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I&M Bank Foundation Partners with Strathmore University to Provide Education Scholarships

4TH FEB 2020


I&M Bank Foundation Partners with Strathmore University to Provide Education Scholarships

Press Release

Nairobi, 4th February 2020: I&M Bank Limited through its Foundation has today enhanced its partnership with Strathmore University to provide additional education scholarships for 15 bright but needy students, admitted for Undergraduate degree programmes in Law, Commerce, Financial Engineering, Financial Economics, Actuarial Science, Informatics and Computer Science, and Communications.

The Bank has over the years spearheaded various initiatives to help promote quality education, through partnerships with organizations that support education requirements for needy but bright students across the country. These initiatives include scholarships, education infrastructural developments and refurbishments.

The scholarship programme with Strathmore University is one such initiative and will benefit scholars who attained a Grade of B plus and above in their Kenya Certificate of Secondary Education (KCSE) exams; and have received admission to Strathmore University.

The scholarship fund will comprise of Tuition and Accommodation fees totaling to over Kshs. 29 million. Over and above the scholarships, the Foundation will provide internships at the Bank through the Management Trainee programme. The Bank’s staff members will in addition provide peer to peer mentorship programmes for the scholarship’s beneficiaries.

The I&M Bank Scholarship Fund with Strathmore University was set up in 2010 with its first cohort of 10 students coming from disadvantaged backgrounds. The fund was set up to create more opportunities at the Strathmore Institute of Mathematics and Sciences, to offer degree programs in Actuarial Sciences, Finance and Financial Economics geared towards building capacity in the financial sector. So far, 20 scholars have benefited from this partnership.

Speaking at the launch of the 2020 cohort, I&M Bank Foundation’s Chairman Mr. Suresh B.R. Shah noted, “Reflective of I&M Bank’s commitment to sustainable financing, the Bank through the I&M Bank Foundation endeavors to improve the quality of life in our society; and by forming partnerships with like-minded institutions like Strathmore University, to benefit more bright but needy scholars, we are able to push our shared growth agenda in impacting the society beyond expectations.”

“We are proud to note that beneficiaries of this scholarship fund have continued to make significant impact in society; and have ventured into various careers spanning from academia, actuarial science, banking, public relations, audit, journalism, risk management and entrepreneurship. I believe that this young academically gifted cohort of the 2020 beneficiaries will be empowered to be transformative leaders; through the scholarship programme allowing them to also impact the society in one way or another at an individual level,” he added.

“For this year’s theme, the University is spearheading one of its most cherished values since its inception; ethical practice. We’re calling it the year of “Ethical Behavior: Do good, Be more, Fight Corruption.” We will seek to ensure that the 15 scholars not only get a well-rounded education, but will also be inculcated with values of the pursuit of common good above personal good, and service above material wealth.” said the Vice Chancellor Designate, Dr. Vincent Ogutu.

“Currently, Strathmore University has 22 partners in student financing who are committed to ensuring that the young generation get an opportunity to fulfil their dreams. Over the last four years, the number of students benefitting from scholarships and loans increased from 12.3% to 21.9%. Our global outlook has seen our support extend to students from the Democratic Republic of Congo, Liberia, Mozambique and Zimbabwe.” He added.

Mr. Kihara Maina, CEO and I&M Bank Limited and Trustee of the I&M Bank Foundation, reiterated, “Education access as outlined on SDG 4, looks to ensure inclusive and equitable quality education, as well as promote lifelong learning opportunities for all. I&M Bank’s shared value agenda through the Foundation and its corporate strategy’s objective of delivering positive impact to society, aligns with SDG 4 and looks to give opportunities to needy but bright students; molding them into agents of change for our country’s socio-economic development agenda.”

“The Bank will continue to provide the necessary support in the implementation of the scholarship fund throughout the course of the degree programmes, to ensure that all requirements are met through effective monitoring of progress,” he concluded.

The I&M Bank Scholarship Fund for Strathmore University follows a rigorous selection process that includes admission to Strathmore University, interviews for guardians, parents and beneficiaries and home visits to ascertain that these students meet the criteria. Interested applicants for the I&M Bank Foundation scholarships will be encouraged to fill in the forms at Strathmore University.

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Notes to the editor

About I&M Bank Foundation

The I&M Bank Foundation is the corporate social responsibility arm of I&M Bank set up to deliver a positive impact on society and charged with the responsibility of delivering social investment programs. The Foundation focuses on key strategic thematic areas namely: Environmental conservation, where we reduce direct and indirect negative environmental impact; Education and skills development, where we enhance the educational outcomes that lead to future jobs; Economic empowerment, where we enlarge the capabilities of Micro, Small and Medium Entrepreneurs; and Enabling giving, where we strengthen partnerships for sustainable development.

For more information visit: www.imbank.com.

About I&M Bank Limited

I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania, and Rwanda. The Bank is a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client, and Personal banking services.

I&M Bank is wholly owned by I&M Holdings PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through the provision of innovative and market-driven banking solutions for its target segments.

For more information visit: www.imbank.com.

About Strathmore University

Strathmore seeks to become a leading outcome-driven entrepreneurial research university by translating our excellence into a major contribution to culture, economic well-being, and quality of life. Strathmore aims at providing all-round quality education in an atmosphere of freedom and responsibility excellence in teaching, research, ethical and social development, and service to society. https://www.strathmore.edu