Business & Management
Address Financial Literacy to Improve Household Income-Study
Findings by a team of researchers from the College of Business and Management Sciences (CoBAMS) have recommended that the Government through its agencies should partner with private financial institutions to organise financial literacy trainings to teach households on how to access capital, save and invest in productive ventures. The recommendations were made at a research dissemination workshop for the project titled: Evaluation of the effectiveness of financial inclusion on household’s welfare in Uganda: A case study of Busoga region.
While officially opening the hybrid dissemination workshop held on Wednesday 29th September 2020 in the School of Business Conference Room and virtually, the Principal CoBAMS, Dr. Eria Hisali thanked the Government of Uganda for funding the project through the Makerere University Research and Innovations Fund (Mak-RIF). He equally commended the Principal Investigator (PI), Dr. Eric Nzibonera and his team on successfully completing their project and achieving the set objectives.
Dr. Hisali proposed four options to ensure that the findings from the study reach a wider audience.
- Immediately upload the findings on the College’s new working paper series website, which will enable staff to read the document and provide feedback
- Proceed to transform the working paper into a journal article so as to reach audiences from different parts of the world
- Proactively review curricular in preparation for the possibility of gradually using research from Makerere as part of course outlines and teaching materials.
- Take advantage of the College’s planned framework of engaging policy makers formally through policy labs that will be held every quarter.
Presenting the findings from the project, the PI Dr. Nzibonera thanked the Principal for his advice and his research team for their hard work. Other members of the team that sampled 430 heads of households included the Dean School of Business Dr. Godfrey Akileng and Ms. Hellen Nambi.
“Financial Inclusion is a process through which financial services are delivered to the disadvantaged and low-income sections of the society on a timely basis and at affordable costs” defined Dr. Nzibonera, adding that “the relationship between financial inclusion and poverty alleviation has been widely discussed but only few studies explore the effect of financial inclusion on household welfare.”
He therefore shared the twofold objective of the project as; to establish the extent to which the rural households engage in financial inclusion and to examine the nature of household welfare and establish the extent to which financial inclusion enhance households’ welfare. The latter, he noted, would help guide policy recommendations to the Government and private sector.
Dr. Nzibonera noted that financial inclusion is measured through establishing the extent of availability and accessibility to financial services, affordability, usage and quality of financial products. He added that household welfare is improved through access to quality education and health services, improved shelter, food production and consumption as well as access to information.
The findings on availability and accessibility to financial services revealed an interesting pattern. “Whereas households still find it hard to access formal financial services for savings and deposits’ and services provided by bank agents are irregular, they easily access mobile money services for withdrawals and payments” he shared.
In terms of affordability, findings revealed that although the cost of accessing financial institutions and withdrawing funds from mobile money agents is still high, the cost of accessing financial services through bank agents and carrying out financial transactions through financial institutions is affordable.
Investigations into the usage and quality of services showed that households find it easy to use mobile money and village SACCOs to make deposits and payments for school fees. Despite the ease of use, households find it hard to save with banks, microfinance institutions and SACCOs.
“The accounts opened in banks and SACCOs are not frequently used and the services offered by banks or their agents are not regular” added Dr. Nzibonera.
The research team’s findings showed that financial inclusion has partly enhanced the welfare if households in Busoga.
“The study revealed improvement in income levels as a result of accessing loans from financial institutions and SACCOs. The number of school going children has also increased as a result of borrowing opportunities from SACCOs” said the PI.
Dr. Nzibonera added that although it is easy for households to access information about financial services relevant for welfare improvement, “there is limited income to enable households gain access to good healthcare and carry out construction.”
The team therefore made the following policy recommendations;
- Financial and microfinance institutions should employ agents to at least every parish or sub-county to grant households easy access to financial services.
- Government through District commercial officers should encourage households to organise into village savings and credit cooperative organisations (SACCOs) at parish level and identify unique financial products that promote savings and investments for different groups.
- Government agencies such as the Micro Finance Support Centre and Operation Wealth Creation (OWC) should partner with private financial institutions to organise financial literacy trainings for households on how to save as well as identify and invest in productive investment ventures.
- The cost of financing should be reduced to rates that are affordable by households. This will improve household income for both consumption and investment.
- Financial institutions should design financial products that would enable households to access funds for construction as long as there is a clear payment plan and evidence of source of income for loan repayments.
Speaking on behalf of the Mak-RIF Grants Management Committee (GMC) Chairperson Prof. William Bazeyo, Dr. Helen Nambalirwa Nkabala congratulated the research team upon the successful dissemination and thanked Dr. Hisali for proposing policy labs as a means of engaging policy makers.
