General
MURBS Seminar provokes Staff Entrepreneurial Spirit
“Retirement goes beyond simply choosing a date to retire” were some of the words of wisdom that echoed across the Makerere University Main Hall during the second retirement planning sensitization seminar. As part of its Member Education series, the Makerere University Retirement Benefits Scheme (MURBS) held the seminar on Tuesday 18th March 2014, organized as a way of helping members devise the best plan for their retirement. The MURBS Board of Trustees (BoT) lined up a panel of speakers namely; Mr. Fulgence Mungereza, Mrs. Edna Rugumayo and Mr. Kaka Sudesh, with the promise to tickle, excite and educate.
Welcoming scheme and BoT Members present to the seminar, the Secretary BoT, MURBS, Dr. John Kitayimbwa emphasized the need to have a panel representative of at least three age groups so as to best cater for all Members, the target range being 20 to 70 years. In her opening remarks, the Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde encouraged the audience to always reflect on retirement as a time enjoy the benefits of their hard work and hence prepare adequately for it.
“I encourage each and every one of us here to always seriously; assess your readiness to retire, identify actions to improve your readiness to retire, acquire adequate financial planning knowledge and most importantly develop a saving culture for your retirement,” counseled Hajjati Fatumah Nakatudde.
The first panelist at the seminar Mr. Fulgence Mungereza, a partner with Mungereza and Kariisa, a certified public accounts firm, thanked Members for taking time to attend the event, noting that eminent people especially those employed by Makerere ought to start preparing for retirement as early as the first day at work. “Planning and saving starts now,” emphasized Mr. Mungereza, further noting that “Few retirees live comfortably afterwards, with some being entirely devastated as retirement seems to catch them by surprise!”
He noted the dangers of overdependence on salaries and encouraged the audience to always devise means of securing a side income. Mr. Mungereza who delivered his presentation in a matter-of-factly way then challenged the members especially Men to always consider their partners when making investment decisions. “Working secretly is dangerous! The first partner is your wife,” he wisely counseled.
Mr. Mungereza encouraged the audience to adopt a saving culture, noting that it is not about the amount but the habit “wealth is a function of savings not earnings,” he elaborated. He cautioned members to always review the status of their assets so as to ascertain what to do with them. “Get out of bad debt. Do not borrow a “Cheap debt”; for the sake of servicing expenses.” He instead advised that members should adopt measures like mortgaging their property for the sake of garnering investment capital. Mr. Mungereza concluded by urging all members to write their wills so as to keep their hard-earned money within the family. He commended the audience for investing in quality education for their children but warned against depending on them for their retirement. “Children are a good investment but they may ignore you in your latter years,” he said.
Mrs. Edna Rugumayo, also a Certified Public Accountant (CPA) and the ICPAU-nominated MURBS BoT Member then gave her contribution on preparing for retirement as the second panelist of the day. An alumna from the School of Statistics and Applied Economics, Makerere University, Mrs. Rugumayo advised the audience against regarding retirement from Makerere as the complete cessation of active employment. Using her own example as a recent retiree, she noted that we were enjoying a higher standard of living than our forefathers and hence living longer, a factor that necessitated us to carefully plan for retirement. “Planning for retirement is planning for life,” she aptly stated.
Regarding the need to ensure that members lived a well-balanced life, Mrs. Rugumayo offered a few words of wisdom to the younger crop of MURBS members, who unfortunately were sparsely represented in the audience. “Do not wait to marry late, for in so doing, all your problems will be delayed.” She encouraged all present to keep on improving their qualifications so as to avoid going into obsolescence. Recognizing the need to set goals in all aspects of life including one’s income and expenses, Mrs. Rugumayo advised that every goal should be accompanied by a plan or else it would simply remain a wish. “Set long-term goals for your life and then set short-term goals on how to get there [incrementally]. Do not be disappointed when you fall short of your goals but instead have a personal change management plan to help you adjust accordingly,” counseled Mrs. Edna Rugumayo.
