General
MURBS Prepares Members for Retirement and Launches Biometric Registration
![[L] Mr. Dennis Mugalya - Investment Manager, PineBridge Investments, Second Left is Mr Joseph Njuguna the Schemes Operations Manager, Octagon Africa at the training.](https://news.mak.ac.ug/wp-content/uploads/2016/05/field_image_Nugalya-and-Njuguna.jpg)
“Financial planning leads to financial freedom. A financial plan is very important for every successful worker. Some of us work very hard, but we don’t find time to plan for the money we get. You have to plan for your money to ensure that you have a rest and peace of mind. You should not spend more than what you earn,” highlighted Mr. Joseph Njuguna, the Manager of Scheme Operations at Octagon Africa, a Pension Consultancy firm.
Mr. Njuguna emphasized the importance of a financial plan in the course of preparing for retirement during the Makerere University Retirement Benefits Scheme (MURBS) Sensitization Seminar held on Tuesday 26th April 2016 at Makerere University.
“We all need to do something, save as much as you can in the pension scheme. To continue with the same standards of living before and after your retirement, you must plan now. After retirement, have a residential home and let other assets you have been working for work for you,” Mr. Njuguna emphasized.
Focusing on the theme, Members actively involved in securing their retirement, which was derived from the Board’s strategy to boost accountability and client focus, Members listened to insightful presentations focused on securing a proper retirement.
During the Sensitization Seminar, participants were equipped with valuable knowledge and tips on financial planning, saving now for retirement, investment, the relevance of tracking expenditure, ensuring a proper diet as well as living a healthy life to avoid diseases that would affect them after their retirement. The Members were also enlightened on the MURBS Investment Policy Statement, the current Investment climate and its implication for the MURBS fund.
“I encourage members to undertake investments, most especially, in fixed assets like land, infrastructure, and equipment. These assets are not likely to be converted easily into cash. And their future economic benefit is probable to flow into the entity, whose cost can be measured reliably,” said Mr. Dennis Mugalya, who is an Investment Manager with PineBridge Investments E.A Ltd, and, also, the Chairman of the Investment Management Association of Uganda.
Focusing on the investment climate, Mr. Mugalya revealed that where one invests his/her money, will determine the amount of return to be yielded. He advised members to consider equity investment. This involves buying and holding shares of stock on a stock market in anticipation of income from dividends and capital gains, as the value of the stock rises. He also encouraged members to invest in treasury bills and bonds.
“Investment always comes with risks, including the interest rate. In investment, we have a number of risks. The more risk you take, the more return you expect. Risk is not losing your money, but it is because your return is volatile,” said Mr. Mugalya.
Dr. Paul Kasenene, a qualified Medical Doctor, Nutrition Educator, and a Member of the Technical Working Group of Non Communicable Diseases in the Ministry of Health and Managing Director of Wellcare Health & Wellness Clinic Kampala sensitised members on how to live healthy and prevent diseases that would affect them before and after their retirement.
“To enjoy any aspect of your life, you have to be alive and healthy. Despite more access to information and more advances in research and technology, people are actually getting unhealthier than before,” said Dr. Kasenene.
Dr. Kasenene mentioned that a person’s health is determined by the choices they make every day. “What we do daily either helps us to fight or feed the diseases. Some of us may already have health problems, but the good news is that most of those problems can be slowed, reversed or even stopped. No matter what kind of life you have lived, ill-health is reversible. The solution lies not with doctors, but with you making the right choices in your life,” he said.
He discouraged the habit of going for medical checkups only when people feel sick. He informed participants that such habits have complicated treating diseases like cancer which have no immediate signs and symptoms. He urged members to frequently go for medical tests, eat health diets, take plenty of water and do physical exercises. He appealed to participants to eat plenty of fruits and vegetables. He advised members to focus on the cause of the problem in order to avoid it, than treating the problem or its symptoms.
During the Seminar, the Chairperson of MURBS, Hajati Fatumah Nakatudde, launched a web-based Member Biometric Registration System that will be used to register Scheme members in real time. This was aimed at further streamlining the benefits administration process and improve client self service. . The system will biometrically recognise and verify registered members and avail them with information through the Scheme servers. The members will be able to access information about their benefits from anywhere electronically.
