General
MURBS Trustees Declare 12.34% Interest for FY 2022/2023
The Makerere University Retirements Benefits Scheme (MURBS) on 26th October 2023 declared an interest of 12.34% on members’ balances for the financial ended 30th June 2023. The declaration was made at the MURBS 13th Annual General Meeting (AGM) held on Thursday 26th October 2023 in the Yusuf Lule Central Teaching Facility Auditorium. The MURBS Fund value grew from UGX 299billion at the start of Financial Year 2022/2023 to UGX 352billion as at 30th June 2023. This growth resulted in a net return of UGX 42billion, which was distributed to members as interest.
The declaration was preceded by a presentation of the MURBS Performance for Financial Year 2022/2023 to members of the University Council and Management at a meeting held on Tuesday 24th October 2023 at the Telepresence Centre, Senate Building, Makerere University. The presentation was attended by the Chairperson of Council, Mrs. Lorna Magara represented by the Chairperson Finance, Planning, Administration and Investment Committee (FPAIC) of Council, Mr. Bruce Balaba Kabaasa, the Vice Chancellor, Prof. Barnabas Nawangwe represented by the University Secretary, Mr. Yusuf Kiranda, Acting Deputy Vice Chancellor (Finance and Administration), Prof. Winston Tumps Ireeeta, Director Quality Assurance, Dr. Cyprian Misinde, Acting Director Human Resources, Mr. Deus Tayari Mujuni and Acting Dean of Students, Mr. Peter Rivan Muhereza. The CEO Uganda Retirements Benefits Authority (URBRA), Mr. Martin A. Nsubuga was represented by his Head of Supervision, Mr. Lubega Rodgers.
During the Year, the Trustees operationalised the Trust Deed and Scheme Rules (TDSR) as amended on 30th May 2023. Overall, the amendments facilitated governance, policy, and operational changes and enhancements, further streamlining and strengthening the Scheme. Effective with the new TDSR, the Board composition changed from five (5) to seven (7) Trustees. As at 30 June 2023, the Board was composed of six (6) Trustees, pending appointment of the independent Trustee.
Changes in the Board of Trustees
During the year, the Board discharged one member and appointed three members. The changes involved the retirement of Mr. Wilber Grace Naigambi who completed his term on 31 March 2023 and he was replaced by Dr. Elizabeth Patricia Nansubuga as MUASA’s representative. In a special way, the Trustees recognise and appreciate the contribution of Mr. Wilber Grace Naigambi, who served on the Board of Trustees from 2016 to 2023. In addition, Dr. Deus Kamunyu Muhwezi and Mr. George Bamugemereire, who are Council representatives, joined the Board in May and June 2023 respectively.
Presentation of FY 2022/2023 Performance
Presenting the 2022/2023 performance on behalf of the Chairperson, Dr. Elizabeth Patricia Nansubuga, the Secretary Board of Trustees, Dr. Godwin Kakuba announced that on June 2021, MURBS became the first mandatory Employer-based Scheme in Uganda. Furthermore, he shared that the aforementioned TDSR amendment of 30th May 2023 that changed the Board of Trustees’ size from five to seven also introduced the “Midterm” access by members to 12% of their accrued benefits, provided they are at least 45 years old and have saved with the Scheme for at least ten years .
The Chairperson’s presentation nevertheless cautioned that whereas members were entitled to Midterm access of their funds, it had long-term effects on fund value and return on investment of their cummulative retirement benefits. For example, due to Midterm access in 2022/2023, sixteen Members’ savings shifted from the UGX 200-250million to the UGX 150-200million range, while five members shifted from the UGX 50-100million to the below UGX 50million range.
The shifts due to Midterm access notwithstanding, one members’ savings moved from the UGX 400-450million to the UGX 450-500million range, while three members joined the UGX 400-450million range. The largest number of members; 1,640 out of a total of 3,041 active accounts (53.9%) fall in the category of savings below UGX 50million, a slight improvement from 54.8% last year.
“In a period of five years the Scheme has moved from no one holding benefits above UGX 250million to having 270 members holding benefits above UGX 250million with five of them being above UGX 400million as of 30th June 2023… The Scheme strives to move more members from the lower bands to the upper bands by ensuring timely collection and prudent investment of their contributions” remarked Dr. Kakuba on behalf of the Chairperson.
