Stanbic to pay tuition for needy university students

June 8, 2018 in Companies, Financial Services, Investment, Policy by Editor

June 8, 2018—Stanbic Bank has handed over a cheque of UGX75 million (nearly $20,000) to Uganda Christian University (UCU) in Mukono as part of its corporate social investment strategy (CSI) which focuses on supporting education at all levels.

Representing the bank, Stanbic Bank Greater Kampala Regional Manager John Kaweesi said, “Stanbic Bank firmly believes education is the key to Uganda’s future transformation and development. We partnered with UCU, because we share their values and the firm belief that a better tomorrow for Uganda starts with investments made today.”

The money will go towards supporting the education of 20 brilliant, but underprivileged students for the 2018-2019 academic year. Recent UCU admission figures indicate only about 15% of the students join the university with some form of official scholastic support.

The remaining 85% are sponsored by parents and guardians. However, many of these come from underprivileged backgrounds and face financial challenges in paying their fees on time. As a result their studies suffer and some fail to graduate altogether.

Kaweesi said, “Education forms the cornerstone of our social investment programme. Accordingly, the bank invests approximately UGX2 billion (just over $500,000) in its CSI initiatives and 90% of that budget goes towards a variety of educational initiatives across the country. These include the UGX200 million contribution towards the refurbishment of the Sir Albert Cook Memorial Library which we handed over just last week. This was the first major renovation of Uganda’s oldest library in 50 years.”

UCU Deputy Vice Chancellor Development and External Relations David Mugawe said, “The awardees for the UCU/SBU scholarship have exceptional performance and good character despite being financially challenged. Most of these had not met the half registration deadline due to fees issues while others suffered late registration surcharge due to late payments.”

To qualify for the scholarship the students had to maintain a GPA average of 3.5 and above. Mugawe said, “Some of these students live in peasant or broken homes, with either a single parent or none at all, except under the care of guardians. This forces them to resolve to petty jobs to raise part of their fees. This donation by Stanbic will ensure we keep them in school so they have a chance at a better future.”

Speaking about the bank’s flagship CSI initiative, the Stanbic National Championships which is set to climax in July, Barbara Kasekende the Corporate Investment Manager said the four regional finalists had been selected and were at the advanced stages in their preparations for the finals.

“We recently held a boot-camp right here in Mukono where the students were addressed by our chief executive and taught the finer skills of running an actual business. At the finals the students will be expected to present their business projects and the team with the best presentation winning a trip to Stanbic HQ in South Africa,” she said.

UCU is a private, not-for-profit institution which was founded in 1997 by the Church of Uganda to expand higher education. Bishop Tucker Theological College was promoted into a university which was chartered by the government in 2004.