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ABSA invests R5m in a Scholarship Programme for Maties in 2017
Author: Development & Alumni / Ontwikkeling & Alumni
Published: 22/06/2017

A generous investment of R5 million from Absa Bank into a Scholarship Programme at Stellenbosch University (SU) is set to benefit talented and deserving students in need of bursaries in 2017. 

At a cheque handover ceremony on the Stellenbosch campus on Wednesday morning (21 June), Absa confirmed its R5m contribution and clarified their aim, as part of the Shared Growth strategy, to increase access to tertiary education for young people, thereby helping to realise Africa's potential and contributing to long term economic growth.

Using a combination of academic performance, subject focus, and financial need, the university will identify qualifying students and disburse the funds in consultation with Absa. The qualifying students will be selected largely from the "missing middle" category of students, those whose parents or guardians can at best only afford to pay a portion of the required university fees.

Dr Reaan Immelman, General Manager: Education and Skills at Absa Bank, said that the Bank recognises that as a significant economic player on the continent it has a responsibility to use its substantial resources and skills to build a more prosperous Africa for the next generation.

"The opportunities created by the Scholarship Programme will not only meet a pressing need, but is also critical to the future success of many students," he added.

Speaking at Wednesday's handover, Mr Clinton Clarke: Head of SA Coastal Regions, Absa Corporate and Investment Banking said: "Absa is proud to be able to make a difference in the lives of thousands of young South Africans by making university tuition more accessible to them and by offering them the skills development that will prepare them for a bright future.

"We are especially pleased to be able to make this donation to an institution where we have a long history of partnership. We thank you for the great work you are doing in preparing future leaders at Stellenbosch University. We are proud to partner with an institution that plays a role in ensuring our contributions are meaningful and that our impact is sustainable".

Prof Wim de Villiers, Rector and Vice-Chancellor, of Stellenbosch University said there is a perception that Stellenbosch is a well-to-do university, attracting only affluent students. "But let me put the record straight. Substantially more than a third of our most recent graduates received some form of financial assistance during their studies, but more than 40% desperately need financial help. The need far exceeds what we are able to facilitate."

According to Prof De Villiers, the University disbursed close to R700 million to students last year. "Some of it from our own funds, some from the State, and the rest from donors."

He added that "if it weren't for donations such as the one we have now received from ABSA, not only would talented individuals be denied an opportunity to study further, but society at large would not get the benefit that well qualified graduates offer – skills for development, which we need very much.

"So, thank you. On behalf of all our students – the current ones, and the ones still to come."

Photographer: Anton Jordaan