She also observed that personal financial planning is an aspect that is closely linked with our lifestyles. In this regard, Mrs. Rugumayo recommended that saving ought to be thought of before spending, noting that saving can only work as a culture. “Draw up a personal saving plan and stick to it. Mandatory saving is good but insufficient because the benefits are received only at the end and will not save you in the event of an emergency,” she advised.
On the subject of where we ought to keep our savings, Mrs. Rugumayo summarily but with the wisdom of one very knowledgeable on the subject said, “At worst, save in the bank. Savings dwindle with time and in the long run, you are enriching the bank,” she pointedly noted. She instead advised members to consider tried and tested avenues like land banking which has been discovered to be lucrative saving vehicle in Uganda. She also advised members to consider investing in Government securities like bonds and treasury bills. And whereas the small business sector is regarded as the least capital intensive, the former Assistant Commissioner Finance at the Uganda Revenue Authority (URA) advised that Members should first seek to acquire specialized knowledge on the intricacies of their operations prior to investing in them.
In concluding her presentation, Mrs. Rugumayo noted that there is no one-size-fits-all solution for investment. She also advised that annuity; a fixed sum of money paid out by the Government to retirees each year, is not very well developed in Uganda and advised against totally relying on it.
The third and final panelist of the day and arguably the most energetic then took to the stage and encouraged members to get up and stretch before he could start his presentation. The 31 year old Business Coach and Keynote speaker who retired at only 24 then dared anyone to doze off during his presentation, as he walked to and fro the aisle in the Main Hall. The CEO at Sudesh International Consult Ltd and Graduate of Makerere University then launched into his presentation by defining that a business should be commercial, profitable and above all able to work without your presence.
As one who started doing business at only 10 years of age thanks to a well-established culture of business-minded parents and grandparents, Mr. Sudesh shared that he had lost it all so many times before but most importantly, had learned valuable lessons that continue shaping his business engagements to date. “The most important thing is to get and keep customers,” he shared as one of the lessons learned. He further noted that the principles of good business ought to come first and once mastered, can be applied across varying scenarios for they are more or less the same.
Mr. Sudesh by virtue of his profession meets a lot of business owners and practitioners. He noted that during one such engagement, he more than ever before learnt to respect the distinction between the two-sided nature of business; technical and managerial. He advised business owners and those intending to start to always identify their strength as either technical or managerial and then proceed to employ someone else to handle the side that they were less skilled at. In so doing, they would then be able to avoid stifling the business’ growth, “You cannot do it all. You need partners to carry your business beyond your own dreams,” he advised.
The best timing of when to go into business is a decision that beleaguers one too many. To this end, Mr. Sudesh advised members to always take the initiative to start now, as the conditions will never be 100% perfect. He however advised that once up and running, one ought to treasure their employees, “People matter the most. How you treat your team is the key to your success or failure.” In concluding his presentation Mr. Sudesh asked the audience to always ponder on the three questions; Are you [as a business owner/manager] seeing what is or what you hope for? Are you [as a business/product] remarkable or invisible? Are you [as a business/product] growing or dying?
At the conclusion of the presentations, the audience was given the opportunity to ask questions, which ranged from why one who has worked very hard all their lives should not just simply enjoy their savings, to how to purchase Government securities. In their responses the panelists and BoT Members advised the audience to always look at work as pleasure and even after retirement, to go into those business ventures that are fulfilling. MURBS Members also received advice from Prof. James Ntozi, Chair, Makerere University Pensioners Association (MUPA) to always be united in their demand for good retirement packages from both Makerere University and the Government.
At the conclusion of the seminar the Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde thanked the panelists for their respective great deliveries and members for turning up to receive sound investment advice. She further encouraged members to increase their monthly savings to MURBS. “Mandatory savings currently being deducted are very small. Let us each try to make additional voluntary savings,” she said. The Secretary BoT, MURBS, Dr. John Kitayimbwa reiterated Hajjati Nakatudde’s appeal by sharing that “Last year, MURBS paid out 12.6% interest to members, which was above inflation and 1% more than what NSSF paid to its members.”
