtukula and Matthews Jere were set to attend the prestigious 2nd Annual TICON Africa Conference in Kenya in September 2024 as part of their prizes.
However, unforeseen circumstances prevented their participation thereby compelling the Bank to split the total expenditure amount for the trip equally between Mtukula of ‘Know Your Customer (KYC)’ and Jere of ‘Khungu Langa’ software innovations.
Each winner received K6,150,000 as a reflection of NBM’s dedication to supporting innovation in Malawi.
NBM Marketing and Corporate Affairs Manager, Akossa Hiwa, emphasized the bank’s commitment to fostering creativity and honouring its promises.
“We recognize the importance of honouring our commitments to those who contribute to the spirit of innovation. While logistical challenges prevented us from facilitating the winners’ attendance at the TICON Africa Conference, this cash compensation demonstrates our ongoing support for these brilliant innovators and ensures they are celebrated for their achievements,” said Hiwa.
In his remarks, Jere, whose software is a platform for skin care and diagnosis, commended NBM plc for its dedication.
“This recognition and financial support will help us continue developing our innovative ideas and expand our business. Currently, we are working on integrating our system for further analysis and aiming to expand to other countries. This financial boost will help us engage AI developers and host the system on global servers to improve our analysis,” Jere shared.
In 2023, the Bank managed to fly the 2022 Innovation Jam winners to Uganda for a similar conference.
NBM plc partnered with the ICT Association of Malawi (ICTAM), committing an annual K75 million for innovation incubation support, in addition to K40 million for the Innovation Jam initiative.
