IUM and Bank of Namibia Enter into Internship Partnership
Signing of the Memorandum of Understanding (MoU); from left: Mr. Gerry Munyama, Director of Marketing, Communication and PR at IUM, Prof. Kingo Mchombu, Acting Vice-Chancellor of IUM and Mr. Ebson Uanguta, Deputy Governor of Bank of Namibia
IUM and the Bank of Namibia signed a Memorandum of Understanding (MoU) on 30 November 2017 to, among others, establish an internship programme for IUM students to enable them gain practical experience and enhance employability skills at the Bank. The MoU will also enable the bank to participate in Career Fairs.
The internship programme will expose students to various areas in the bank, such as human resources, finance, economics, general banking services, financial markets, reserves management and research.
At the signing ceremony, both organisations acknowledged that institutions of higher learning would not be able to produce graduates with the complete set of skills without the assistance of the industry and that the best way to produce graduates who were well prepared to enter the job market was by making sure that the students were given opportunities to get exposed to the industry during their training so as to gain first-hand experiential know-how on the operations of the industry.
Mr. Ebson Uanguta, Deputy Governor of Bank of Namibia noted that the partnership between IUM and the Bank was the beginning for the two institutions to work together and form a strong foundation that would help the country to realise Namibia’s Vision 2030 and achieve developmental objectives and aspirations as a nation. He pointed out that the bank believed that the new partnership cemented the initiative of ensuring the building a very strong foundation with the necessary skills by providing practical training to the students as part of its social responsibility.
In turn, the Acting Vice Chancellor, Prof Kingo Mchombu, indicated that although the University provided students with sound theoretical knowledge, the provision of full experiential knowledge was not possible in a University setting. He added that students therefore needed to go out on internships to gain practical knowledge which could only be provided through university-industry collaboration.
The MoU is a significant chapter for IUM as it will open up other opportunities and enable other areas for collaboration to be explored in the future.