Dr. Kakuba concluded the Chairperson’s presentation by thanking the University Council and Management for their cooperation and timely remittance of all members’ contributions to the fund. “We thank all the stakeholders who have worked with MURBS to ensure a successful Financial Year, in a special way, we thank you the sponsor for making time for this occasion.”
Responses to Chairperson’s presentation
Responding to the presentation, Mr. Bruce Balaba Kabaasa appreciated the Board for successfully sustaining the Scheme’s operations for the last thirteen years. He nevertheless urged the Trustees to consider a long and detailed strategic plan to serve as the blueprint for the Scheme Funds’ management and investment, so as to safeguard member benefits from challenges that may arise as the value appreciates.
“I am particularly happy that those of you who have been at the forefront of agitating for staff welfare are now very close to the management of MURBS”, he added in reference to Dr. Deus Kamunyu, former Makerere University Academic Staff Association (MUASA) Chairperson.
Mr. Kabaasa nevertheless took difference with the MURBS opinion that Midterm access to funds before retirement should be discouraged. He noted that from the sustainable development perspective, “you don’t compromise today because you are planning for the future.
“My view therefore, is that man or woman should be given an opportunity closer to retirement to start putting one leg into the waters to test how deep they are in order to be able to put in both legs later, well knowing the depth of the river or lake” he remarked. This he justified by noting that it is better for one to lose 12% of their retirement benefits to poorly researched investment now, than lose 100% at retirement when they have no chance for reprieve.
On this note, Chairperson FPAIC urged MURBS to step up its member education programmes on what works or doesn’t work for various investment vehicles they are likely to engage in. “You should be involved in making sure that our people have the required skill, the required mindset and the required understanding of the opportunities available within our economies and beyond.”
Delivering the Vice Chancellor’s remarks, Mr. Kiranda noted “the story of MURBS is simply one of the many good stories that will continue to stream out of Makerere year after year.” He added that “The Chairperson’s presentation of MURBS’ good performance for the year 2022/2023 is very much appreciated by the University Management for it encourages the employees of Makerere University to remain focused on their core mandate, confident that their retirement benefits are secure.”
He lauded the MURBS Board of Trustees for upholding professionalism and integrity, noting that the University Management has not received complaints concerning retirement benefits from any former employee of Makerere University over the last five years. The Vice Chancellor equally acknowledged the tremendous contribution by the Government of Uganda to a thriving sector by paying salaries on time, contributing to retirement benefits and creating an enabling environment for Schemes and their service providers to invest member funds.
On the subject of Midterm access, Mr. Kiranda re-echoed the Chairperson Council’s call to invest more in training members on how best to invest their retirement benefits. “Chairperson (of MURBS Board of Trustees), Management committed to work with you to do further sensitization and that commitment is still open.”
On behalf of the CEO URBRA, Mr. Lubega commended the MURBS Board for always addressing matters raised by the regulator during onsite inspections. He noted that the retirement benefits sector growth over the last ten years has not been by coincidence, but rather due to strengthened supervision. According to the URBRA website, Uganda currently has UGX 20.56trillion worth of assets under management in the retirement benefits sector.
“I am happy to communicate that Makerere University Retirement Benefits Scheme is one of those schemes that have really implemented these regulations of retirement benefits… the controls put in place by this Scheme can actually show you that they are moving in the right direction so thank you so much Board” commended Mr. Lubega.
Delivering the closing remarks at the presentation, Mr. Bamugemereire thanked all members and service providers for attending the event, reminding all present that planning for retirement starts the day one is employed. As a Trustee, he appreciated the lengths that URBRA goes through to ensure that Trustees are well trained and equipped to perform their duties. “I want to inspire you with confidence that the Scheme is in safe hands.”
On Tuesday, 17th June 2025, a distinguished delegation from the Mastercard Foundation Board visited Makerere University for the first time since the establishment of the Mastercard Foundation Scholars Program at the university. The visit underscored the progress achieved through the partnership and its positive impact on the university community, Uganda and the African continent over the past decade. The delegation was welcomed to Makerere by the Vice Chancellor, Prof. Barnabas Nawangwe, accompanied by Prof. Buyinza Mukadasi, Acting Deputy Vice Chancellor for Academic Affairs, and Prof. Justine Namaalwa, the Program Director for Mastercard Foundation at Makerere University.
