Standard Bank puts N$4 million into communities

Standard Bank Namibia yesterday launched its N$4 million Corporate Social Investment programme (CSI), continuing the lender’s contribution to education, health and entrepreneurship. The bank’s CSI programme has become an important event on the bank’s annual calendar, given its long-term commitment of 1% of its annual net profits after tax. That amount stood at approximately N$4 million in 2013 and 2014. Along with an official report on its CSI activities last year, the bank yesterday announced five sponsorships to various institutions with whom it has long-standing relations. Beneficiaries this year were the Forum for African Women Educationalists in Namibia (FAWENA) (N$1.3 million), the Namibia Red Cross Society (N$100 000), the Namibia Financial Literacy Initiative (NLI) (N$250 000), the San Development Trust (N$120 000), and Katima Mulilo Shelters (N$1.5 million). “At all times as a bank we aim to establish and foster relationships with beneficiaries that go byond one-off donations so as to have greater impact and sustainability,” Standard Bank Namibia Chief Executive Junius Mungunda said. “It is through these financial contributions that we want to make a meaningful contribution towards to the lives of disadvantaged communities in the country,” he said. Also speaking at the event was the Deputy Director of the San Development Fund Gerson Kamatuka, who attended the event on behalf of Deputy Prime Minister Marco Hausiku. “My appeal to (the beneficiaries) is that they should wholeheartedly guard and take full account of the funds they received today, and it must go to the rightful purpose it is intended for. I will be very disappointed if I hear later that funds of this magnitude have been mismanaged and wasted, as our people are in dire need of social upliftment,” Kamatuka said. WINDHOEK DENVER ISAACS