“This is a perfectly managed Cooperative Society,” remarked CPA David Ssenoga, amidst applause from Members of the Makerere University Multi-Purpose Cooperative Society (MUMCS).

CPA Ssenoga made the remarks on 4^th March 2026 as he presented the Auditor’s report from SDS and Company Certified Public Accountants at the MUMCS Annual General Meeting (AGM).

The Auditor’s report for the year ended 31^st December 2025 highlighted adherence to the best corporate governance practices, confirmed proper allocation of funds, value for money, and steady progress.

“The Cooperative Society was found to be in excellent standing, with operations in compliance with International Financial Reporting Standards for SMEs, the Cooperative Societies Act, and relevant Ugandan regulations. The operations are efficient and transparent,” he reported.

Mandate of MUMCS

Chairing the AGM, the Vice Chairperson, Dr. Muhammad Kiggundu-Musoke, underscored that the MUMCS exists to promote the welfare of members. In pursuit of this mandate, MUMCS provides access to affordable credit at interest rates that are significantly lower than those offered by other financial institutions. Such support, he noted, empowers members to strengthen their financial stability, invest in personal and professional goals, and ultimately enhance their overall well-being.

Steady progress

Highlighting MUMCS’ steady progress, Dr. Kiggundu-Musoke commended members for the tremendous growth recorded over time. He noted that the cooperative society had grown from handling a few hundreds of thousands of shillings in its early years to managing a portfolio now standing at approximately UGX 3.25 billion, a milestone he described as a reflection of collective effort, prudent management, and sustained member confidence.

He encouraged members to actively promote and popularise the cooperative within their respective departments. He proposed a structured approach of engaging Heads of Department to sensitize staff on the MUMCS’ services and benefits.

AGM highlights

The hybrid AGM, with physical participants assembled in the Main Building Senior Common Room, and virtual participants who followed the proceedings via zoom, provided a platform to review performance, highlight operational successes and governance milestones, as well as, finding solutions to challenges.

Secretary’s report

Presenting the report, MUMCS’ Secretary, Prof. Winston Tumps Ireeta, highlighted the growth in membership to 160, including 27 new recruits –  a testimony to the confidence in the quality of services provided.

Prof. Ireeta excited the members when he mentioned that the 2025 surplus of UGX 291 million was distributed to members, with administrative budgets executed as approved.

On the issue of financial discipline and meeting obligations, Prof. Ireeta notified the members that the Management Committee implemented strategies that ensured compliance. “Outstanding loan arrears were settled through deductions from dividends of the concerned members,” he stated.

The Secretary reported that as approved during the previous AGM, the Vetting Committee consisting of Prof. Helen Nambalirwa Nkabala (Chairperson), Prof. Lawrence Mugisha (Member) and Dr. Alex Okello (Member) had been constituted and has embarked on the tasks as per the terms of reference.

With reference to the Secretary’s report, the Members praised the MUMCS Management Committee headed by Prof. Barnabas Nawangwe, for ensuring the successful implementation of key decisions agreed upon during the previous AGM.

Treasurer’s report

The Treasurer, Prof. Juma Kasozi, provided members with a detailed overview of operations, liquidity, investments, and returns.

Emphasizing MUMCS’ commitment to transparency, Prof. Kasozi noted that the Management Committee ensures that the balance sheets, profit and loss statements, and trial balances are shared monthly with members, which enables them to monitor performance throughout the year.

Prof. Kasozi explained that the Cooperative Society maintains strong liquidity, with approximately UGX 1.6 billion invested with fund managers and insurance companies. These liquid investments he said, provide a solid foundation to support loans, withdrawals, and operational needs. He encouraged members to increase their savings and shareholdings, in order to strengthen MUMCS’s financial base and enhance lending capacity.

The Treasurer highlighted the Society’s loan products, including instant loans; which provide same-day disbursement and long-term term loans. He reported that in 2025, UGX 479 million was disbursed in instant loans, and UGX 913 million as long-term loans.

