FDH bank has signed a Memorandum of Understanding (MoU) with the University of Malawi – UNIMA to provide K72 million worth of scholarships for students in the constituent colleges of Polytechnic and Chancellor.

Speaking during the official signing of the MoU in Zomba, Deputy Managing Director for FDH bank, William Mpinganjira said the sponsorship is for 16 students.

Mpinganjira said the partnership is initially for four years but those pursuing five year courses will also be sponsored.

He said the sponsorship is one way of giving back to the society.

“This initiative gives us an opportunity to interact with the students and recruit the best minds when they apply for jobs in our institution,” he said.

Mpinganjira said the bank is committed to promoting higher education in order to reduce chances of drop outs due to lack of tuition fees and other basic needs.

He therefore indicated that the sponsorship might be renewed depending on the University Council’s fees adjustment.

In his remarks the Vice Chancellor for UNIMA Professor John Saka said the investment will allow the beneficiaries to pursue their studies peacefully.

“We are really happy to have gone into partnership with FDH bank because we are now assured that our students will pursue their studies very well and realize their goals.”

“It’s interesting that the private sector is also intervening besides government’s efforts through the loans board, which is usually not enough to carter for every student,” he added.

Education Science student at the Chancellor College, Clemencia Likambale, expressed her gratitude for the scholarship saying it will ease her problems of sourcing money for her tuition fees and other academic needs.