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
General
From Campus to Career: Makerere Advancement Office, 91st Guild and the DFCU Foundation Equip Students with Financial and Employability Skills
On 4th December, 2025, over 200 final-year students gathered at the School of Pharmacy Auditorium for the highly engaging Career & Financial Literacy Symposium, hosted by the 91st Students’ Guild, in partnership with the Makerere Advancement Office and the DFCU Foundation.
The symposium centred on student advancement through strategic partnership, convening students, administrators and development partners for a practical conversation on career readiness, financial literacy, employability, and personal development.
Advancement Through Partnerships
Speaking on behalf of the Makerere Advancement Office, Mr Awel Uwihanganye, Chief Advancement Officer, underscored the importance of partnerships such as the one with DFCU Foundation. He highlighted their importance in equipping students with marketplace skills and opportunities vital for individual growth after University.
He reflected on the university journey as a formative period for ideas, innovation, and lifelong relationships, noting that:
“University is where impressions are made, and future networks are born. The friendships, character, and collaborations you develop here become foundations for careers, enterprises and leadership later in life.”
Mr. Uwihanganye encouraged students to embrace entrepreneurship, creativity and innovation, arguing that the emerging workforce is driven by technology, multi-tasking ability and idea generation rather than traditional single-path employment. He challenged students to build businesses, use digital platforms productively, and regard employment as only one income stream, not the only one.
The Student Perspective — Discipline, Skills and Trust
Speaking on student growth and personal development, Dr. Rodney Rugyema, Deputy Dean of Students, highlighted the realities facing new graduates, especially those entering the job market for the first time. With humour and honesty, he urged students to approach growth intentionally and responsibly.
He called for delayed gratification, financial discipline and long-term decision-making, reminding students that wealth is built, not wished for. He emphasised the importance of skills beyond academic papers, stating that students must be equipped to create value, adapt, learn continuously, and gain competence relevant to modern work demands.
Dr. Rugyema underscored that trust, integrity and reliability remain the most non-negotiable pillars of professional advancement.
“Let people trust you enough to lend you an opportunity. Be a person who delivers. Your reputation is currency; it travels to rooms you are not in.” He noted
Financial Literacy for the Next Generation
The keynote training session was delivered by Mr. Simon Omara, Business Advisor representing the DFCU Foundation, who walked students through a highly practical presentation on financial planning, savings culture, credit management, record-keeping, career positioning and entrepreneurship.
With more than 10,000 graduates annually and less than 35% securing employment within the first year, Mr. Omara challenged students to practice financial and career ownership early. His presentation explored:
Key Competencies Students Must Build
- Financial management with a focus on budgeting, saving, and investing early
- Career readiness, CV development, interview skills, and personal branding
- Entrepreneurship and income diversification
- Record keeping and credit management
- Professional conduct and workplace preparation
He reminded students that the future belongs to those who are financially literate, skilled, trusted and entrepreneurial. Through relatable examples and actionable frameworks such as the 70–20–10 rule, the 7-second CV scan, and the 90-day post-graduation growth plan, Mr. Omara equipped participants with practical knowledge they could act upon immediately.
Why This Symposium Matters
This event stands as a testament to the power of partnership-driven student advancement, a core mandate of the Makerere Advancement Office. By convening industry partners like DFCU Foundation, the University continues to ensure that students graduate not only with knowledge, but with tools and readiness for opportunity.
The symposium strengthened linkages between academia and the labour market, expanded students’ perspective on financial independence, and emphasised the value of entrepreneurship, networks and character in shaping future leadership
The Makerere Advancement Office remains committed to facilitating opportunities that empower students to thrive beyond the gates of the University, through partnerships, mentorship, capacity-building, and exposure to real-world skillsets.
“ A degree alone is no longer enough. With partnership, preparation and purpose, our students can build futures anchored in knowledge, opportunity and resilience.” Mr Awel Uwihanganye noted during his remarks.