He informed the AGM that the major challenge faced during the year 2025, was premised on disruptions in payroll deductions. “Before this setback, payroll deductions generated over UGX 50 million per month.  Due to temporary disruptions, the amount generated reduced to UGX 20 million,” he explained.

The Treasurer briefed the members that discussions with the payroll management team had been successful, and full deductions were expected to resume, a step that would restore the expected income stream of the Cooperative Society.

He re-assured members that despite challenges with payroll deductions, MUMCS remains financially stable, with strong liquidity, robust investments, sound loan recovery mechanisms, and a commitment to member welfare.

He encouraged members to recruit colleagues, increase shareholding, and actively participate in strengthening the Cooperative Society’s growth and impact.

Members applaud the Management Committee

Impressed by the reports presented by the Secretary and Treasurer, the Members praised the MUMCS Management Committee headed by Prof. Barnabas Nawangwe, for the successful implementation of key decisions agreed upon during the previous AGM.

Presentation from the Welfare Committee

On behalf of the Welfare Committee, Ms. Ritah Namisango, commended the Management Committee for effectively implementing the Society’s Welfare Policy. Ms. Namisango noted that the policy stipulates the contribution to weddings, loss of a member, and/or when a member loses a parent, spouse and a biological child. She encouraged the members to read the Welfare Policy in order to tap into the benefits that accrue to them.

“We invite all members to read the Welfare Policy and inform the Management Committee early enough whenever a situation arises. I am glad that, because of transparency and communication through the WhatsApp group, most of you have been notifying the Executive Committee promptly. Most of the Members who have received contributions from MUMCS during such situations, have acknowledged receipt, and gone an extra mile, to send messages of gratitude via MUMCS’ WhatsApp group,” she said.

She welcomed the AGM’s approval of an additional UGX 2.5 million allocation to the Welfare Fund, to boost the Cooperative Society’s ability to extend support as well as standing in solidarity with the Members.

The Welfare Committee consists of Ms. Ritah Namisango, Dr. Oscar Mugula and Mr. Michael Kasusse.

Supervisory Committee report

The Chairperson, Prof. Fredrick Jones Muyodi, congratulated the Management Committee and the Members, upon the positive financial performance of MUMCS with a gross surplus of UGX 351,533,935/=, and a net surplus of UGX 49,510,181/= after deduction of all expenses.

Concerned that some members have faced challenges with payroll deductions, the Supervisory committee welcomed the progress reported by the Secretary toward resolving the issue.

He stated that the Committee reviewed the financial proposals presented by the management committee and endorsed the recommended dividend payment of UGX 38,630,000 to shareholders, noting that dividends cannot exceed 10 percent under the law.

In addition, the Committee supported payments to service providers, the purchase of a second laptop to enhance data security, the use of cloud and external storage for safeguarding records, the proposed welfare and AGM budgets, and the allocation of 65% of the gross surplus as return on savings.

The Supervisory Committee consists of Prof. Fredrick Jones Muyodi (Chairperson), Prof. Edgar Nabutanyi (Member) and Dr. Jamidah Nakato (Member).

Closing remarks

Closing the AGM, Dr. Kiggundu-Musoke thanked members for their active participation and challenged them to actively support the growth of the cooperative society. He emphasized that membership growth would not only strengthen the Makerere University Multi-Purpose Cooperative Society’s financial standing, but also enhance dividend returns for all members.

On 5^th March 2026, Makerere University signed a Memorandum of Understanding (MoU) with the International Development Association (IDA), the financing arm of the World Bank Group, establishing a strategic partnership aimed at strengthening environmental and social sustainability systems in Uganda and the wider East African region.

The collaboration brings together Makerere University through the College of Agricultural and Environmental Sciences (CAES) and the College of Humanities and Social Sciences (CHUSS) and the World Bank to jointly advance training, research, and policy advisory in environmental and social sustainability.

The three-year agreement provides a framework for cooperation focused on building national capacity to manage environmental and social risks associated with large-scale development investments.

Advancing Sustainable Development through Knowledge Partnerships

The partnership will be anchored in the Environment and Social Sustainability Centre (ESSC) at Makerere University, a national hub established to promote applied research, policy engagement, and professional training in environmental and social governance.