She urged Dr. Nzibonera as a firsthand witness on the state of financial inclusion to go beyond the policy recommendations and draft a successor project proposal on solutions that can clearly and precisely take financial inclusion at the grassroots level to the next level.
“You are the right people to guide Government on what unique product the community will get and how it will help improve their financial knowledge” she recommended.
Dr. Nkabala thanked the Government for funding research and innovations that inform national development priorities and the University Management for creating an environment conducive to conducting research. In the same breath she thanked the GMC for providing oversight and the GMC Secretariat for ensuring that the projects run smoothly.
“This is a clear example of taking the Ivory Tower to the community” she concluded.
Representing Mr. John Peter Mujuni, Executive Director, Microfinance Support Centre (MSC) and Chief Guest at the dissemination, Mr. Godfrey Mangeni thanked the research team for a job well done, and pledged take the findings and policy recommendations very seriously.
“Please share these findings so that we can work with you in other areas like Bukedi and Karomoja to improve our services” he remarked.
Mr. Mangeni shared that there still remains a lot of work to be done to support Government’s Parish Development Model in the Busoga region despite MSC’s zonal office in Jinja and a satellite office in Iganga and as such, called upon researchers from Makerere to share their expertise.
Delivering the concluding remarks, Dr. Akileng in his dual capacity as Research Team member and Dean noted that Financial Inclusion is an important topical issue for national development and therefore expressed happiness that the Government had found it fitting to fund the project.
“As a nation, we need to reflect reflect on Government interventions aimed at addressing gaps of financial inclusion that financial institutions have not been able to fill” he rallied. This reflection, he said, ought to be guided by the question ‘Where have been the successes in social impact and where have been the failures?’
He noted that although Financial Technology (FINTECH) is the buzzword when it comes to improving service delivery, its success is hinged on how easy it will be for end-users at the grassroots level to adopt the various solutions offered.
“I believe that a highly informed community with the ability to easily access financial services and mobilise savings is key to the improvement of household earnings as well as boost demand and productivity in the country” he added.
In the discussion that preceded the concluding remarks, Mr. John Emoi, the Manager Investments at Uganda Development Bank who joined the conversation virtually had expressed his organisation’s keen interest in the days topic and research findings. Particularly, he had urged the research team to include the development of FINTECH models as a means of disseminating financial services among their policy recommendations.
In conclusion, Dr. Akileng called for affirmative action for business teaching institutions, “Business touches every sector and it is important to appreciate that if we must make money in any sector, we must understand business.”
Business & Management
Macroeconomics Conference Addresses Opportunities and Challenges of Digital Payment Systems
By Noeline Nabukenya
On 8th May 2025, the School of Economics under the College of Business and Management Sciences (COBAMS) hosted the Macroeconomics of digital payment system conference at Makerere University. The conference was organised in collaboration with the Bank of Uganda
(BOU) and International Growth Centre (IGC), to promote use of digital financial services.
The conference was timely, coming at a time, when the world is experiencing a shift from moving with cash to accelerated digital transformation. The development has since penetrated the financial services market, promoting financial inclusion because of being secure and
convenient. Users have since observed an increase in speed, accuracy and reduction of transaction costs.
Uganda has made great strides in the adoption of digital technology. During the conference, the participants noted that the mobile money payment systems expedited the transfer of money. It is very fast, quick, convenient and affordable. The conference provided a platform to reflect on how that transition has happened and its impact on the economy.
Prof. Edward Bbaale, the Principal for COBAMS, welcomed delegates at the university and assured them that the conference would generate transformation and change in the business sector. He noted that digital payments have emerged as a critical tool in shaping the macroeconomic landscape of developing economies.
“The shift from cash to digital modes of transaction has profound implications for taxation, monetary policy, financial inclusion, and the efficiency of the financial system as a whole,” he observed.
He noted that the conference highlights the challenges of digital payments which have an implication to businesses; issues like mobile money taxation, digital financial service costs, interoperability, infrastructure gaps and remittance payments.
The conference therefore addressed the gap of mobile money taxation among other digital financial services and how they left out voices of the most affected-the small business owners. The participants called upon relevant authorities and stakeholders to consider making a redress.
“Uganda, like many of its regional counterparts, is standing at the crossroads of technological change and policy innovation. As digital financial services expand, we must understand their effects. This is not only a research imperative-it is a national necessity.”
