Business & Management
School of Business Staff undertake Capacity Building
In a bid to keep abreast with the changing trends in the business sector, staff of the School of Business, College of Business and Management Sciences (CoBAMS), led by the Dean Dr. Akileng Godfrey on November 3, 2021 spent the day interacting with players in the private sector. The staff undertook the capacity building as part of their continuous professional development.
The staff heard from Mr. Kakande Robert, the MD of Finca Uganda who shared an analysis of the performance of the financial sector in Uganda. The participants learnt that despite the Covid–19 pandemic, the banks saw an increase in cash deposits by 20% and a decline in the loan portfolios by 14%. This was attributed to the decline in trade, owing to the travel restrictions. This was also compounded by the fact that Ugandans are generally a risk averse population. Many people, about 49%, borrow from informal lenders such as friends, family and investment groups. It was noted that only 11% of the population keep their money in banks. About 43% keep money in saving groups, 27% keep it at home while 23% keep it on mobile phones.
This, Mr. Kakande said calls for a national financial inclusion strategy. Some of the emerging and contemporary issues in the financial sector include digitization. The world is growing exponentially, which calls for new ways of doing things. The development of the internet, artificial Intelligence, Internet of things has forced banks to digitize all their services. This Mr. Kakande said, has helped improve customer experiences and reduce the number of people transacting in the banking hall. Today, Uganda has 28 million mobile phone users, 12.1 million internet users and 3.6 million social media users. This means the financial sector also has got to evolve and meet the demands of these customers. This has seen the development of online banking, bank to phone transactions, which have greatly improved the financial sector.
The participants learnt that Bank of Uganda, had issued new regulations for commercial banks, in an effort to secure depositors money. This, Mr. Kakande called the BASEI 11 Capital Accord Framework. Commercial banks are now required to have operating capital of Shs150 billion up from Shs25 billion, while tier 4 institutions such microfinance institutions are required to have capital of Shs5billion up from Shs500 million. BOU has also set out to regulate the Mobile Money business which is being run by the telecommunication companies.
Another emerging issue is Bancassurance. This is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer. Agency banking is another contemporary trend that the financial institutions have adopted. This has also been done in an effort to extend the bank to the clients.
On the issue of high interest rates charged by the banks, Mr. Kakande said, this is because the credit risk among the population is high. The emergence of Infrastructure bonds is something the financial sector players also have to look at in the future.
The staff also got an opportunity to interact with Mrs. Immaculate Ngulumi, the Marketing Manager of Centenary Bank. She shared how the service industry has been able to attract and retain clients. Mrs. Ngulumi said that because service is not a tangible product, the service providers have to appeal to the emotions of people. This, she said calls for investment in 3 Ps (People, processes and physical evidence). The people/staff, she said, have to be well trained, motivated and treated well, so that they can pass on this positivity to the clients. The processes have to be quick and seamless while the ambiance must be good. She shared with the team, the 4 aspects of managing services
- Managing customer relationships
- Managing service quality
- Managing service productivity
- Managing staff and positioning services
Mrs. Ngulumi concluded by saying that in the service industry, the customer does not buy a product, they buy the experience, so give them the best experience.
Other topics discussed included the International Financial Reporting Standards and the role of the private sector in public sector procurement.
The Dean School of Business, Dr. Godfrey Akileng thanked the participants for attending and the facilitators for making time to share with his team.
Betty Kyakuwa is the Principal Communication Officer, CoBAMS
Staff members from the Department of Population Studies, within the School of Statistics and Planning at Makerere University, have successfully completed a comprehensive three-day training on Doctoral Supervision. The training, held from June 28 to June 30, 2024, was meticulously conducted by esteemed faculty from the College of Education and External Studies, alongside experts from the Directorate of Research and Graduate Training.