The next seminar in the series will feature the MURBS fund managers, who have expressed willingness to come and educate members on how to invest in equities and Government securities. Members are advised to come and attend these trainings to improve their knowledge on sound Financial investment.
Article and Pictures by Public Relations Office
On 8th March 2025, the world will celebrate International Women’s Day with the inspiring theme “For ALL women and girls: Rights. Equality. Empowerment.” This theme encourages us to take meaningful actions toward achieving equal rights, power, and opportunities for all, fostering a feminist future where all young women can thrive. This theme resonates deeply with the Mastercard Foundation Scholars Program at Makerere University, which is dedicated to empowering young women to emerge as transformative leaders and change-makers in their communities. Today, we proudly highlight one of our Mastercard Foundation Scholars Program Alumni, Ms. Winnie Kushaba.
Winnie is a powerful example of what is possible when access to education and empowerment is prioritized for women and girls. Her journey is a testament to the power of hard work and perseverance, serving as an inspiring model for aspiring scientists. By breaking through barriers, Winnie continues to advance her career and contribute to the growing field of chemistry in Uganda, paving the way for future generations of women and girls.
Who is Winnie Kushaba
Winnie Kushaba was born on 21st December 1994 in Rakai District. Challenges marked her early life as she grew up in a complex family environment. Although her biological mother was absent, Winnie was raised by her stepmother and later by her maternal grandmother, with additional support from her maternal aunt. Throughout her childhood, Winnie experienced several transitions as she sought stability. She moved between various locations, including Rakai, Ibanda, Kiruhura, Kazo, and Isingiro, searching for a place to call home. Each transition contributed to her resilience and adaptability, shaping the strong character with which she navigated these changes.
Winnie speaks openly about her childhood challenges.
“I have never met my biological mother, and I do not know if she is alive or not,” she asserts. “As the firstborn in a family of five children, each from a different mother, I took on the significant responsibility of caring for my four brothers from the age of eight,” Winnie explains. It is this experience that has instilled in her a strong sense of resilience and leadership.
Early Education
At age five, Winnie was enrolled at Katembi Primary School in Isingiro district, where her father was a teacher. Unfortunately, it wasn’t long before her father developed a mental illness, which ultimately led to his passing. This tragic event marked the start of Winnie’s educational struggles. Despite these challenges, Winnie was a resilient young girl determined to pursue her education at any cost.
She moved from one school to another, receiving support from generous individuals who provided bursaries for her at various local schools. Winnie attended six primary schools before finally taking her Primary Leaving Examinations at Mwamba Junior School, where her aunt had enrolled her. Despite the numerous school transitions and changes, Winnie excelled in her final exams, emerging as the top student in her school.
Pursuing Secondary Education…
Winnie’s outstanding performance in the Primary Leaving Examinations earned her a bursary to attend Mwamba Secondary School for her lower secondary education. Shortly thereafter, she was allowed to transfer to St. Catherine Girls’ School in Kiruhura District, where she was welcomed into her paternal grandmother’s home. With the unwavering support of her grandmother and aunt, Winnie not only completed her Form Four final examinations but also distinguished herself as one of the top students at her school. This journey highlights her resilience and determination to pursue academic excellence.
Pursuing High School Education…
After achieving outstanding results in her Form Four examinations in 2010, Winnie felt optimistic about her future and hoped her generous benefactors would support her enrollment in Advanced Level education. However, due to financial constraints, her elderly grandmother and aunt could not afford her high school tuition, which led to a challenging four-year absence from formal education. During this time, Winnie dedicated herself to various community jobs to save money for her schooling.
A compassionate Catholic nun recognized her potential in a positive turn of events in 2014. She offered her a bursary to attend Boncosilli Catholic School in Isingiro district, providing Winnie with a renewed opportunity to pursue her dreams. At Boncosilli Catholic School, she pursued a challenging combination of Biology, Chemistry, and Mathematics, ultimately earning 13 points in her final examinations. While this score was considered quite good for someone who had been out of school for four years, it unfortunately fell short of the requirements for a government scholarship to attend university. This placed Winnie in another difficult situation, forcing her to remain out of school for another two years.
