On 26^th February 2025, members of Makerere University Multi-Purpose Co-operative Society (MUMCS) convened for the Annual General Meeting (AGM) to discuss the Society’s financial performance, progress and future plans.

MUMCS has realised significant growth and financial stability, with a strong commitment to its members. The pay incentive bonus, remains at 14.5% of surplus returns until a future review. As the Society continues to grow and expand its services, it is expected to play an increasingly important role in promoting financial inclusion and economic development in Uganda.

MUMCS has 136 active members who are members of staff at Makerere University. MUMCS has a Board of Directors and Secretariat that works with the Investments Committee, Loans Committee, Finance Committee, Welfare Committee, and the Supervisory Committee.

The Chairperson of MUMCS, Prof. Barnabas Nawangwe welcomed the Members (physically present at Makerere University Main Hall and those who were following virtually via zoom) to the AGM. He encouraged the Members to continue saving and investing in the cooperative society.

To kick start the AGM, the Chairperson made reference to the Agenda, which had been shared ahead of time to the respective Members. The Agenda focused on critical issues such as achievements, dividend allocation, recruitment plans, loan repayment strategies, potential investment opportunities, among other items. Following the adoption of the agenda during the AGM, the Chairperson invited the Secretary- Prof. Tumps Winston Ireeta, and the Treasurer- Prof. Juma Kasozi to present to the AGM key highlights.

Prof. Kasozi confirmed that the performance of the society was satisfactory. The Treasurer’s report, highlighted the society’s significant progress in 2024. The society disbursed loans amounting to UGX 1 billion, while savings accrued amounted to UGX 1.8 billion, and share value stood at UGX 386 million. The society’s total assets available for investment are worth UGX 2.25 billion, with a return on investment of 12.95%. The AGM was informed that the Cooperative’s balance sheet exceeded UGX 2billion, a testament to its robust financial position.

Summary of the Key statistics:

• Total loans disbursed: UGX 1 billion
• Savings: UGX 1.8 billion
• Share value: UGX 386 million
• Total assets available for investment: UGX 2.25 billion
• Return on investment: 12.95%
• Unit trusts: UGX 801,127,970 (ICEA LION) and UGX 608,138,265 (UAP OLD MUTUAL)
• Surplus: UGX 166 million
• Dividends: The payment of dividends not exceeding 10% of the surplus.

The Auditor’s report was presented, confirming that the society’s financial statements provide a true and fair view of its financial position as of December 31, 2024. The Auditor commended the society’s management for their excellent work in managing the society’s finances.

“I commend the Board and Secretariat for having a well-managed and governed society. Your scheme is one of the best. We are glad that Makerere University Multi-Purpose Co-operative Society, the balance sheet is above UGX 2 billion,” CPA David Ssenoga said.

During the AGM, members proposed the following strategies to spur the continuous growth of MUMCS:  Undertaking sensitization, publicity and mobilization drives/campaigns, development of publicity materials such as brochures, encouraging members to take loans, presenting proposals to reward bonus incentives to the highest savers and members with a significant number of shares, as well as providing financial incentives to members who take loans and repay them faithfully. In addition, the strategies stated in the MUMCS Strategic Plan will be implemented to ensure financial diversity and sustainability.

The Chairperson of the Supervisory Committee, Prof. Fredrick Jones Muyodi presented the committee’s report, highlighting the society’s compliance with the Co-operative Societies Act and the by-laws. Other Members of the Supervisory Committee include: Dr. Hamidah Nakato and Dr. Fred Edgar Nabutanyi. The Supervisory Committee reported that during its meetings, it reviewed various activities undertaken by the Board of Directors. They noted that since the AGM meeting held in February 2024, several achievements had been realized. These included the approval of new bylaws, a revised credit policy, and the establishment of the MUMCS office.  The Supervisory Committee reported that 12 members joined MUMCS in 2024. The Committee appreciated Mr. Raymond Nsereko for developing the MUMCS logo and acknowledged Ms Ritah Namisango for coordinating the branding of the MUMCS office.