Caroline Kainomugisha is the Communications Officer, Makerere Advancement Office
Makerere University on 3rd December, 2025 hosted the Tumusiime Mutebile Annual Lecture, a tradition established to honour the life and legacy of the late Prof. Emmanuel Tumusiime-Mutebile, an outstanding alumnus and former Governor of the Bank of Uganda who passed away in 2022. The lecture not only reflects on his remarkable contribution to Uganda’s economic leadership, but also highlights how innovation, resilience, and intergenerational vision can shape Africa’s future.
This year’s edition was anchored on three key pillars—intergenerational leadership, economic resilience, and the power of innovation—themes that defined Prof. Mutebile’s career and continue to influence national development. Through this annual series, the University upholds his memory while also celebrating other African leaders whose work has left a lasting mark on the continent, using their legacies to inspire thoughtful dialogue, policy reflection, and the next generation of transformative thinkers.
Celebrating an Enduring Legacy
In her remarks, the Acting Vice Chancellor, Prof. Sarah Ssali, reflected on Prof. Mutebile’s lifelong commitment to excellence, integrity, and the transformative power of education. She highlighted his journey from a student leader at Makerere to one of the country’s most influential economic thinkers, noting how his leadership in monetary policy, fiscal reform, and economic stabilization reshaped Uganda’s economic trajectory.
Prof. Ssali emphasized that this public lecture series not only honours Mutebile’s legacy but also bridges academia and practice—challenging students, scholars, and national leaders to pursue knowledge that serves the public good. She expressed gratitude to the Bank of Uganda under Dr. Michael Atingi-Ego, dfcu Bank, the GRO Foundation, the Mutebile family, and the Advancement Office for their continued support in sustaining a platform that nurtures economic thought leadership and inspires future generations.
Rt. Hon. Emeritus Amama Mbabazi, a lifelong friend and contemporary of the late Prof. Emmanuel Tumusiime-Mutebile, delivered a deeply personal reflection during the lecture. He recalled their shared beginnings as young student leaders at Makerere, their early political activism, and the historical moments that shaped both their lives and the nation. Speaking as both confidant and colleague, he emphasized Mutebile’s disciplined approach to economic policy, his unwavering belief in strong, accountable institutions, and his commitment to evidence-based, long-term decision making. Mbabazi outlined three pillars of Mutebile’s legacy—policy integrity, institutional strength, and leadership that prepares the next generation—values he affirmed are central to the work of the Tumusiime Foundation, which he now chairs.
He underscored the critical role of the private sector in Africa’s transformation, stressing the need for productivity-driven economies, skilled young people, and policy ecosystems that encourage innovation. He further called for intergenerational leadership that deliberately transfers knowledge, builds enduring institutions, and creates real opportunities for young Africans to lead. In closing, he urged academia, policymakers, and industry to work in partnership, noting that Africa’s progress depends on disciplined leadership, investment in human capital, and a shared commitment to building a future stronger than the present.
Fiscal Policies that have stood the test of time
The Governor of the Bank of Uganda, Dr. Michael Atingi-Ego, honored the late Prof. Emmanuel Tumusiime-Mutebile with a heartfelt tribute, praising him as “a great tree whose roots ran deep beneath the soil of this nation, nourishing all who followed.” He noted that Uganda continues to benefit from the “shade” of the policies Mutebile planted during his 21-year tenure—policies that stabilized the economy, strengthened institutions, and protected the financial system through multiple crises. He highlighted Mutebile’s role in restoring price stability through cash budgeting, bringing inflation down from triple digits to single digits, guiding the country through the 2008 global financial crisis with disciplined monetary policy, and maintaining public trust during the 2011 inflation spike through clear and transparent communication.
Dr. Atingi-Ego also credited him for steering Uganda safely through the COVID-19 pandemic by introducing liquidity support for banks, credit relief for borrowers, and targeted foreign exchange interventions. Reflecting on Mutebile’s long-term impact, the Governor remarked, “These are the ideas he planted—he never lived to enjoy the shade of the tree, but today, the country rests under it.” He further celebrated Mutebile’s commitment to innovation, citing the 2016 amendments to the Financial Institutions Act that unlocked agency banking, bancassurance, and Islamic banking—reforms that today anchor Uganda’s impressive financial inclusion gains.