Through the Centre, the two institutions will collaborate to strengthen Uganda’s ability to plan and implement development projects in ways that safeguard communities and the environment.

Speaking during the signing ceremony, Ms. Francisca Ayodeji (Ayo) Akala, the World Bank Country Manager emphasised that the collaboration reflects a shared commitment to strengthening systems that support sustainable growth.

“This partnership with Makerere University is an important step in strengthening Uganda’s systems for environmental and social sustainability. By working through the Environment and Social Sustainability Centre, we aim to build the capacity of professionals across government, the private sector, and development institutions to better manage environmental and social risks and deliver investments that promote sustainable growth while protecting people and the environment.” Ms. Francisca Ayodeji (Ayo) Akala, World Bank Country Manager, Uganda, noted.

The partnership will support training, research, and policy advisory activities through the ESSC, helping Uganda pursue a development trajectory that promotes economic growth while protecting people and the environment.

Building National Capacity for Environmental and Social Risk Management

Uganda’s development agenda under the Fourth National Development Plan prioritises large-scale investments in infrastructure, agro-industrialisation, energy, and science and technology. However, such investments require strong environmental and social risk management systems to ensure sustainable outcomes.

The new partnership, therefore, focuses on building a skilled workforce capable of applying international best practices in environmental and social governance.

Under the MoU, Makerere University will design and deliver demand-driven short-course training programs targeting public sector officials, development practitioners, financial institutions, civil society organisations, and private sector actors implementing major projects.

Seven certificate-level short courses have already been developed and approved across multiple colleges at the University. These courses cover areas such as environmental and social risk management, climate risk assessment, construction health and safety, and integrating environmental and social considerations into investment cycles.

“Makerere Universityis proud to partner with the World Bank in strengthening Uganda’s capacity to manage environmental and social risks in development investments. Through the Environment and Social Sustainability Centre, we have already developed and approved seven certificate-level short courses across multiple colleges, designed to equip professionals in government, the private sector, and development institutions with practical skills to plan and implement sustainable projects. This collaboration reflects Makerere’s commitment to providing knowledge-driven solutions that support Uganda’s development while safeguarding communities and the environment.” Prof. Barnabas Nawangwe noted.

Strengthening Collaboration between Academia and Development Partners

As part of the agreement, the World Bank will support the development and delivery of the training programs, including conducting Training of Trainers (ToT) on the Bank’s Environment and Social Standards and international best practices.

The Bank will also leverage its convening power to encourage participation from development partners, government institutions, and project implementers, while supporting impact monitoring of trained professionals to document improvements in project performance and job creation.

The collaboration will further promote professional networking, policy dialogue, knowledge exchange, and the development of knowledge hubs containing environmental and social tools, databases, and resources for practitioners.

Positioning Makerere as a Regional Knowledge Hub

Through this partnership, Makerere University seeks to position the Environment and Social Sustainability Centre as a leading knowledge hub for environmental and social governance in Africa.

By combining academic expertise with the World Bank’s global experience in development financing and technical assistance, the initiative is expected to strengthen the institutional capacity required to deliver sustainable and climate-resilient investments in Uganda.

The partnership also aligns with the World Bank’s broader commitment to supporting Uganda’s development agenda and strengthening country systems for environmental and social sustainability.

Together, the two institutions aim to equip professionals across government, the private sector, and development organizations with the skills required to ensure that Uganda’s development pathway remains inclusive, responsible, and environmentally sustainable.

Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University

On 5^th March 2025, the Vice Chancellor, Makerere University, Prof. Barnabas Nawangwe, paid a courtesy visit to Stanbic Bank Uganda’s Chief Executive Officer, Mr Mumba Kalifungwa. The purpose of the visit was to explore areas for further collaboration with Stanbic Bank Uganda to strengthen innovation, entrepreneurship, and strategic investment.

The engagement reaffirmed the long-standing relationship between the two institutions and provided an opportunity to explore how academia and the financial sector can work together to unlock opportunities for students, staff, alumni, and the broader Ugandan community.