In their report, the Supervisory Committee presented the proposed candidates for consideration as Members of the Vetting Committee namely:  Prof. Helen Nambalirwa Nkabala, Prof. Lawrence Mugisha and Dr. Alex Okello.

It was gratifying to note that the AGM unanimously agreed to have the Vetting Committee constituted as per the proposed names.

The Vetting Committee is expected to develop the Fit and Proper test for all applicants vying for the positions on the Board of Directors and the Supervisory Board, advertise the positions and administer the Fit and Proper test (written through Nomination Form and Oral), and present the successful applicants to MUMCS members for elections.

On behalf of the Welfare Committee, Ms Ritah Namisango applauded the Board and Secretariat for implementing the Welfare Policy. The Members of the Welfare Committee include: Michael Kasusse, Ritah Namisango and Oscar Mugula. She noted that with the implementation of the Welfare Policy, Members are in position to receive support towards Weddings, Medical obligations, and bereavement as per the terms and conditions specified in the policy. Noting that the society exists to advance the welfare of its members, she thanked the AGM for approving the proposed UGX 10million for such purposes.

The Board informed the AGM that in compliance with the rules and regulations that govern the sector, various policies including human resources, anti-money laundering, and procurement are being developed for MUMCS.

In his concluding remarks, the Chairperson of MUMCS, Prof. Nawangwe acknowledged the cooperative’s impressive financial returns, noting that it outperformed other savings schemes in terms of interest. He also urged members to avoid unnecessary withdrawals, emphasizing the long-term benefits of keeping their savings within the cooperative society. He commended the team responsible for the cooperative’s success, including the Secretariat and Fund managers.

_{By Carol Kasujja Adii}

The Minister of State for Higher Education, John Chrysostom Muyingo, has launched a project aimed at strengthening Makerere University’s Open, Distance and e-learning (ODeL) capacity.

Addressing guests yesterday (Thursday, February 27, 2025) while officiating the launch of a $12.2million (44billion shillings) Korea International Cooperation Agency (KOICA) grant, Mr. Muyingo, commended the Government of Korea, for supporting Uganda’s Education sector.

“This grant is more than just a financial contribution, it is a symbol of Uganda and the Government of Korea’s strong partnership to advance higher education, digital transformation, and skills development,” Mr. Muyingo, said.

He highlighted that the grant will support the expansion of online learning platforms, improve access to digital resources, and elevate the overall quality of education which will bridge the gap between traditional and digital learning, something which will make Makerere University education more accessible and flexible for students both within Uganda and beyond.

“With the advancing technological environment, educational institutions have to work smarter and better than before to ensure that educators and learners have the appropriate tools to deliver quality and relevant education,” Mr. Muyingo, explained.

The minister also commended the Makerere University Council and the Vice Chancellor for their visionary leadership in steering the University towards excellence in digital education.

The initiative aligns with Uganda’s Vision 2040, which prioritizes human resource development, technological advancement, and expanded access to digital education. According to a recent World Bank report on Uganda’s economic outlook, the country’s economic growth remains stable. However, it highlights the need for greater investment in human capital.

At the same event, the Chairperson Makerere University Council Mrs. Lorna Magara, encouraged students, faculty, and staff members to fully embrace the opportunity, and harness the power of technology to unlock Makerere University‘s full potential and drive a brighter future for Uganda and the region.

In her speech, read by Dr. James Nkata, a University Council member, Mrs. Magara, pointed out that the Makerere takes great pride in the partnership with KOICA, an organization whose dedication to education and development aligns perfectly with the University’s vision.

“I extend my heartfelt appreciation to the people of the Republic of Korea, for their trust and generous support of our vision. We are grateful for the continued collaboration and backing of the Ministry of Education and Sports and the Ministry of Finance, Planning, and Economic Development, whose commitment has been instrumental in making this project a reality,” Mrs Magara, said.