A team of developers from Zedek Pro demonstrated the working mechanism of the Member Biometric Registration System and how the registration can be done in real time. According to the Principal Pension Officer, Ms. Susan Khaitsa, “the pilot registration is planned to commence in May 2016 and, in order to speed up the registration process, Members will be required to pre-fill two forms, that is, the Registration Form 0516A and the Dependants and Nominees (Beneficiary) Form 0516B. The forms will be circulated to Members online.”(The forms can be accessed from the links below)
The Secretary, Board of Trustees, Dr. John Kitayimbwa, shared key updates on the progress of the Scheme since last year. “One of the key updates I should bring to your notice is that, the agreements we had with the Service Providers were expiring in November last year [2015]. We extended their contracts to 31st January 2016 so that we comprehensively review the performance and our agreements with them,” he said.
Dr. Kitayimbwa introduced the new Scheme Service Providers to the Members. Stanbic Bank was appointed the new Scheme Custodian, whose role is to receive and keep in safe hands the funds, title deeds, securities and income accruing to the Scheme; PineBridge Investments Ltd retained its role of Fund Manager and GenAfrica Asset Managers Ltd was appointed Fund Manager – the two investors assist the Board of Trustees to make a prudent investment policy, invest the fund subject to the investment policy of the Scheme and manage the Scheme funds; Octagon Uganda Ltd, a Pension Consultancy firm, was appointed as the Scheme Administrator to handle mainly the Accounting and Benefits Administration.
MURBS was established by Makerere University Council under an irrevocable trust to provide pensions and other benefits for University employees who are admitted to membership under the provision of the Trust Deed and Scheme Rules. On 23rd April 2010, Makerere University Retirement Benefits Scheme was registered as a corporate body under the Trustees Incorporation Act, CAP 165, under certificate T. 37561, C.I. NO.670. Following the establishment of the Uganda Retirement Benefits and Regulatory Authority (URBRA) Act of 2011, MURBS was licensed as a Retirement Benefits Scheme under the new Act and holds license number RBS 0005.
MURBS is a Defined Contribution Scheme where both the employees and the employer contribute a percentage of the employees’ monthly salary.
To be entitled to join this Scheme, an individual must be aged at least 18 years but not more than 50 years old and should be appointed under permanent terms of service at Makerere University. All persons who were in University Service by 31st March 2009 were deemed to have joined the Scheme. Persons who were appointed in University service after 31st March 2009 and to-date are enrolled into the Scheme through the due procedures.
Article and Photos by: Mak Public Relations Office
Dr. James Magara, a futurist and Chairman of Yobel Biashara Initiative stood before an audience at Makerere University on September 30, 2026, and projected a map of the world. It was upside down.
He asked the room if anything was wrong, and as the audience hesitated, he revealed that “in 1569, the Flemish cartographer and geographer whose name was Gerardus Mercator, developed a map now known as the Mercator projection. It represented the curved shape of the Earth on a flat map.” He simplified it saying, the Mercator map accurately shows direction and local shape, but it distorts the size of places, especially those that are located near the poles. He pointed out that the map distorts the size of continents, making Greenland appear as large as Africa, when in reality, Africa is 14 times larger.
Fixing the map was easy and free, it took one vote, Dr Magara said, referencing the recent United Nations resolution that encouraged accurate area projections. Indeed fixing the map was easy but the actual material weight of this continent and its institutions that run within the world economy is why dialogues like this exist. “Until we (Africa) fund our own institutions ourselves, the continental agenda will keep belonging to whoever writes the check.”
This and more were part of Dr. Magara’s opening remarks while delivering a keynote at the YOBEL Biashara Conference 2026 hosted at Makerere University School of Public Health Auditorium.
The event, was co-hosted by the CASTLE Think Tank, YOBEL Biashara, and Makerere University under the theme: “Africa’s Agency in an Era of Geopolitical Change: Trade, Investment and Economic Transformation,” brought together a diverse assembly of policymakers, academics, and private sector leaders.