Unlike her earlier experience in Form Four when she was still relatively young, this time, due to her age, her two-year absence from education attracted the attention of many village men who began asking for her hand in marriage. The situation became so overwhelming that her aunt started locking her indoors during the day, allowing her to leave only in the evenings to protect her from the advances of the village men.
Securing a scholarship through the Mastercard Foundation Scholars Program to attend the University…
When all hope seemed lost for Winnie to attend university, a young man who lived in her neighbourhood and was a student at Makerere University informed her about the Mastercard Foundation Scholars Program scholarships available at the University. Seizing the opportunity, Winnie boarded a bus to Kampala, Uganda’s capital, for the first time. She collected the scholarship forms, and, as luck would have it, she was awarded the scholarship in 2016 to pursue a Bachelor of Science degree in Botany and Chemistry.
At Makerere University, Winnie’s full potential was honed. Despite a challenging childhood that affected her well-being, the psychosocial support and academic assistance from the Mastercard Foundation Scholars Program played a pivotal role in her journey. With this support, she completed her studies and graduated in 2021.
“Had it not been for the [Mastercard Foundation Scholars Program] Team’s psychosocial and remedial academic support, completing my university education would have been challenging,” Winnie asserts.
Life after Makerere University….
After graduating from Makerere University, Winnie began her professional journey with a graduate internship at Bio Fresh Ltd. This company exports fresh fruits and vegetables to the European Union market. Starting her career in the Quality Control department, she quickly demonstrated her skills and commitment. Her exceptional performance as an intern led to a full-time position as a Quality Control Officer. Over the next four years, Winnie continued to advance within the organization, and she now holds the dual roles of Product Development Manager and Internal Control Systems Manager at Bio Fresh. Her progress reflects her dedication and talent in the field.
Impact on the Community….
Through her work earnings, Winnie has significantly impacted her community. She has ensured that her siblings receive a quality education by covering their school fees and supported her paternal aunt by constructing a comfortable home. Additionally, she has played a vital role in helping two young girls from Kaberamaido district return to school.
“With my earnings, I am dedicated to ensuring my younger brothers receive a quality education. One is currently studying for a Bachelor of Medicine and Bachelor of Surgery at Gulu University, the other is pursuing a Bachelor’s degree in Social Sciences at Ibanda University, and the youngest is in form four,” Winnie happily shares. “I have also been able to support two vulnerable young girls from the Kaberamaido District in Eastern Uganda who had dropped out of school by helping them return to their studies because they reminded me of my troubled childhood,” Winnie adds, with a look of satisfaction on her face.
Winnie has also established skills programs to empower young women, especially mothers in Gayaza, a suburb of Kampala. By training and mentoring them in entrepreneurship, she has equipped these women to start small businesses, such as snack production and selling fruits and vegetables. This initiative has enabled them to achieve financial independence and improve their livelihoods.
Looking into the future….
Winnie has a clear vision for her future and confidently shares her aspirations. In the immediate term, she plans to pursue a Master’s degree in Quality Control Management in 2026, followed by a PhD in the same field shortly thereafter. Winnie is passionate about conducting research that enhances the quality of crops and plants in Uganda, aiming to make a meaningful contribution to this important area of knowledge. Additionally, as a devoted mother of one, she is committed to creating a nurturing and enriching environment for her children, ensuring they have a fulfilling childhood complete with opportunities she wishes she had.
Message to fellow young women…
Winnie urges young women to remain steadfast while pursuing their dreams, even when faced with challenges and difficult circumstances. She emphasizes the importance of recognizing and celebrating small achievements and encourages individuals to excel in all their endeavours. No matter the obstacles, she believes in the power of determination and resilience to help them reach their fullest potential.
“I urge my fellow young women in Uganda to remain resilient in the face of challenges. It’s important to actively nurture your dreams and maintain hope, as these are essential for unlocking your true potential,” Winne emphasizes.
Bernard Buteera, the Principal Communications and Public Relations Officer for the Mastercard Foundation Scholars Program at Makerere University, conducted the interview.
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