Musicians Union of Malawi (MUM) has unveiled plans to establish an endowment fund to create a sustainable financial foundation for its programmes to empower musicians across Malawi.
According to a press statement from MUM, the fund will be unveiled on Saturday at a gala dinner at Sunbird Capital in Lilongwe.
The fund will, among others, support local musicians through capacity building, career development and welfare.
Speaking in an interview, MUM president Vita Chirwa said the reason the union has decided to set up the fund is to align with its responsibility to look after musicians while also safeguarding their welfare.
“Most times, we have witnessed musicians who once entertained audiences struggle to sustain their lives once their peak fades either due to sickness or other unforeseen circumstances. This fund is intended to help them in this way and their career development,” he said.
MUM is targeting to raise K100 million as a starter pack which will be invested to generate interest or dividends.
Chirwa said only the returns will be used to finance MUM’s programmes, while the principal will remain untouched to ensure long-term sustainability.
“We are currently exploring the best ways to invest this money, whether in banks or through shares. The final decision has not been made yet but the goal is to keep the capital intact and only use dividends,” he said.
While priority support will go to musicians who are members of the union, Chirwa has urged all artists to take the initiative of joining the musicians body, noting that collective membership will help make the fund a substantial and sustainable investment.
He also appealed to individuals, the corporate sector, institutions and government to support and help kick-start the fund.
“This is a chance for everyone to invest in the future of Malawi’s music industry and its players. When the music is gone we have to also think of the people behind it, this will not be charity but an investment made to better the lives of Malawian musicians,” he said.
The launch of the fund comes at a time when many Malawian musicians, including veterans such as Paul Banda, continue to face challenges to sustain their financial burdens, emanating from unfortunate situations such as ill health.
In a separate interview, musician Lulu, who last week led a drive to mobilise funds for Banda, welcomed the establishment of the fund.
He, however, urged the union to establish a proper organisational structure to ensure the fund is well managed, but also involve active musicians to champion the fund.
“Bring artists who are at their peak on board because these are the artists who can champion this fund. They should be part and parcel of this initiative. Their influence and network can make this fund truly impactful,” said Lulu.
Through this initiative, MUM aims to create a safety net for musicians welfare and careers.
The gala dinner will feature live performances, with Lulu as the headline act.
