Stormzy and HSBC will fund the studies of 30 black students at Cambridge University. Getty Images
Stormzy and HSBC will fund the studies of 30 black students at Cambridge University. Getty Images
Stormzy and HSBC will fund the studies of 30 black students at Cambridge University. Getty Images
Stormzy and HSBC will fund the studies of 30 black students at Cambridge University. Getty Images

Stormzy and HSBC to fund 30 black students to study at Cambridge University


Sophie Prideaux
  • English
  • Arabic

Stormzy has pledged to support a further 30 black students to study at Cambridge University.

The Stormzy Scholarship programme, which is run by the grime artist’s #Merky Foundation, has now partnered with HSBC UK to offer a £20,000 ($27,900) annual scholarship to 30 more students.

The funds will cover tuition fees and maintenance costs for 10 new students each year over the next three years.

The programme, which first launched in 2018, has supported six black students through their studies at Cambridge thus far. The first batch of graduates completed their courses this summer, graduating with a high 2:1 and a 2:1.

"For 30 more black students to have the opportunity to study at Cambridge University - the same year our initial 2018 scholars graduate - feels like an incredible milestone," Stormzy said.

The programme is open to UK students of black or mixed race heritage with a confirmed place at the university.

Senior pro-vice-chancellor, Professor Graham Virgo, said: "Since the Stormzy Scholarships were announced in 2018, we have seen a significant increase in the number of black students applying to study here and being admitted and we are very proud to see the first two students supported by the scheme graduate this year."

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Updated: July 29, 2021, 3:30 PM