General
MURBS Trustees Declare 11.05% Interest on Members Balances for the FY 2021/2022
The Board of Trustees for the Makerere University Retirements Benefits Scheme (MURBS) has declared an interest of 11.05% on members’ balances for the financial year starting 1st July, 2021 to 30th June, 2022.
The Chairperson of the Board of Trustees, Dr. Godwin Kakuba made this declaration during the Presentation of the MURBS Performance for the Financial year ending 30th June 2022 to members of the University Council and Management at a meeting held on 18th October 2022 at Makerere University Telepresence Centre, Senate Building. The meeting was graced by Makerere University Council Members, the Vice Chancellor and members of management, the CEO Uganda Retirements Benefits Authority Mr. Martin. A Nsubuga, the CEO of the Insurance Company of East Africa and leaders of staff associations. Other members present were Trustees of MURBS, MURBS departmental Ambassadors, staff of Makerere university and MURBS among others.
On behalf of the Board of Trustees, Dr. Kakuba highlighted that given what has been happening on local and international market and the impact caused by the COVID pandemic, the declared interest is above the inflation rate implying that members contributions have been well preserved. He revealed that for 1,116 members of staff, the interest generated through the scheme investments and credited on their accounts is more than contributions received from the university.
The Board also confirmed that Makerere University remitted all the contributions that were due for the entire Financial year. Members funds grew from UGX 255bn to 299bn supported by the increase in contributions and positive returns from investments and is projected to hit a trillion by 30th June 2026.
Dr. Kakuba reported that the schemes accounts were audited by PricewaterhouseCoopers Certified Public Accountants who issued unqualified opinion on the financial statements. He said the scheme membership increased by 1000. As at 30th June 2022, the scheme had 7, 162 (active 3,093 and Deferred -4,069) members compared to 5,984(Active -2007 and Deferred -3907) as at 30th June 2021.
“The Trustees collected contributions totaling UGX 33.5bn as compared to UGX 24.5bn for the FY 2020/2021. Out of the 33.5bn, UGX 29.4bn was paid in respect of staff of Makerere university on main payroll except UGX 82.5m. The Trustees appreciate this compliance and are also grateful for the plans drawn to settle the difference. The Trustees thank the Makerere University for honouring these obligations,” he commended.
Dr. Kakuba appreciated the University Management for the progress made towards debt recoveries. The Trustees recovered UGX 6.5bn in respect of the In-house debt and thus, combined with UGX 5bn paid by Government on 20th May 2021, the scheme recovered UGX 11.5bn by 30th June 2022. Dr. Kakuba reported that on 4th August 2022, the Government paid UGX 1.5bn, bringing the cumulative amount recovered to UGX 13bn representing 51% total debt recoveries expressing hope that the balance of 12.4bn will also be cleared.
“The members’ funds grew from UGX 255bn at the start of the FY 2021/2022 to UGX 299bn at the end. This growth was supported by the increase in contributions and positive returns from investments. During the year, trustees approved investments in Unit Trusts which created an avenue for the scheme to maximise opportunities for daily cash contributions. The scheme’s strategy to significantly divest from equities continues to cushion our assets against volatility.” part of the statement reads.
Reporting on the effect of Fund value and return on investment on individual members, Dr. Kakuba noted that MURBs now has a member holding benefits in excess of UGX 400m while the average of the top five holdings exceeds UGX 398m. He promised that the Trustees will strive to push the member with the biggest member holding to hit 0.5bn mark over the next 12 months.
Kakuba also reported that for the past years the scheme has been voluntarily participating in Financial Reporting competitions to gauge its standard of financial reporting as compared to other financial institutions in the country with emphasis on the disclosures made in the report, governance, sustainability, communication and presentation of the accounts.
“With respect to the 2020 Annual report, MURBS again emerged winner in the Retirement Benefits Sector category. These awards are a confirmation that MURBS is on the right course. We are proud to have our scheme as a leader of the pension scheme,” said Dr. Kakuba.
Chairperson of Council satisfied with the interest of 11.05%, cautions staff on Mid Term
Access
In a speech read by Prof. Frank Mwine, the Chairperson Makerere University Council Mrs. Magara congratulated MURBS upon its consistent commitment on accountability to the stakeholders, subjecting the books accounts for auditing by a reputable firm, participating in the Financial reporting competitions and winning five awards.
The Chairperson of Council commended the Trustees for the positive performance indicators, a growing fund and membership, diversified investments, the growing net return on investment and competent return on investment. As leaders in the pension sector, the Chair implored the scheme to keep the position and support other retirement benefits schemes in Uganda to improve.
