By Sphiwe Dorias:
National Bank of Malawi (NBM) plc has announced a cash compensation totaling K12.3 million for overall winners of the 2023 Innovation Jam,
In the initial arrangement, the winners, Richard Mtukula and Matthews Jere, were set to attend the prestigious 2nd Annual Ticon Africa Conference in Kenya in September 2024 as part of their prizes.
However, unforeseen circumstances prevented their participation thereby compelling the bank to split the total expenditure amount for the trip equally between Mtukula of ‘Know Your Customer (KYC)’ and Jere of ‘Khungu Langa’ software innovations.
Each winner received K6.1 million as a reflection of NBM’s dedication to supporting innovation in Malawi.
NBM Marketing and Corporate Affairs Manager Akossa Hiwa emphasised the bank’s commitment to fostering creativity and honouring its promises.
“We recognise the importance of honouring our commitments to those who contribute to the spirit of innovation. While logistical challenges prevented us from facilitating the winners’ attendance at the Ticon Africa Conference, this cash compensation demonstrates our ongoing support for these brilliant innovators and ensures they are celebrated for their achievements,” Hiwa said.
In his remarks, Jere, whose software is a platform for skin care and diagnosis, commended NBM plc for its dedication.
“This recognition and financial support will help us continue developing our innovative ideas and expand our business. Currently, we are working on integrating our system for further analysis and aiming to expand to other countries. This financial boost will help us engage AI developers and host the system on global servers to improve our analysis,” Jere said.
In 2023, NBM managed to fly the 2022 Innovation Jam winners to Uganda for a similar conference.
NBM plc partnered with the ICT Association of Malawi, committing an annual K75 million for innovation incubation support, in addition to K40 million for the Innovation Jam initiative
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