Absa increases support to UCT

A total of 250 “missing middle” students from the University of Cape Town (UCT) will receive scholarships after a R10 million donation was handed over to the university by the Barclays Africa Group on Tuesday, 24 October.

This follows an almost three-fold increase in the Barclays Africa Group’s CEO Scholarship Fund, which will finance the studies of 3 000 students across Africa.

The fund, now valued at R210 million (up from R80 million in 2016, which funded 2 000 students), has dedicated R35 million to universities in the Western Cape specifically. This includes UCT, the University of the Western Cape, the Cape Peninsula University of Technology and Stellenbosch University.

The CEO Scholarship Fund is a component of Barclays Africa’s Shared Growth strategy, which endeavours to create shared value for communities and stakeholders. The group has pledged to invest R1.4 billion in education and skills training between 2016 and 2018.

“University education unlocks opportunities that can change the lives of young people and the future of our continent.”

“University education unlocks opportunities that can change the lives of young people and the future of our continent. This is an expression of our Shared Growth commitment to help realise Africa’s potential and contribute to long-term economic growth,” said Barclays Africa Group chief executive Maria Ramos.

“This investment has been made possible by the hard work and dedication of colleagues in our business and I am proud of their commitment to making a visible difference in the lives of thousands of young Africans.”

Of the 3 000 scholarships, 2 250 will be allocated to South African students. The remaining 750 are earmarked for students in Barclays Africa operating regions throughout the continent. Of the South African scholarships, 500 will be granted to dependants of Absa staff members.

Universities will identify qualifying students on the basis of academic performance and financial need, and will allocate scholarships after consultation with Absa. The funding is also available to students from the so-called “missing middle”.

The scholarship programme includes essential psycho-social support and leadership training.