Speaking during the handover ceremony in Blantyre, Corporate and International Banking Frank Chantaya said the bank saw it fit to invest in the education sector as a continuation of its contribution to the growth of the country.
Chantaya added that the bank believes that education is a catalyst and lubricant of economic growth therefore their intervention in the education sector is cross-cutting and designed to respond to the pertinent needs of the sector.
“As a bank, we cannot grow if we do not help the society in which we do business because the society forms part of our key customers. Every year we will set aside K30 million and we will work together with the universities to choose best students and most deserving in terms of need and performance ability to access this funding. This program will go on for 4 years which brings it to a total of K120 million,” said Chantaya.
Witnessing the occasion, Minister of Education, Science and Technology Bright Msaka, SC, said government was delighted to be getting a boost of such amount of money to complement on the K4 Billion that government has set aside for university student loans.
“Some of the brightest and best students come from rural areas and they face numerous challenges when it comes to access to education. The K4 billion cannot carter for all students therefore some of the students who may not access this loan will be assisted within the K120 million that standard bank has committed today,” said the Minister.
Standard Bank has helped the education sector in the country by among others, provide assistance to rehabilitate DAPP colleges, built school blokes in Chiradzulu, provide 25 computers to TEVET for ICT support and has recently embarked on a Girl Mentorship Program to keep the girl child in school.