Discussions during the meeting focused on innovation and entrepreneurship support, student development programs, infrastructure partnerships, and investment opportunities linked to the University’s strategic development agenda.

Driving Innovation and Youth Entrepreneurship

During the engagement, the Vice Chancellor highlighted Makerere’s continued efforts to position itself as a research-led and innovation-driven university, emphasising the importance of partnerships with industry in translating academic research and ideas into practical solutions.

He underscored the need to empower young people with the skills and support required to create enterprises and generate employment opportunities, given Uganda’s fast-growing population, particularly the mushrooming young population. According to UBOS, by 2024, the young population was approximately 22.8 million persons out of a total population of 45.9 million people. 

“If we do not support young people to innovate and create enterprises, we risk facing serious economic and social challenges. The employment of the future will increasingly be created by young people themselves,” he noted.

Among the proposals discussed was the possibility of establishing a Stanbic-supported innovation competition, aimed at stimulating entrepreneurship and providing a platform for students and young innovators to transform ideas into viable businesses.

Such an initiative could build on existing innovation and incubation programs run at Makerere and Stanbic Bank while strengthening collaboration between academia and the private sector in supporting enterprise development.

Expanding Strategic Collaboration

Speaking during the meeting, Mr Mumba Kalifungwa, the Chief Executive Officer of Stanbic Bank Uganda reaffirmed the bank’s commitment to strengthening its partnership with Makerere University.

He noted that while the bank has long provided financial services to the university and its staff, there is a significant opportunity to deepen collaboration in areas that generate broader societal impact.

“As an institution, we are interested in partnerships that go beyond financial services to create meaningful impact in society through the Stanbic Bank positive impact agenda. Education is one of the most important sectors through which we can drive that impact,” he noted.

The CEO also highlighted Stanbic Bank’s National Schools Championship program, which promotes innovation among secondary school students across Uganda, noting that a similar approach could potentially inspire initiatives at the university level.

Exploring Investment and Infrastructure Opportunities

The meeting also explored opportunities for collaboration in investment and commercialisation initiatives linked to university infrastructure and land assets.

University representatives shared insights into ongoing efforts to explore public–private partnership (PPP) models for strategic investments aimed at improving infrastructure and unlocking value from underutilised university assets.

Potential development opportunities discussed include projects related to hospitality facilities, commercial spaces, and other revenue-generating infrastructure within and around the university. Such initiatives could provide sustainable revenue streams for the university while creating opportunities for private sector participation in campus development.

Supporting Students, Staff, and Alumni

Additional discussions focused on expanding programs that benefit the wider Makerere community. These include financial literacy initiatives for students, expanded internship and graduate training opportunities, and collaborative programs to support student entrepreneurship and enterprise development.

The meeting also explored opportunities for collaboration in alumni engagement, leveraging Makerere’s extensive global alumni network to strengthen partnerships between the university and industry.

Programs aimed at improving financial preparedness and retirement planning for staff were also discussed, alongside potential housing and asset financing solutions tailored to the needs of university employees.

“Through this partnership, we are exploring opportunities that support the entire Makerere community, from financial literacy and entrepreneurship programs for students to internship pathways, alumni engagement, and financial preparedness initiatives for staff. These efforts will be anchored within the renewed collaboration framework between Makerere University and Stanbic Bank Uganda,” said Mr Awel Uwihanganye, Chief Advancement Officer.

The Chief Advancement Officer further noted that these initiatives are expected to be anchored within a renewed Memorandum of Understanding (MoU) between Makerere University and Stanbic Bank.

A Shared Vision for Impact

Both institutions expressed optimism about the potential of the partnership to contribute to national development by supporting innovation, enterprise creation, and the development of future leaders.

As Makerere University continues to strengthen its role as a leading research and innovation institution in Africa, partnerships with forward-looking institutions such as Stanbic Bank Uganda remain critical in advancing the university’s mission of generating knowledge, nurturing talent, and driving solutions that address national and global challenges.

Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University