United General Insurance (UGI) Company Limited has signed a three-year agreement with Malawi University of Sciences and Technology (MUST) to support needy students and encourage innovations through Vice Chancellor’s Innovative awards.
Speaking during the signing ceremony of Memorandum of Understanding at MUST Campus in Thyolo UGI Chief Executive Officer Bywell Chiwoni said the insurance company will invest a total of K15 million for the next three years.
“This marks the beginning of the UGI- MUST long term relationship through scholarship and innovative awards sponsorship. As UGI we are committed to a minimum of K15 million three years’ scholarship and award sponsorship. K3 million to go towards scholarship and K2 million for the Vice Chancellor’s Innovation award each year for the next three years,” said Chiwoni.
Chiwoni said the sponsorship is in line with the company’s Corporate Social Responsibility which singles out support to education, health and safety.
“In pursuit of providing quality services to our clients and other stakeholders, UGI believes in the wellbeing of the communities we belong to and for the company this means commitment to education, health and safety that will drive the nation’s prosperity,” he said.
The Chief Executive Officer added that the company was proud to be associated with MUST in driving innovation as it sits well with its one of its core values.
“You might not know this but UGU is the innovative leader in the General Insurance industry. With our Auto serve motor insurance product we were the first country besides South Arica to introduce telematics in Southern Africa and other neighboring countries are learning and adopting from us that is why we are in full support of this initiative,” Chief Executive Officer said.
MUST Vice Chancellor Professor Address Malata hailed UGI for partnering with her institution to drive innovation amongst students.
“The support towards the Vice Chancellor award for outstanding students will give students a chance to pitch their ideas to a panel that will assess them for the award and in the end this will transform societies. Innovation is integral component in driving the economy of this country, “said Malata.
Annually the company will be providing K5 million for the scholarship and Vice Chancellors Innovative awards for the next three years.