Bank of Uganda expressed commitment of supporting digital financial services and creating avenues for accelerated development as the country embraces digital payment systems.
Dr. Doreen Rubatsimbira, the Head, Monetary Policy Analysis at BOU, said a technical team on block chain technology has been instituted to extend support to the journey of realizing digital financial services.
“We have also explored the visibility of the central bank digital currency and constituted a technical working group on block chain technology as a way of leveraging transformative technologies for the financial sector,” she stated.
On behalf of BOU, Dr. Rubatsimbira applauded Makerere University for their continued partnership on a number of activities that contributes to the economic growth of the country.
The university has worked with Bank of Uganda on different occasions because of the shared academic and policy goals. “This collaboration has led to a generation of economists and policymakers,” she said.
International Growth Centre Senior Country Economist, Dr. Nhial Kuch, said there is a steady progress in adoption of digital payment systems. As an organization, they are looking at providing more funding for evidence-based research to help policymakers come up with adjustments in policies that don’t clash with financial inclusion.
“When we think about tax policy, we must make sure that it is not contradicting other policies, the government is pursuing i.e. financial inclusion or access to innovative services or digital payments,” he said.
He underscored the significance of IGC funding towards evidence based research, noting that they funded the paper on mobile money tax, which is paying off by raising important dialogue that brings together researchers and policymakers, to sit in one room and address these issues and come up with some policy interventions.
“We also funded research on the Electronic Receipting and Invoicing System (EFRIS) which was creating confusion especially among business owners, but our intervention helped in interpretation of that tax,” Kuch added.
Prof. Ibrahim Okumu, the Dean, School of Economics, appreciated all partners especially BOU and IGC for their joint support to organize a colourful conference. He stressed that this kind of collaboration underscores the power of partnership in driving research, capacity building
and evidence-informed policy.
Through this partnership with the Bank of Uganda, Makerere University is scheduled to launch the Master of Science in Economic and Investment Modelling in August 2025, a program that will help strengthen the analytical capacity needed for sound public investment decisions.
On 5th May 2025, the Church of Jesus Christ of Latter-day Saints handed over 40 high-tech laptops and 10 projectors to Makerere University to facilitate teaching, learning, and research at the School of Business under the College of Business and Management Sciences (CoBAMS).
The handover ceremony commenced with a powerful prayer led by Sister Tracy Ence, a missionary from the Church of Jesus Christ of Latter-day Saints. In the prayer, she evoked God-the Almighty, to take control of the handover ceremony, blessing each individual with a generous heart, and blessing the Church and Makerere University as both entities embark on a journey of long-term partnership in the education.
The delegation from the Church of Jesus Christ of Latter-day Saints consisted of over 10 personalities from different professions and vocations who have dedicated their lives to the church and service to humanity. These brothers and sisters in Jesus Christ are volunteers who undertake projects for the good of the Church and God’s people.
Presenting the ICT equipment to Makerere University, the Head of Delegation, Brother Christophe Ge’rard Giraud stated that the church values education expressing their commitment to partnerships that promote spiritual and secular education.
Delighted about the partnership of the Church of Jesus Christ of Latter-day Saints and Makerere University, Brother Christophe said: “As a church, we love to get into partnership. Wherever our faith may be, we all believe there’s a God in heaven. This donation of laptops and projectors will strengthen and liven the classroom. We hope and pray that the donation will be a blessing.”
Brother Ambrose Kilama, the Stake President, a volunteer and an Ecclesiastic leader informed the audience that Education is the eleventh (11th) commandment in the Church. He re-affirmed that in the fulfilment of the 11th commandment, the Church of Jesus Christ of Latter-day Saints takes pride in education within and outside the church. “This is the beginning of the partnership. The donation symbolizes the commitment of the Church to undertaking partnerships in education.”
The handover ceremony was witnessed by the Vice Chancellor represented by Prof. Buyinza Mukadasi, the Acting Deputy Vice Chancellor (Academic Affairs), the Principal of the College of Business and Management Sciences (CoBAMS)-Prof. Edward Bbaale, the Dean of the School of Business-Dr. Godfrey Akileng, the Dean of the School of Economics-Dr. Ibrahim Mike Okumu, former Deputy Vice Chancellor (Academic Affairs)-Prof. Umar Kakumba and over 30 members of staff from the Department of Marketing and Management, and the Department of Accounting and Finance under the School of Business.
Listening to Dr. Jude Thaddeo Mugarura, Head of the Department of Marketing and Management, giving an account leading to the donation of the ICT equipment, the participants agreed that it was a divine connection. It also re-echoed the biblical teaching of the good Samaritan.
