Standard Bank Plc, listed on the Malawi Stock Exchange says vocational training has the power to transform the country’s economy through jobs, self-reliance and catalytic export of commodities.
The bank’s Chief Executive Phillip Madinga said this on Tuesday at DAPP Mikolongwe Vocational College in Chiradzulu where the bank has launched a K40 million Business Incubation program for agriculture graduates under the Development Aid from People to People (DAPP Malawi).
“Vocational skills by the youth drive productivity in key macroeconomic sectors of the Malawian economy such as agriculture, manufacturing, construction and services.
“The program we’re launching today with DAPP focusses on agriculture as the sector anchors the economy,” he said.
Madinga said the agriculture sector—which employs over 80 percent of the country’s total population— needs technical and vocational skills to improve agribusiness, food security and value addition.
He said the incubation program will benefit 20 graduates with access to entrepreneurship boot camps, mentorship, financial management training, business coaching, and market-readiness support with a strong focus on empowering young women and promoting value-added agribusiness ventures.
“The initiative has been specially curated to help them transform ideas into sustainable and growth-oriented enterprises. Standard Bank will work closely with DAPP Malawi to provide financial literacy training, strategic guidance, and opportunities for business linkages with key market players,” he said.
The Chief Executive said Standard Bank has a long history of working with DAPP Malawi’s training colleges which it nurtures as a hub for vocational occupations for thousands of youths seeking alternative education pathways.
In 2022, Standard Bank Plc contributed K53.4 million to DAPP Malawi, comprising of K31.7 million for ICT equipment and K21.7 million for the training of 30 vulnerable young women in tailoring and fashion design.
DAPP Malawi Country Director Moses Chibwana said the support from Standard Bank Plc is helping the organisation fulfill its mandate of contributing to the country’s economic development through vocational training, self reliance and job-market ready skills development.
“We are very grateful for the partnership with Standard Bank as it’s helping DAPP fulfill our vision and that of the nation by uplifting the youth who are our future leaders and the new economic growth frontier,” he said.
One of the incubates Alice Alufandika said during his studies, the group learnt how to work with renewable agriculture methods such as the use of organic manure and recyclable soil treatment containers which they will now put to practice in the market.
“We’re happy that Standard Bank has come in to give us a boost. Their support will help us achieve scale in our efforts,” Alufandika said beside her stall selling honey and vegetables.
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