“I have noted that you have declared less interest this year than last year., but considering the economy and market conditions during the 2021/2022 Financial Year, I am satisfied that the interest 11.05% is a good return. So, our Trustees have done very well and as Council, we agree that this performance has added value on each members holding in MURBS.”
The Chairperson of Council reminded the Trustees to be aware that handling mandatory contributions requires a great deal of care. She implored the Trustees to take the highest level of due diligence as they work with service providers in the sector noting that there is no greater pain to an employee than to be told some of the money was lost in some not-so-clear investments.
In her speech, Mrs. Magara also encouraged staff and retirees not to spend a big part of the retirement package and to take advantage of the MURBS Annuity program in order to have a comfortable retirement. She reasoned that given the rate at which the scheme fund is growing, and the benefits they have, it’s likely that annuity pay-outs will soon be able to match a retirees exit salary for many members. She asked Trustees to sensitize members on the benefits of annuities.
The Chairperson of Council reminded MURBS members that there has been early access to retirement benefits before in Makerere and this has been one of the main reasons senior staff may be still having smaller packages for retirement and some members ending up accusing the university for giving them peanuts at the end of service.
Mrs. Magara cautioned and expressed concern about whispers of MURBS members getting early access to and part of their retirement money on the pretext of hardships faced during the lockdown years of COVID 19.
“I am not convinced this is a good idea for the members of MURBS since the university was able to pay full salaries during that time. The idea of midterm access coming out of a one–time event called COVID 19 should not become entrenched into long term scheme rules. I will therefore caution you to be very careful with this idea and sensitize members of MURBS,” she guided.
MURBS performance-a relief and in line with Council’s objectives – Mak VC
Describing MURBS as the brain child of the Makerere University Council established 12 years ago, the Vice Chancellor Prof. Barnabas Nawangwe said the purpose was to ensure that staff lived decent lives in retirement. Prof. Nawangwe reported that the status of the scheme was last year boosted when the Minister of Finance, Planning and Economic Development exempted the University from mandatory contributions to NSSF, making handling of mandatory retirements benefits easier and adding value to the university employees.
Prof. Nawangwe congratulated the Trustees upon the excellent performance saying, the good results presented met the original objectives of the University Council. “It is so gratifying to hear that there are more than 60 employees whose retirement packages are over 300m but are still working and some still below 50 years. This was unthinkable a few years ago. It is good to hear that over 1000 individuals have received more interest than their contributions in this financial year. This is a big achievement for a University that used to suffer negative publicity on the basis of retirement packages of her employees,” Prof. Nawangwe stated.
Prof. Nawangwe recalled that 12 years ago MURBS started with less than UGX 20bn but now holds, over UGX 300bn and receiving monthly contributions over UGX 2bn. He reminded participants that this is part of the potential he was referring to while starting his first term as Vice Chancellor.
“You may also recall that unlocking the potential within Makerere University was top of my agenda. In the case of social security of staff, this is being done every month when more than UGX 2bn is invested by our own scheme and for repayment of university debt. In addition, I promised to prioritise repayment of university debt.”
The Vice Chancellor, expressed happiness that the University with support from Government completed paying all debts for the period between 2005 and 2011 and has now repaid UGX13bn of in-house debt pledging that the balance is expected to be cleared in less than two years.
Vice Chancellor challenges staff to face the challenges of the century squarely
Turning to the staff, the Vice Chancellor stressed that with the completion of celebrations of 100 years of excellent service to humanity, Makerere University has a firm foundation on which to build.
“It is now time to face the challenges of the century squarely. We owe it to the Ugandan tax payer and to the Government of Uganda to come up with innovations that will solve the problems that our people are facing,” Prof. Nawangwe said adding:
“The Government has consistently been increasing funding towards universities. So, Universities too, and Makerere in particular, need to support government development programmes for the country by finding real solutions that impact lives and transform society. Let us nature the good relationship that exists between Government and Makerere university,” Prof. Nawangwe said.
Prof. Nawangwe commended the University Council and Management for the support accorded to MURBS saying, they have worked with the Trustees over many complicated matters and were going to continue working together in other matters such as the amendment of the Trust Deed of MURBS as the new dispensation requires.
MURBS has a formidable team and experts –CEO UBRA
The Chief Executive Officer Uganda Benefits Regulatory authority, Mr. Martin A. Nsubuga congratulated Makerere University upon holding the centennial celebrations successfully. Mr. Nsubuga also congratulated the MURBS for the wonderful performance.
“For people in this Market, declaring the interest of 11. 05% in the era of COVID and the market dynamics that were present, I really have to congratulate you. You have a very good formidable team with very good experts.”