Prof Barnabas Nawangwe, the University Vice Chancellor, noted that the trust of the Korean people in Makerere University is a testament to Makerere University’s reputation as a center of academic excellence and innovation.

“The KOICA project, aligns seamlessly with our institution’s strategic goals and Uganda’s national development priorities. By strengthening our ODeL framework, this initiative will enhance teaching and research capabilities at Makerere University while fostering innovation, digital entrepreneurship, and knowledge sharing across borders,” Prof Nawangwe, said.

Voicing his gratitude, Prof. Nawangwe, noted that through the project, the University will establish a dynamic e-learning ecosystem that nurtures creativity, critical thinking, and problem-solving.

“By equipping students and faculty with advanced digital tools and methodologies, we will drive the development of innovative solutions to address socio-economic challenges in Uganda and the broader region. We are confident that this initiative will have a lasting impact, improving livelihoods, stimulating economic growth, and promoting sustainable development,” Prof Nawangwe, pointed out.

The Vice Chancellor commended Prof. Henry Mwanaki Alinaitwe and Dr Venny Nakazibwe, who have worked tirelessly to bring the project to fruition.

The Project team at Makerere include Prof. Paul Birevu Muyinda, Dr. Godftey Mayende and Mr. Paul Mugabi.

Presenting the project’s objectives, Prof. Alinaitwe, noted the University is going to establish a state-of-the-art e-learning facility, equipped with advanced tools and resources to support interactive and immersive learning experiences.

 “We will have a masterplan to accommodate a platform and network of resources to guide the infrastructure development. We are also going to establish a state-of-the-art e-learning facility, equipped with advanced tools and resources to support interactive and immersive learning experiences,”

Prof. Alinaitwe explained that his team will create a comprehensive repository of high-quality digital course materials, tailored to the needs of students and faculty.

In his remarks, the South Korean Ambassador to Uganda, Park Sung-Soo, told guests that Korea firmly believes that education is the foundation of national development, and their own economic success was built upon strong investments in human capital.

“Korea’s experience demonstrates that education is a long-term commitment, often described as a ‘hundred-year plan,’ and we are eager to share our knowledge and expertise with the Ministry of Education of Uganda and Makerere University to support Uganda’s educational advancement,” the ambassador, said.

The envoy explained that digital transformation is no longer an option but a necessity for ensuring equal educational opportunities and fostering future-ready talent that is why the Korean government is fully committed to supporting Uganda in this critical endeavor.

“The Covid pandemic showed us the critical need for flexible and resilient learning environments. As a global leader in information technology and a country that deeply values education, Korea is honored to work with Uganda to enhance digital learning infrastructure and expand access to education for all students, regardless of location or circumstance,” he said.

On his part, Prof Chun Seyeoung, explained that with the Mak ODel project, the most important engine for the success of Mak ODel project is the people who are destined to be involved and committed.

“Based on the valuable experience expected to be gained from this short term Mak ODel project, Makerere University will be able to digitally transform so that the e-learning paradigm will be applied to all of the academic programmes including masters and doctoral programmes. Ultimately, Makerere University will be the central hub of ODeL for the entire African continent,” Prof Seyeoung, said.

The Academic Registrar, Makerere University informs all intending applicants for Private and Government Sponsorship for the 2025/2026 Academic year that the deadline has been extended to Friday 7^th March, 2025.

Applicants who have already applied need not apply.

For any additional information, refer to the Announcements and requirements for Diploma/Degree holders Entry Scheme for Undergraduate programmes for 2025/2026 Academic Year from the links further below.

Prof. Buyinza Mukadasi
ACADEMIC REGISTRAR

• Announcement: Admissions for Diploma Holders under Government Sponsorship for 2025/2026 AY
• Announcement: Admissions for Diploma/Degree Holders under Self Sponsorship 2025/2026 AY
• Requirements: Diploma/Degree Holders 2025/2026 AY