National Bank of Malawi Plc has committed K345 million in the development of Information Communication Technology (ICT) initiatives in the country for the next three years.
The Bank’s Head of Information Technology Organisation and Methods Division, John Mitchell disclosed on Tuesday when the Bank renewed its partnership with the ICT Association of Malawi (ICTAM) until 2026 that the Bank has set aside K115 million as annual budget to support the ICT initiatives.
“This renewal is not just a continuation of our past efforts but an evolution into new, exciting territories. A key part of this evolution is the introduction of the Innovation Incubator Hubs, an initiative that promises to transform ideas into successful business ventures and foster a new generation of technological entrepreneurs in Malawi.”
“This budget is allocated between two key areas, the NBM Innovation Jam Competition, which we have earmarked K40 million for this competition, recognizing its pivotal role in identifying and rewarding outstanding technological talent in our country, and the Innovation Incubator Hubs where a larger portion, amounting to K75 million will be invested in establishing and running these hubs, ensuring that they are equipped with the necessary resources and infrastructure to nurture and support upcoming entrepreneurs,” said Mitchell.
Earlier this year, NBM Plc sent to Uganda three innovators who emerged winners in last year’s Innovation Jam awards to attend an ICT conference.
ICTAM president Clarence Gama commended NBM Plc for committing more to the development of information technology in the country.
“It feels great because this is an amount that will transform our efforts to make sure that ICT innovation is very impactful here in Malawi. National Bank has been with us in supporting the Innovation Jam which awards outstanding innovation ideas. Now, with the introduction of Innovation Hubs, it means we are going to see those ideas turned into solutions which make an impact on the Malawian economy,” said Gama.
ICTAM will be holding its annual lake conference in Mangochi this week where ICT innovators are expected to be awarded in the Innovation Jam.