UNIVERSITY OF MALAWI AND OLD MUTUAL IN AN AGREEMENT
11 June, 2018
UNIVERSITY OF MALAWI SECURES FUNDING FOR VICE CHANCELLOR ENDOWMENT CHAIR AND SCHOLARSHIP FUND
University of Malawi (UNIMA) and Old Mutual have entered into an agreement where the latter will provide funding that will benefit students of the Bachelor of Science in Actuarial Science (Honours) programme in the Faculty of Science at Chancellor College.
In a meeting held on 11th June 2018 at Old Mutual offices in Blantyre, Old Mutual committed to provide funds amounting to K37 million to the University for the Vice Chancellor Endowment Chair in 2018 and further funding for next four years towards the Chair and Chancellor College students on merit and character in the Faculty of Science upon agreement with UNIMA on the conduct of these students and administration of the funding.
According to the Vice-Chancellor Professor John D. Kalenga Saka, who has played a key role in securing this new partnership, Old Mutual will also provide annually MK9 million for six Chancellor College students who are in their second year of studies on merit and character in the Faculty of Science from 2018/19 to 2023/24 academic years.
“To make this agreement formal, we plan to have an official signing of the Memorandum of Understanding and the official launch of this Endowment and Scholarship Fund in the second week of July 2018.
Therefore, from now up to end of June, we need to design an advert and float it in the newspaper so that we can recruit a distinguished academician of an international repute to become the Vice Chancellor Endowment Chair”, explained the Vice Chancellor
This means that every student will receive a full scholarship of MK 1, 500, 000 (one million and five hundred thousand kwacha) per academic year and each student will continue to get financial assistance under the scholarship for the duration of the contract (thus, 2018 to 2022).
According to the discussion between the two parties, each scholarship will cover the cost of University fees, and provide the student an additional contribution towards the cost of subsistence, accommodation, or other living expenses. This personal allowance will be given in a single lump sum once a year to Chancellor College, for administering to the student.
Further the agreement says Old Mutual will consider offering industrial attachments (internships) to a maximum of six Chancellor College students during vacation at the students’ own costs.
However, Old Mutual will facilitate the appointment of an internationally selected senior academic, to serve as Professor/Endowment Chair in Actuarial Science and fund his or her office for three years.
The new partner in Old Mutual will also provide support for costs associated with Chair’s research, communication, international participation in conferences and mentorship of students. These activities will start in the second year of the agreement.