Bayport Financial Services has awarded full scholarships to 10 University of Zambia (UNZA) first year students for this academic year to cover tuition, accommodation and monthly allowances.
The scholarships amount to K504, 755.08.
Bayport Financial Services Executive Director Martha Akapelwa said her company also awarded partial scholarships to 40 students who have been granted government bursaries but have not been able to meet other outstanding fee payments.
Mrs. Akapelwa said 60 percent of the scholarships have been awarded to female students.
She said Bayport believes in empowering the girl child because educated women pass the benefits thereof to the whole community.
She said the institution made the gesture in appreciation of the free education that was accorded to the people of Zambia during the leadership of Kenneth Kaunda.
And Minister of Education, Science, Vocational Training and Early Education John Phiri said the initiative by Bayport could create a sustainable platform and mechanism for development if it is emulated by many players in the private sector.
Dr. Phiri said this strong and active private sector participation was only possible if UNZA provides a predictable and conducive learning environment.
He said government acknowledges that the support from Bayport was an opportunity to reflect upon the current system of supporting students at higher education institutions.
Dr. Phiri said it was clear that the old systems were no longer able to deal with the changed social and economic features of the country.
He said it is important to reflection and recognize the important role that the parastatal companies and government play in human resources development.