The high-profile delegation was led by Her Excellency President Ellen Johnson Sirleaf, the former President of Liberia and the first woman to hold the presidential office on the African continent. She serves on the Board alongside other members such as Mr. Zein M. Abdalla, the Board Chairperson; Ms. Jennifer Fonsted; Mr. Jim Leech; Mr. Stephen Toope; Ms. Sewit Ahderom; Ms. Baroness Valerie; Hon. Louise Arbour; Ms. Tsega Gebreyes; Mr. Jay Ireland; Mr. Michael Sabia; Ms. Carole Wamayu; Ms. Robin Washington; and Ms. Reeta Roy, the President and Chief Executive Officer of the Mastercard Foundation. Additionally, the Board members were accompanied by the leadership team of the Mastercard Foundation, including Mr. Doug Kasambala, Chief Financial Officer; Ms. Ivy Mwai, Education and Skills Lead; Mr. Adrian Bukenya, Country Director for Mastercard Foundation-Uganda Programs; and Ms. Rachel Nandelenga, Head of Country Program Communications.
The Mastercard Foundation Board conducted a series of meetings with various stakeholders at Makerere University. The meetings begun with the University Leadership, which featured key figures such as Rt. Hon. Daniel Kidega, the Deputy Chairperson of the University Council and Chairperson of the Mastercard Foundation Scholars Program Advisory Board at Makerere; Prof. Barnabas Nawangwe, the Vice Chancellor; Prof. Buyinza Mukadasi, the Acting Deputy Vice Chancellor for Academic Affairs and Chairperson of the Steering Committee for the Mastercard Foundation Scholars Program; and Mr. Yusuf Kiranda, the University Secretary.
While addressing the delegation, Vice Chancellor Prof. Nawangwe expressed gratitude for the partnership between the Mastercard Foundation and Makerere University. He highlighted the Foundation’s impact on Africa’s higher education sector and the livelihoods of young people across the continent.
“We are privileged to host Her Excellency Ellen Johnson Sirleaf, along with other Members of the Board of Mastercard Foundation and the Foundation’s President and CEO, Ms. Reeta Roy, for the first time at Makerere University. The Mastercard Foundation has significantly impacted Uganda and Africa’s higher education sector and the livelihoods of young people, for which we are very grateful,” Prof. Nawangwe remarked.
Prof. Nawangwe also expressed appreciation to the Mastercard Foundation for its partnerships with Makerere University, which began with the Scholars Program and now encompasses additional initiatives such as the E-learning Initiative and, most recently, the Climate Resilience and Sustainability Collaborative project.
During the meeting with the Scholars Program staff, the Program Director, Prof. Justine Namaalwa, had the opportunity to outline the achievements of the first 10 years (First phase) of the Scholars Program at Makerere University and shed light on the future of the second phase of the Program at Makerere University.
Among the achievements highlighted by Prof. Namaalwa during the first phase were the following:
- The Program supported 1,032 young people, of whom 76% were females and 24% were males.
- As of January 2025, 965 Scholars had graduated, achieving an exceptional completion rate of 94%.
- Scholar Alumni have moved on to various pursuits, including formal employment (34%), entrepreneurship (11%), and further education (3%).
- Strengthening the Student Mentorship Engagements through capacity-building sessions for 97 university staff across the colleges, which benefits both the Scholars and other students.
- Drafting the Makerere University Career Guidance and Mentorship Policy to streamline mentorship engagements across the university. The Policy is currently under review by the University Council.
- As of 2024, the Scholars Entrepreneurship Fund has created 86 jobs across various communities.
- The Scholars made a positive impact on communities through their Annual Day of Service, supporting twelve communities by constructing boreholes for clean water access in two communities and building and equipping classrooms in three communities.
Prof. Namaalwa also elaborated on the accomplishments thus far in the second phase of the Scholars Program by highlighting the following;
- 101 Scholars recruited into the Program across different categories.
- Prioritizing the safety of students and staff, emphasized by the well-articulated Makerere University Safeguarding Policy and its implementation activities.
- A fully operational Disability Inclusion Support Centre.
On the other day’s activities, the Board also had the chance to view a mini-exhibition showcasing projects implemented by the alumni scholars. Furthermore, they engaged in a focus group discussion with both the Scholars and alumni.
On their part, the Board members expressed gratitude to Makerere University Management, led by Prof. Nawangwe, for the tremendous achievements the university had attained through the implementation of the Scholars Program and other initiatives aimed at uplifting underprivileged young people in Uganda and Africa. The Board members also expressed their appreciation to Prof. Namaalwa and the Scholars Program for the excellent job done in implementing the Scholars Program and for the continuous support provided to the Scholars and Scholar-alumni.