Intergenerational Leadership blends agility and emotional intelligence
Eng. Dr. F. F. Tusubira delivered a compelling and deeply reflective keynote, grounding the theme “Intergenerational Leadership, Economic Resilience and the Power of Innovation” in both history and lived institutional experience. He expressed serious concern that although Africa is the world’s youngest continent—with over 65% of its population below 35—its systems continue to sideline young people from leadership and national decision-making, even as they are repeatedly called “leaders of tomorrow.” He argued that this generational exclusion is not merely unfair but dangerous, warning that nations cannot secure economic resilience while locking out the very demographic best equipped to navigate a rapidly evolving, technology-driven world.
Drawing on African proverbs, global case studies, and personal anecdotes from Makerere and national institutions, he demonstrated how younger generations bring idealism, agility, innovation, and risk-taking—qualities essential for competitiveness—while older generations contribute emotional intelligence, institutional memory and a heightened sense of danger. He emphasized that progress requires blending these strengths through deliberate structures: fair representation of youth in boards and executive spaces, shared decision-making, reverse mentorship, and an institutional culture that values every generational perspective.
Dr. Tusubira also highlighted the urgent need for education reform, criticizing the continent’s entrenched “learning to pass exams” culture and calling for systems that cultivate creativity, problem-solving, and technical capability. He cautioned that without investing in human capital, digital literacy, and inclusive innovation ecosystems, Africa risks losing the very foundation of future competitiveness. His message was clear and powerful: intergenerational leadership is not optional—it is a survival strategy for institutions, businesses, and nations, especially in an era where, as he quoted, “it is not the strongest who survive, but those most responsive to change.”
The lecture was further enriched by an engaging panel discussion, which was moderated by Prof. Edward Bbaale, the Principal, College of Business and Management Sciences. He opened the discussion by deliberately centering today’s students and emerging leaders, framing the session as an intellectual reflection on the life, values and legacy of the late Prof. Emmanuel Tumusiime-Mutebile. He positioned the lecture’s theme — Shaping Africa’s Future: Intergenerational Leadership, Economic Resilience and the Power of Innovation — as urgent and practical, and introduced a cross-disciplinary panel whose expertise mirrors that urgency: Eng. Dr. F. F. Tusubira, Mr. Charles Mudiwa the Managing Director Dfcu Bank, and Prof. Faisal Buyinza the Ag. Dean, School of Economics.
Prof. Bbaale’s moderation enabled panelists to offer guidance on structural and cultural barriers to youth inclusion, the role of institutions in building resilience, and how academia, industry and policy can work together to turn innovation into jobs and scalable solutions — all the while reserving time for direct audience engagement and practical policy takeaways. Collectively, the panelists urged dismantling age-biased barriers and credential rigidities, creating new entry points and “tables” for youth leadership, scaling finance and training for startups and agribusiness, reforming pedagogy to prioritise skills and creativity, and deepening public-private-academic partnerships so innovation becomes inclusive growth rather than isolated experimentation.
The Family’s heartfelt appreciation
Mrs. Betty Tumusiime-Mutebile delivered heartfelt closing remarks, offering gratitude on behalf of the family and the Tumusiime-Mutebile Foundation. Speaking with deep emotion, she reflected on the late Professor’s character—his honesty, humility, hard work, and unwavering commitment to service above self. She thanked Makerere University, the Bank of Uganda, the Foundation’s leadership, and the many friends and colleagues who have continued to uphold his legacy, noting that although nearly four years have passed since his departure, his memory remains vivid and powerful for the family.
She recalled his devotion to both his public duty and his home, sharing personal stories of his leadership within the family and his steadfast faith that shaped their daily lives. Mrs. Tumusiime-Mutebile also highlighted the Foundation’s ongoing work in youth skilling, ethical governance, and private-sector development—initiatives rooted in his own vision. She concluded by inviting continued partnership to sustain the legacy he built, and led the gathering in singing his favourite chorus, a tender tribute to a man whose influence, she said, endures through the lives he touched.
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