Re-affirming the position of the Trustees on the interest declared and investments made, Mr. Nsubuga said: “On our side, we can only confirm that the numbers that have been declared are consistent with what we had anticipated. Just to confirm to you when we came here we know where your money is invested with almost 80 % in fixed assets and we know how they are trading, we had an idea and we would have been disappointed if they had declared anything less than 10%.”
Mr. Nsubuga commended MURBS Trustees for upholding good governance standards saying, they are reliable, the reason why they were recommended to become an in dependent pension scheme.
He said as a regulator, they were proud of MURBS credibility in her Financial statements describing the performance as unrivalled as far as the standard, disclosures and the returns are concerned.
He appreciated the University Management and Council for the support rendered to the scheme, fulfilling the contribution obligation and enabling the scheme to operate and perform without influence.
Mr. Nsubuga also commended the schemes foresightedness. He implored staff and Trustees to make an arrangement to work with ICEA and and purchase annuities so that they can receive monthly payments throughout their lifetime.
By: Jane Anyango and Ritah Namisango
Makerere University has reaffirmed its commitment to building strong global partnerships through a high-level engagement with Goucher College (USA), represented by Ms. Nenelwa Tomi. The meeting, chaired by Deputy Vice Chancellor for Academic Affairs, Prof. Sarah Ssali, also brought together academic leaders from the College of Humanities and Social Sciences (CHUSS) led by the Deputy Principal Dr. Eric Awich Ocen.
Opening the discussions, Prof. Ssali emphasized the importance of partnerships in driving Makerere University’s mission of knowledge generation, innovative teaching, research, and societal transformation. She highlighted her office’s role in supporting the Vice Chancellor’s vision and noted that the university has cultivated over 1,000 partnerships worldwide, ranging from global universities to community-based organizations. However, she stressed that the humanities, in particular, needed more collaboration to match the momentum already seen in the sciences.
The spotlight of the meeting was on Goucher College, with Nenelwa Tomi making a strong case for collaboration. She outlined the college’s unique strengths, including its liberal arts model, global education approach, and emphasis on experiential learning. Tomi emphasized Goucher College’s readiness to create synergies with Makerere University, ranging from faculty and student exchange programs to joint research, innovation projects, and alumni engagement opportunities. She noted that the shared values of diversity, community-centered learning, and innovation make the two institutions natural partners.
Nenelwa Tomi highlighted Goucher College’s global perspective, noting that every student is required to engage in international learning as part of their degree. This, she explained, positions Goucher College as an institution deeply committed to cross-cultural exchange, making collaboration with Makerere University a natural extension of its mission. She emphasized the college’s strong tradition in liberal arts and humanities, pointing out that this could complement Makerere University’s growing interest in broadening partnerships beyond the sciences. She further mentioned that Goucher College has well-established student support systems, career readiness programs, and digital learning innovations, which could create synergies with Makerere University’s own efforts to integrate technology and experiential learning into academic programs.
In addition, she shared success stories of Goucher College’s collaborations with other international institutions, illustrating how these partnerships had not only expanded academic opportunities but also enhanced community impact. Finally, she stressed the importance of sustainable, people-centered partnerships, noting that collaboration should be designed to empower both students and staff, while also producing solutions that address pressing societal challenges in Uganda, the United States, and beyond.
Dr. Cathy Mbidde the Manager Makerere University Innovation Pod (UNIPOD) spoke on behalf Makerere University Technology and Innovation Center, established in 2022 to commercialize research outputs. The UNIPOD with facilities such as maker spaces, food technology labs, textile and electrical sections, and a multimedia studio, the center has already incubated five student-owned companies in areas like health, irrigation, coffee, wine, and wood production. Its focus on nurturing innovation and entrepreneurship aligns closely with Goucher’s experiential learning philosophy, opening new pathways for co-creation between the two institutions.
In closing, the meeting underscored the vast potential for Makerere–Goucher collaboration, with both sides expressing optimism about partnerships that could benefit students, staff, and the broader community. The dialogue marked the beginning of what stakeholders described as a promising journey of innovation, knowledge exchange, and global academic synergy.
The meeting was held on the 2nd of October 2025 and was attended by Dr. Pamela Khanakwa (Dean of the School of Liberal and Performing) Dr. Dickson Kanakulya (Head of the Department of Philosophy) and Dr. Charlotte K. Mafumbo (Head of the Department of History).
General
Prof. Sarah Ssali commends Makerere University’s longstanding relationship with the Mastercard Foundation
By Antonny Tugaineyo
The Deputy Vice-Chancellor of Academic Affairs, Prof. Sarah Ssali, hailed Makerere University for its longstanding partnership with the Mastercard Foundation, which has produced tangible results and impact. She made these remarks while officiating the launch and strategic plan co-creation workshop of the Africa Climate Collaborative, another initiative between Makerere University and the Mastercard Foundation, held on 30th September 2025, at the Senate Conference Hall, Makerere University.
