Madinga (right) presents the support to Minister of Education Bright Msaka, SC and MUST Vice-Chancellor Prof. Address Malata
* The university has since renamed the Fund as Prof. Address Malata Endowment Fund in honour of the Vice-Chancellor, who has retired
* The donation reflects Standard Bank’s belief in investing in the next generation of leaders, scientists, and innovators—Chief Executive Phillip Madinga
By Duncan Mlanjira
Standard Bank Plc has reaffirmed its commitment to national growth through education by investing K50 million in the Endowment Fund of Malawi University of Science & Technology (MUST).
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The support was presented to Minister of Education, Bright Msaka SC by Standard Bank Chief Executive Phillip Madinga during the university’s 7th Congregation today, August 6.
The MUST Endowment Fund — was established in July 2022 to forever sustain teaching research and to assist needy students’ fees and other academic needs.
Madinga stated that the investment reflects Standard Bank’s belief in investing in the next generation of leaders, scientists, and innovators — emphasising that education is a critical catalyst of strides towards achieving an inclusively wealthy and middle income country as envisioned in the MW2063 blueprint.
“At Standard Bank, we believe that education is an enabler and the most powerful tool you can use to transform lives and economies,” he said.
“This contribution to the MUST Endowment Fund is a continuation of our commitment to building capacity, driving research, and ensuring that no talented Malawian student is left behind due to financial challenges.
MUST Campus at Goliati in Thyolo
Madinga added that the bank will continue to partner with institutions of higher learning to support science, technology, engineering & mathematics (STEM) academic disciplines, entrepreneurship, and skills development that align with MW2063.
Meanwhile, the university has renamed the fund as the Prof. Address Malata Endowment Fund in the Vice-Chancellor, who retires after this graduation after her 10-year tenure of office, that was marked with profound achievements — including the establishment of the Endowment Fund.
In her vote of thanks, Prof. Malata commended Standard Bank for the gesture, describing it as a timely boost to the university’s efforts to expand access to quality education and research.
“This generous contribution comes at a critical time,” she said. “The Endowment Fund is key to securing MUST’s future and producing graduates who will solve Malawi’s real problems. We are deeply grateful.”
As she bade farewell to the institution when delivering the congregation speech, Prof. Malata thanked President Peter Mutharika for appointing her to lead the institution and expressed gratitude to staff and stakeholders for their support throughout her tenure.
She also wished her successor, Associate Professor Mwapatsa Mipando, well, saying she was confident in his ability to steer the university forward after working closely with him during a three-month handover period.
Malata said it had been an honour to lead MUST from its formative years into a fully established institution that led to the establishment of the Endowment Trust.
The first female Vice-Chancellor appointed to a public university in Malawi, said she was grateful for the opportunity and also thanked all staff of the university for their support over the years.
She added that she was deeply moved by the support she had received from various quarters during her tenure that led to the establishment of Endowment Fund.
When Standard Bank made its first support of K80 million towards the Endowment Fund in 2024, Madinga hailed MUST as “always been a beacon of excellence and innovation in education”, which motivated the bank to commit itself to ensure that “financial challenges do not hinder the academic aspirations of talented and deserving students”.
“This Endowment Fund is a testament to MUST’s dedication to fostering inclusivity and academic achievement,” he had said.
Standard Bank maintains that it will continue to play a leading role in corporate social investment, with a focus on education, health, and economic empowerment.
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