Representing Dr. Adam Mugume the Chief Guest who could not make it due to unavoidable circumstances, Ms. Doreen Katangaza, a researcher and economist at the Bank of Uganda (BoU) delivered his remarks while reflecting on Dr. Magara’s keynote.
She explained “what agency means in economic policy, is not isolation, it’s not withdrawal, but the capacity to choose, to negotiate, and to act.”
She emphasized that relying on external factors or rhetoric is insufficient for long-term transformation. Instead, she suggests that agency is defined by internal strength and the ability to act independently. As she states, “Africa’s agency will not only be secured by rhetoric. It will be built through capabilities. The capability to produce, the capability to finance development, capability to manage shocks and above all, capability to make choices based on our own long-term interests and people’s priorities.”
Ultimately, Ms. Katangaza aligned with all speakers mobilising for a holistic approach involving government, the private sector, and academia to build these foundations. She noted that the Bank of Uganda is committed to harmonising policies and payment systems to support this, but success depends on whether these ideas translate into tangible outcomes, such as stronger institutions and resilient economies, when stakeholders reconvene in the future.
She concluded by congratulating the YOBEL Biashara Initiative, CASTLE Think Tank, and Makerere University for organizing the forum “a platform for thoughtful discussion about Africa’s economic future.” She thanked all the speakers, all panelists, and participants for their valuable contribution and attention during her communication and entire event.
Cost of Institutional Dependence to the Continent
Dr. Magara’s address was his critique of the continent’s institutional funding. He pointed out that member states currently fund only 24% of the African Union’s own program budget. Charity begins at home, he stated. With 76% out of every dollar the African Union spends coming from partners outside the continent. He argued that this dependency is self-inflicted and fixable.
He advised that if we genuinely want a technology-creating continent, the work has to start in the primary school classroom, not in the university innovation hub. He added, while also highlighting that Africa’s research and development spending sits at 0.4 percent of GDP, far below the world average.
Dr. Magara also addressed the implementation gap that has affected the continent for decades. He suggested that the failure to execute on well-crafted strategies is not just a capacity problem, but a result of selfish interests within. Some people are benefiting from the way things are, he explained. So, if they change, they will lose the benefit.
As a futurist and leadership strategist, Dr. Magara used his keynote address to also dismantle some of the comfortable narratives often repeated in policy circles. He challenged the audience to reconsider the concept of agency, arguing that choice only becomes agency when backed by the capacity to act. He pushed back against the common narrative that Africa’s youth population is automatically a demographic dividend.
A youth bulge without a falling birth rate, without matching job creation is not a dividend, he warned. It is a dependency burden wearing dividends lobbying.
Dr. Magara said, “if you ask any panel anywhere on this continent why Africa has not industrialised, you will get the same three answers almost every single time. Not enough skills, not enough infrastructure, not enough finance. And all of this is true. All of it is real. None of it should be dismissed.” But none of those three answers explains a much stranger fact sitting right in front of us, “why have we been writing almost identical strategy documents, making almost identical recommendations for 30 years plus.”
He urged the room to be honest about the reality of the labor market, noting that every year, between 10 and 12 million Africans enter the labor market, while economies create roughly three million formal jobs. That gap cannot close itself, he stated. And it does not close by wishing it away in a policy document.
Engagement with Dr. Magara’s Keynote
The keynote featured significant engagement, primarily from Professor Pamela Mbabazi, Ms. Allen-Sophia Asiimwe, and Dr. Fred NK Muhumuza, who offered diverse perspectives that somewhat aligned with, and at certain points challenged his arguments.
Professor Pamela Mbabazi, Executive Chairperson of the National Planning Authority (NPA), offered a government perspective on the issues raised. She acknowledged the disconnect between some policy and deep thinking. Siding with Dr. Magara, there is a visible rush into making decisions without having deep thinking and engaging with amazing think tanks like YOBEL, CASTLE, she admitted.