Dr. Mugarura revealed that the donation that the School of Business was receiving on 5th May 2025, started with an interaction with Dr. Phillip Mathemera, a Volunteer with the Church of Jesus Christ of Latter-day Saints in 2024. While at Makerere University main campus, Dr. Mathemera, who was trying to locate the College of Agricultural and Environmental Sciences (CAES), met Dr. Mugarura, and requested for directions. Attributing it to luck or God’s timing, Dr. Mugarura was the person present at the actual time when Dr. Mathemera was seeking help. They interacted, Dr. Mugarura directed him to CAES, and they also exchanged contacts for future correspondence.
Dr. Mugarura disclosed that when the Department of Marketing and Management was organizing an event and looking for sponsors, he pulled out the business card, to contact Dr. Mathemera for possible sponsorship.
Dr. Mugarura explained that during the telephone conversation, Dr. Mathemera guided him to explore support for a partnership rather than sponsorship for a one-off event.
Following the guidance received, Dr. Mugarura teamed up with Dr. Tibaingana to write a concept addressing the teaching and learning needs challenge in the Department of Marketing and Management.
Filled with joy, Dr. Mugarura briefed the audience inside the School of Business Conference Hall that the Church responded positively to the concept. “I am pleased to state that everything that we requested for in the concept was accepted. We have assembled here today, on the 5th of May 2025, to receive the ICT equipment. We pledge to put these items to good use as we advance digitalization in teaching and learning,” said Dr. Mugarura.
Receiving the ICT equipment on behalf of Makerere University, Prof. Buyinza Mukadasi reported that when he learned of this donation, he was filled with a deep sense of gratitude to God in heaven, the Church of Jesus Christ of Latter-day Saints, and the two (2) members of staff namely: Dr. Jude Thaddeo Mugarura and Dr. Anthony Tibaingana who wrote the concept on the teaching and learning needs.
Stating the need for high-tech equipment and accessories to deliver meaningful education, Prof. Buyinza noted that the donation of ICT equipment significantly impacts the teaching, learning and research agenda of the University.
Referencing the 4th and 5th industrial revolution that thrives on ICT and digital education, Prof. Buyinza re-affirmed that the equipment received will enable the members of faculty to play a pivotal role in the realization of University 5.0, which is built on integrated ICT.
Prof. Buyinza applauded Dr. Jude Thaddeo Mugarura and Dr. Anthony Tibaingana, members of staff in the Department of Marketing and Management for identifying viable friends.
Welcoming the delegation from the Church to the College of Business and Management Sciences (CoBAMS), the Principal-Prof. Edward Bbaale, notified the guests that the College consists of three (3) schools. These include: the School of Business, the School of Economics, and the School of Statistics and Planning, with each School having key departments. He also welcomed the staff from the School of Business that hosts the Department of Marketing and Management, and the Department of Accounting and Finance.
Prof. Bbaale commended the Church of Jesus Christ of Latter-day Saints for prioritizing partnerships, emphasizing that Makerere University values partnerships. “Building partnerships, collaborations, and internationalization are the cornerstones to build us up into a research-driven university,” he said.
Appreciating the Church of Jesus Christ of Latter-day Saints, the Principal highlighted that the donation of laptops and projectors was a timely intervention, presenting the teaching staff with the required equipment as they undertake roles to contribute to the research-driven agenda of the University. “The support comes at a time when digital training and e-Learning are taking centre stage at Makerere University, which positions our faculty to be active players in this journey.”
Presenting a brief profile of the School of Business, the Dean-Dr. Godfrey Akileng stated that the School, which has 43 members of staff, is renowned for championing entrepreneurship. He reported that the School holds the Annual Entrepreneurship week/expo, which provides a platform to students to demonstrate their business and entrepreneurship skills and abilities.
Highlighting the School’s exponential growth in terms of graduate training and supervision, Dr. Akileng said: “In 2011/2012, the School had only two members of staff with PhDs. Today, the number of staff with PhDs is 26. We have developed capacity over the years with staff able to teach and supervise the different PhD tracks, namely PhD by research and PhD by coursework. Currently, the School of Business boasts of 31 students who are enrolled on the PhD programme,” he remarked.
Dr. Akileng congratulated the faculty upon receiving high-tech equipment. He requested the department of marketing and management to evolve into a model unit in the promotion of e-Learning and digital education at the University.
