Business mogul Thom Mpinganjira says plans are underway to set up the Thomson and Barbara Foundation to help his vision of doing charity and assisting young entrepreneurs.
Mpinganjira, who recently retired as chief executive officer of FDH Financial Holdings Limited, said this on Tuesday during his farewell event that FDH Bank plc organised in Blantyre.
He said the foundation will purely be philanthropy and also promote innovative ideas among the youth by providing start-up capital.
Mpinganjira said: “We will be helping needy causes in areas such as health and education. We also want to nurture talent. You might be aware that many young people want to start businesses but they can’t access funding.”
He said the foundation, which may start with between K250 million and K300 million, will have a board responsible for assessing projects.
Looking back after fulfiling his ambition and vision when he conceived First Discount House in 1999, he said he is happy to leave a vibrant financial services group.
“History will remember me for leaving something that is solid. At the point of entry, we were bank number 12 but now we are bank number three in terms of market share,” Mpinganjira said, adding that he is “more than confident” in the capabilities of his son William Mpinganjira, to whom he has handed over the mantle.
In his remarks, William Mpinganjira said the financial services group still has much work to do in terms of consolidating some of the progress made thus far while eyeing regional markets in the near future.