She called for a more intentional approach to policymaking, urging think tanks to collaborate more closely with government bodies like the NPA. She explained that countries like China did not get to where they are by accident, they were intentional to include their think tanks into policy making and no decisions were made haphazardly.
Professor Mbabazi suggested that as a country and continent we can have our think tanks drive policy if we want to build a five-hundred-billion-dollar economy by 2040.
She concluded her submission joining Dr Magara in questioning whether Africa could credibly speak of strategic agency when the institutions through which agency is exercised remain substantially dependent on financing from elsewhere.
Allen Sophia Asiimwe the Deputy CEO/Chief of Programme at trademark Africa addressed the conference via zoom, and expressed she was happy “when Dr. Magara started off with a question on the size of Africa on the map and in reality, it matters.”
However, she challenged some of his assertions on financing. She requested to push back on this very strongly saying “If you look at how Africa is made up, a lot of our countries are still very poor,” arguing that the continent’s economic reality as of now requires external support.
With that said, she shifted the focus from external funding to internal inefficiencies, agreeing that Africa is sabotaging its own growth through non-tariff barriers, noting, “we are self-sabotaging. If we opened up for trade, if we allowed goods to cross the borders, we may actually make a big difference,” Ms. Asiimwe discussed.
Dr. Fred Muhumuza a prominent Ugandan development economist, senior lecturer, and policy advisor also engaged with the views on economic planning and indicators.
He agreed that think tanks are an issue, and that they must be embraced for the better. We must think about our problems, talk about them, and see what sense we make to ourselves.
Dr. Muhumuza questioned the premise that the source of financing is the primary issue, suggesting that the quality of the plan being financed is more critical.
Major General Gregory Mugisha Muntuyera, added his voice to Dr Magara’s arguing that beyond map size, Africa’s development is hindered not by a lack of potential, but by a mindset of dependency. Drawing a contrast to the conditioning of elephants in India mastered by small humans.
The General stated, “we have got the knowledge, we have got the qualifications, but we have been conditioned.”
He emphasized that true progress requires discipline for ” without this nothing is going to happen” regardless of how many conferences are held.
The Cost of a Broken System
Ms. Eseza Mulyagonja, a member of the YOBEL Biashara board, as one of the opening speakers, issued a strong reminder of the urgency required in addressing the continent’s challenges.
Ms. Mulyagonja shared a story so dear to her, of a young boy in a village who died after being bitten by a snake because he was not in school, for his fees were unpaid. She used this to illustrate the human cost of broken systems and advised that we do not have to wait for calamity to strike, since this is a story that is so common.
She said as a continent, we have got to confront these things saying if we do not bring these stories close to home, we will not be propelled to change the direction for the better.
MAKERERE-CASTLE-YOBEL A PARTNERSHIP FOR AFRICA’S TRANSFORMATION
Representing Professor Sarah Ssali, the First Deputy Vice Chancellor in charge of Academic Affairs, Professor Edward Bbaale the Principal College of Business and Management Sciences, emphasised the institution’s commitment to being an active partner in national and continental transformation acknowledging the global economic order is undergoing profound change, characterised by geopolitical realignment and an accelerating energy transition.
“These questions cannot be settled in just one conference. These are conversations that we’re going to have to continue even after here. So once again, I thank our chief guest, our keynote speaker, our discussants, our partners, the organizers, and every one of you who have made this time a meaningful time spent and made meaningful contributions to Africa’s future.
“The important question, therefore, is not simply how Africa will be affected by these changes, but how Africa will shape them”, Professor Bbaale remarked.
Crowning the remarks from the host institution, Makere University Chairperson of Council Dr. Lorna Magara appreciated everyone that was present for this noble conversation.
She said, “I trust that each of us leaves today with at least one idea that we are going to execute for the good of our continent.”
She proposed that the first item on the agenda of the YOBEL Biashara 2027 conference should be looking at the scorecard of what has been done to see that Africa increasingly moves from being a passive recipient of global economic decisions to becoming an active participant in shaping the rules, institutions, and partnerships that determine its development direction.
View Pictorial: https://flic.kr/s/aHBqjD6mhp
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