The Vice Chancellor, Prof. Nawangwe, concluded the day by presenting each visitor with an unforgettable souvenir of Makerere, which included exquisite Makerere University coffee mugs and executive pens.
Mr. Bernard Buteera is the Principal Communication and Public Relations Officer of the Mastercard Foundation Scholars Program at Makerere University
More photos from the visit
General
Meet Safali Libia, a Mastercard Foundation Scholar-alumnus who rebuilt his life as a refugee in Uganda
In recognition of International World Refugee Day this year, themed “solidarity with refugees,” the Mastercard Foundation Scholars Program at Makerere University proudly highlights the remarkable achievements of our Scholars and alumni with refugee backgrounds. These individuals have shown incredible resilience and determination, making a profound impact in their communities. Today, we are excited to share the inspiring story of Safali Libia, a Scholar-alumnus who, despite facing numerous challenges, successfully joined Makerere University through the Mastercard Foundation Scholarship, graduated, and actively contributes to his community at Kyangwali Refugee Settlement. He launched a transformative social venture project, A Hand for a Refugee, aimed at advancing the agriculture sector and enhancing livelihoods.
I was born in 1997 in Bunagana, Eastern Democratic Republic of Congo. In 2013, I fled to Uganda due to the armed conflict in my home country. My life was rebuilt in Kyangwali Refugee Settlement, where I found a new beginning.
Despite the challenges, I worked hard through school and was eventually admitted to Makerere University. There, I graduated with a Bachelor of Arts in Economics as a proud Mastercard Foundation Scholar. Accessing education in a peaceful environment changed the trajectory of my life. While at university, I decided to change the narrative about refugees. Too often, we are viewed through a lens of pity rather than potential. In my second year at Makerere, I allocated part of my scholarship stipends to support my family and also fund youth activities in the settlement. I mentored younger students, encouraged girls to stay in school, and advocated for inclusive development policies that recognise refugees as contributors, not burdens.
I also noticed how refugees have limited access to resources and opportunities. Many can only engage in small-scale agriculture or petty trade, yet they have dreams and abilities far beyond that. This realisation led me to co-found ‘A Hand for a Refugee’, a youth-led social enterprise driven by a profound understanding of the urgent need to strengthen the socio-economic well-being of refugee communities. We envision a future where refugees are not solely reliant on aid but are empowered towards self-reliance and can sustainably meet their diverse household needs, including ensuring access to education for their children, providing sufficient and nutritious food, securing safe drinking water, and fostering improved living conditions.
We focus on practical and sustainable solutions, providing comprehensive skilling and training in the two thematic areas of climate-smart agriculture livelihood for refugees and youth/women economic empowerment. Recognising the diverse experiences of refugee farmers, we provide support through comprehensive extension services and market linkage initiatives. These efforts are designed to enhance agricultural productivity, foster economic self-reliance, and promote sustainable livelihoods.
So far, we have trained fellow refugees in modern, climate-smart farming techniques and supported them in growing high-value crops like passion fruits, tomatoes, onions, and cabbages, which could thrive on small plots of land. Through these efforts, we strengthened food security and restored dignity. Our initiative has trained over 50 farmers, empowered women and youth, and demonstrated that refugee-led solutions are practical and sustainable. The Anzisha Prize and the Mastercard Foundation Scholars Program have recognised my work as a shining example of refugee-led innovation and a testament to whatrefugees can achieve when given the opportunity.
Today, I serve as the General Secretary of the Kyangwali Refugee-Led Organisations Umbrella. I encourage fellow refugee youth to take up leadership roles. We are not helpless; we are resourceful, determined, and resilient. All we need is trust, tools, and opportunity.
On this World Refugee Day, I call upon refugee youth not to wait for change but to be the change. We carry the solutions to our own problems. With education, courage, and unity, we can build more than survival; we can build thriving futures.
Let my journey remind the young people in different settlements that leadership, resilience, and hope can grow even in difficult conditions. I represent a new generation of refugees who do not see themselves as victims of circumstance but as architects of change, ready to rebuild their communities from the ground up. As we commemorate this day, let us celebrate young visionaries for surviving, thriving, and illuminating the way forward for millions of others displaced by conflict and crisis. In this struggle, I have planted seeds of hope, demonstrating that from within the refugee settlements of Africa can emerge the leaders of tomorrow. If I can do it, you can too.
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