Impressed by Dr. Anthony Tibaingana’s resource mobilization efforts in securing the donation, Dr. Akileng also thanked Dr. Tibaingana for his devotion to teaching, learning, and graduate supervision. “Dr. Tibaingana is a rising star. This year, Dr. Tibaingana supervised three PhD students to completion. We are proud of his work,” he remarked.
Dr. Akileng called upon the members of faculty to utilize the equipment in the execution of official tasks, to serve the students and the University at large. This will bring real progress and growth to the School and the University.
Contributing to the discussion, Ms. Ritah Namisango, the Principal Communication Officer who moderated the ceremony, informed the audience that Makerere University had embarked on the development of an e-Learning Digital Transformation roadmap for the next five years (2025-2030). Observing that this strategic step involves the acquisition of high-tech ICT equipment to enable the different players to undertake the required roles, Ms. Namisango appreciated the Church of Jesus Christ of Latter- day Saints for the generous donation.
Giving a vote of thanks on behalf of the members of staff, Dr. Pros Katumba, who teaches ICT and Strategic Management, flanked by Dr. Jamidah Nakato and Dr. Zaina Nakabuye, Lecturers in the Department of Marketing and Management, stressed that the ICT equipment received will enhance service delivery at the School of Business. “We have been having a gap in equipment. Thank you for this donation that will greatly impact teaching, learning, and research.”
True to the statement, that this was the beginning of partnership, Dr. Tibaingana ignited the audience when he reported that Dr. Mathemera had extended an offer to the 17 students studying marketing to undertake a driving course leading to acquisition of driving permits valued for 5 years. The training is scheduled to start after the end of Semester Two exams 2024/2025 on 17th May 2025.
According to Dr. Tibaingana, the sponsorship follows a guest lecture that was delivered by Dr. Mathemera in April 2025. “Thrilled by the interaction and enthusiasm of the marketing students, Dr. Mathemera generously offered the sponsorship,” he stated.
Makerere University has signed a Memorandum of Understanding (MoU) with the Insurance Training College (ITC) aimed at enhancing professional training, research, and industry engagement in the fields of actuarial science and insurance.
The signing ceremony, held on May 6, 2025, at the University Main Building, was presided over by the Vice Chancellor, Prof. Barnabas Nawangwe, and attended by officials from both institutions. The MoU will be implemented through the College of Business and Management Sciences (CoBAMS) and is expected to significantly benefit students, particularly those pursuing Actuarial Science.
Under the new agreement, Makerere University students will receive exemptions from selected certification courses offered by the Insurance Training College, easing their path toward professional accreditation. The partnership also paves the way for joint training programs, research collaborations, internship placements, external examination services, and other mutually beneficial initiatives.
Speaking at the ceremony, Prof. Nawangwe emphasized the importance of such collaborations in preparing students for a dynamic and competitive job market.
“This MoU is both timely and strategic. Collaborations with professional bodies such as the Insurance Training College ensure that our students are not only academically grounded but also professionally prepared to meet industry demands,” said Prof. Nawangwe.
“The insurance sector is one of the fastest-growing industries in the region. It requires well-trained, ethical, and innovative professionals—and Makerere University is committed to producing exactly that.”
On behalf of the Insurance Training College, Mr. Saul Sseremba, Chief Executive Officer, expressed enthusiasm about the partnership and its long-term impact.
“We are excited to formalize our collaboration with Makerere University. Our goal is to build a critical mass of highly skilled insurance professionals who will drive the transformation of the sector in Uganda and beyond,” said Mr. Sseremba.
“We look forward to a fruitful relationship that blends academic excellence with industry relevance.”
Also speaking at the event, Prof. Bbaale Edward, Principal of CoBAMS, underscored the significance of the partnership in enhancing the college’s mission of bridging academic theory and professional practice.
“This MoU is aligned with our strategic goal of strengthening industry linkages and providing our students with hands-on exposure to the realities of the workplace,” said Prof. Bbaale said.
“Actuarial Science is a rigorous program, and these exemptions will ease our students’ progression into professional certification while motivating them to pursue excellence. We are grateful to ITC for this opportunity and look forward to implementing this partnership effectively.”
The MoU signifies Makerere University‘s continued commitment to strengthening university-industry linkages, expanding professional pathways for students, and fostering applied research that contributes to national development.
The signing was witnessed by the Head of Department, Statistical Methods and Actuarial Science, Dr. Felix Wamono, the Dean School of Planning and Statistics, Dr. Margaret Banga and Dr. Shaheen Memon – Assistant Lecturer.
The event concluded with a symbolic signing of the agreement and a commitment from both parties to begin implementation immediately.
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