Standard Bank has formed a ground-breaking partnership with South African Institute of Accounting (SAICA) to sponsor fourth-year accounting students at three historically underprivileged universities in 2024 disadvantaged – University of Venda, Walter Sisulu University and University of Zululand – as an initiative to empower and promote diversity within the accounting profession.
This marks the first time a financial institution and reputable institution work together on a project which aims to elevate future accountants who do not have the means to follow their aspirations.
This partnership proves that group empowerment and support, in addition to individual work, are equally important for success.
“The partnership, spanning over three years, underscores a shared commitment to making tangible difference in the lives of talented individuals from underrepresented backgrounds,” says CA(SA) Thembeka Maseko, who is Standard Bank CFO.
She also says that by offering financial assistance and mentorship opportunities, the initiative seeks to increase the appeal of the accounting profession and ensure that future practitioners represent the rich diversity of South Africa.
To oversee this process and ensure effective governance, SAICA launched the Thuthuka Education Upliftment Fund (TEUF) in 2002. Operating under TEUF, the Thuthuka Bursary Programme was established in 2005 and to help underprivileged African and Coloured students pursue the CA (SA) – chartered accountant South Africa – designation.
The Thuthuka model focuses on holistic student development by covering all related higher education expenses, including accommodation, tuition, and books.
This support allows students to focus fully on their studies, which increases their chances of success. Additionally, SAICA mentors will offer guidance throughout the academic year, creating a supportive environment that promotes student growth and achievement.
Following the successful launches at the University of Venda in April and Walter Sisulu University in June, the final launch was held yesterday at the University of Zululand.
The programme was led by Msizi Gwala, SAICA’s project director. He began by expressing gratitude to the guest speakers, emphasising the programme’s significance and encouraging the students.
Gwala also said the support goes beyond financial assistance, since students will also receive SAICA's flagship resources and become part of a supportive network.
‘’Students need the support, especially if they are going to pursue such a challenging field like accounting,’’ Gwala said.
Among the guest speakers was Patricia Stock, SAICA CEO and representative. She began by sharing her personal journey with the students and attendees, explaining how she overcame challenges due to the goals she set for herself.
“Your dream should be something tangible, it should be something that is close to your heart,” she said.
She advices the students to give it their best and to be intentional with their goals.
This strategic partnership supports the goals of both institutions to foster socio-economic transformation and inclusive growth within South Africa’s financial sector.
The bank’s mission focuses on giving back, empowering, and motivating young people to become impactful contributors to society.
By making targeted investments in education and skills development, Standard Bank is dedicated to helping individuals and communities achieve their full potential, .