“These initiatives illustrate how deeply the partnership between Makerere University and the Mastercard Foundation has become. The Africa Climate Collaborative builds on this foundation, broadening opportunities for scholarships, mentorship, and support for innovations that promote climate-resilient futures,” Prof. Ssali remarked.
Prof. Ssali highlighted that the Africa Climate Collaborative is a university-wide initiative created to tackle the ongoing challenges in graduate education in Africa, such as low completion rates, weak industry connections, and the disconnect between academic research and practical solutions.
“I strongly commend Makerere’s longstanding partnership with the Mastercard Foundation, which began in 2013, supporting transformative initiatives such as the Mastercard Foundation Scholars Program, Action Research in Psychosocial Services, the E-learning Initiative, and the enhancement of Safeguarding at the university.” Prof. Ssali pointed out.
The Program Director for the Africa Climate Collaborative at Makerere University and Principal of the College of Agricultural and Environmental Sciences, Prof. Gorettie Nabanoga, used the workshop to elaborate on the Collaborative’s mission and its four strategic pillars;
Pillar 1: Workforce Development: Enable talented young professionals to lead the development of climate solutions through quality education
- Extend comprehensive Scholarships to 250 Masters and 40 PhD Students
- Develop new curricula of 2 Masters and 1 PhD programmes
- Upskill 150 Faculty in academic research supervision to improve the research experience of all graduate students
Pillar 2: Entrepreneurship: Empower youth to drive green economies through enhanced green entrepreneurship skilling programs
- Skilling Programme for 500 youth who have not had the opportunity to pursue University Education
- Provide seed funding for 200 viable entrepreneurship projects
- Extend business mentorship to entrepreneurs for a period of 2 years
- Provide boost funding for 40 women and youth-led green community innovations
Pillar 3: Research and Innovation: Catalyze high-quality research and innovation through a Climate Resilience Support Centre
- Support 30 post-doctoral fellows.
- Establishment of the Climate Resilience Support Centre to catalyze high-quality research and innovation.
- Seed funding for 101 Innovations (MSc, PhD, & Postdoctoral fellows) with facilitated mentorship for a period of 2 years.
- Boost the research and innovation infrastructure at the University.
Pillar 4: Networks, Policy, and Learning: Strengthen networks to disseminate research outputs and innovations to enhance resilience to climate change
- Partner with 5 Public Universities (Gulu University, Busitema University, Mbarara University of Science and Technology and Muni University) to develop joint research initiatives and community engagement programmes
- Conduct 14 climate science-policy-practice dialogues to co-create transformative climate resilience solutions.
- Support 15 Local Governments to develop their Climate Change Strategies and Action Plans
- Engage 40 multi-generational community liaisons to promote uptake of research innovations.
Prof. Justine Namaalwa, the Lead of Mastercard Foundation initiatives at Makerere University, expressed her gratitude to university management for entrusting the Program Delivery Team with the responsibility of implementing the Programme. She also thanked participants for their highly productive engagement, noting that their valuable contributions will significantly guide the Program’s operations.
Prof. Namaalwa further indicated that more targeted engagements with university units will be conducted to support the effective implementation of the Program. She emphasised that the Programme will collaborate closely with various units and projects to deliver the following course:
- Cross-cutting course on Innovation and Entrepreneurship: The Program will partner with the Directorate of Graduate Training and the Makerere University Innovation Pod (UniPod) to co-develop and co-deliver this course, making it accessible to all master’s and PhD students across the University.
- Course on Human-Centred Design in Teaching and Learning: In collaboration with the Directorate of Graduate Training and the Centre for Teaching and Learning Support, the Program will co-develop and co-deliver this course for all faculty members.
- Cross-cutting course on Climate Resilience for Livelihoods, Economy, and Ecosystems: The Collaborative will work with Makerere University Centre for Climate Change Research and Innovation (MUCCRI) to co-develop and co-deliver this course to all students.
Regarding the pillar aimed at skilling youth who have not had the opportunity to pursue university education, Prof. Namaalwa observed that the Program will leverage the expertise of the Africa Institute for Strategic Resource Services and Development (AFRISA) and other innovation centres and hubs across the University to equip the youth in creating and sustaining green enterprises.
The Africa Climate Collaborative is a new partnership between Makerere University and the Mastercard Foundation. It is being carried out in collaboration with three other universities: The University of Ghana, the University of Cape Town, and the University of Cambridge.
Antonny Tugaineyo is the Principal CRSC Coordinator for Africa Climate Collaborative at Makerere University
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