The initiative, aimed at enhancing the supervisory skills of doctoral advisors, underscores Makerere University‘s commitment to academic excellence and robust research mentorship. The Deputy Principal of the College of Business and Management Sciences, Prof. James Wokadala, officiated the closing ceremony, commending the participants for their dedication and active engagement throughout the training sessions.
“We are committed to fostering a supportive and rigorous research environment for our doctoral candidates. This training is a testament to our dedication to academic excellence and effective mentorship,” remarked Prof. Wokadala in his closing address.
He said the college has got plans to improve PhD graduation levels, some of which include appointing two PhD coordinators per school. He asked the staff to exhibit high ethical standards while supervising the students.
The training program was generously funded by a grant from the Carnegie Corporation, secured by Dr. Patricia Ndugga. The grant facilitated a series of interactive workshops, case studies, and collaborative discussions, designed to equip the faculty with advanced supervisory techniques and strategies to support doctoral students effectively.
Dr. Patricia Ndugga expressed her gratitude for the support, stating, “This training is a significant step towards enhancing the quality of doctoral supervision at Makerere University. We are grateful to the Carnegie Corporation for their continued support in our quest to improve research training and mentorship.”
The participants, who included both seasoned and emerging academic staff, have expressed their enthusiasm for applying the new skills and knowledge gained to their supervisory roles, thereby enriching the academic journey of their doctoral students.
Makerere University remains steadfast in its mission to provide top-tier education and research training, continuously seeking avenues to enhance the capabilities of its faculty and the academic experience of its students.
In a key gathering at College of Business and Management Sciences’ School of Economics, stakeholders from diverse sectors convened yesterday (June 20, 24) to envision the future of economic education in Uganda. The occasion centered around the unveiling of the proposed Bachelor of Science in Development Economics, a program poised to reshape how economic challenges are addressed and opportunities harnessed in the country.
Among the esteemed speakers were Prof. Edward Bbaale, Principal of the college, and Prof. Ibrahim Mike Okumu, Dean of the School of Economics, whose shared enthusiasm for the new program underscored its potential impact. “This initiative aligns seamlessly with Uganda’s Development Goal Vision 2030 and the National Development Plan III (NDPIII),” Prof. Bbaale remarked. “Our aim is to empower students with the knowledge and skills to drive sustainable development across the nation.”
“Our aim is not only to contribute to the development of Uganda but also to impact the wider African region and beyond,” Prof. Bbaale said.
Development Economics, as emphasized by Prof. Okumu, represents a fusion of economic theory and practical application aimed at fostering inclusive growth and poverty reduction. “This program,” he explained, “is not just about classroom learning; it’s about preparing future economists to engage directly with real-world challenges and policy-making processes.”
With an emphasis on research-led teaching and innovative approaches to economic analysis, the Bachelor of Science in Development Economics aims to position graduates as thought leaders capable of driving sustainable economic growth and development.
The workshop provided a dynamic forum for stakeholders from the Ministry of Finance, Planning and Economic Development, as well as representatives from KCCA, CHUSS, CONAS, URA, and the private sector, to offer valuable insights. Discussions centered on curriculum design, industry relevance, and collaborative opportunities, reflecting a shared commitment to equipping graduates with the skills demanded by today’s economy.
“The Ministry of Finance recognizes the pivotal role of this program in advancing Uganda’s economic agenda,” noted a representative during the workshop. “By focusing on development economics, we are fostering a cadre of professionals capable of driving innovation and sustainable growth.”
From the private sector, there was a clear call for graduates who possess not only theoretical knowledge but also practical experience. “We look forward to collaborating with the School of Economics to ensure that students gain hands-on skills that are directly applicable to our evolving business landscape,” remarked a representative from a leading industry player.
Looking forward, the School of Economics aims to integrate stakeholder feedback into finalizing the program’s curriculum and securing necessary accreditation. With an emphasis on research and policy analysis, the Bachelor of Science in Development Economics aims to prepare graduates to become catalysts for change, equipped to navigate Uganda’s economic complexities.
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