General
Mak Co-operative Society financial performance excites Members: More strategies proposed for continuous growth
On 26th 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.
General
Makerere University and World Bank Sign Partnership to Strengthen Environmental and Social Sustainability Capacity
On 5th March 2026, Makerere University signed a Memorandum of Understanding (MoU) with the International Development Association (IDA), the financing arm of the World Bank Group, establishing a strategic partnership aimed at strengthening environmental and social sustainability systems in Uganda and the wider East African region.
The collaboration brings together Makerere University through the College of Agricultural and Environmental Sciences (CAES) and the College of Humanities and Social Sciences (CHUSS) and the World Bank to jointly advance training, research, and policy advisory in environmental and social sustainability.
The three-year agreement provides a framework for cooperation focused on building national capacity to manage environmental and social risks associated with large-scale development investments.
Advancing Sustainable Development through Knowledge Partnerships
The partnership will be anchored in the Environment and Social Sustainability Centre (ESSC) at Makerere University, a national hub established to promote applied research, policy engagement, and professional training in environmental and social governance.
Through the Centre, the two institutions will collaborate to strengthen Uganda’s ability to plan and implement development projects in ways that safeguard communities and the environment.
Speaking during the signing ceremony, Ms. Francisca Ayodeji (Ayo) Akala, the World Bank Country Manager emphasised that the collaboration reflects a shared commitment to strengthening systems that support sustainable growth.
“This partnership with Makerere University is an important step in strengthening Uganda’s systems for environmental and social sustainability. By working through the Environment and Social Sustainability Centre, we aim to build the capacity of professionals across government, the private sector, and development institutions to better manage environmental and social risks and deliver investments that promote sustainable growth while protecting people and the environment.” Ms. Francisca Ayodeji (Ayo) Akala, World Bank Country Manager, Uganda, noted.
The partnership will support training, research, and policy advisory activities through the ESSC, helping Uganda pursue a development trajectory that promotes economic growth while protecting people and the environment.
Building National Capacity for Environmental and Social Risk Management
Uganda’s development agenda under the Fourth National Development Plan prioritises large-scale investments in infrastructure, agro-industrialisation, energy, and science and technology. However, such investments require strong environmental and social risk management systems to ensure sustainable outcomes.
The new partnership, therefore, focuses on building a skilled workforce capable of applying international best practices in environmental and social governance.
Under the MoU, Makerere University will design and deliver demand-driven short-course training programs targeting public sector officials, development practitioners, financial institutions, civil society organisations, and private sector actors implementing major projects.
Seven certificate-level short courses have already been developed and approved across multiple colleges at the University. These courses cover areas such as environmental and social risk management, climate risk assessment, construction health and safety, and integrating environmental and social considerations into investment cycles.
“Makerere Universityis proud to partner with the World Bank in strengthening Uganda’s capacity to manage environmental and social risks in development investments. Through the Environment and Social Sustainability Centre, we have already developed and approved seven certificate-level short courses across multiple colleges, designed to equip professionals in government, the private sector, and development institutions with practical skills to plan and implement sustainable projects. This collaboration reflects Makerere’s commitment to providing knowledge-driven solutions that support Uganda’s development while safeguarding communities and the environment.” Prof. Barnabas Nawangwe noted.
Strengthening Collaboration between Academia and Development Partners
As part of the agreement, the World Bank will support the development and delivery of the training programs, including conducting Training of Trainers (ToT) on the Bank’s Environment and Social Standards and international best practices.
The Bank will also leverage its convening power to encourage participation from development partners, government institutions, and project implementers, while supporting impact monitoring of trained professionals to document improvements in project performance and job creation.
The collaboration will further promote professional networking, policy dialogue, knowledge exchange, and the development of knowledge hubs containing environmental and social tools, databases, and resources for practitioners.
Positioning Makerere as a Regional Knowledge Hub
Through this partnership, Makerere University seeks to position the Environment and Social Sustainability Centre as a leading knowledge hub for environmental and social governance in Africa.
By combining academic expertise with the World Bank’s global experience in development financing and technical assistance, the initiative is expected to strengthen the institutional capacity required to deliver sustainable and climate-resilient investments in Uganda.
The partnership also aligns with the World Bank’s broader commitment to supporting Uganda’s development agenda and strengthening country systems for environmental and social sustainability.
Together, the two institutions aim to equip professionals across government, the private sector, and development organizations with the skills required to ensure that Uganda’s development pathway remains inclusive, responsible, and environmentally sustainable.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University
General
Makerere University Explores Expanded Partnership with Stanbic Bank to Advance Innovation and Investment
On 5th March 2025, the Vice Chancellor, Makerere University, Prof. Barnabas Nawangwe, paid a courtesy visit to Stanbic Bank Uganda’s Chief Executive Officer, Mr Mumba Kalifungwa. The purpose of the visit was to explore areas for further collaboration with Stanbic Bank Uganda to strengthen innovation, entrepreneurship, and strategic investment.
The engagement reaffirmed the long-standing relationship between the two institutions and provided an opportunity to explore how academia and the financial sector can work together to unlock opportunities for students, staff, alumni, and the broader Ugandan community.
Discussions during the meeting focused on innovation and entrepreneurship support, student development programs, infrastructure partnerships, and investment opportunities linked to the University’s strategic development agenda.
Driving Innovation and Youth Entrepreneurship
During the engagement, the Vice Chancellor highlighted Makerere’s continued efforts to position itself as a research-led and innovation-driven university, emphasising the importance of partnerships with industry in translating academic research and ideas into practical solutions.
He underscored the need to empower young people with the skills and support required to create enterprises and generate employment opportunities, given Uganda’s fast-growing population, particularly the mushrooming young population. According to UBOS, by 2024, the young population was approximately 22.8 million persons out of a total population of 45.9 million people.
“If we do not support young people to innovate and create enterprises, we risk facing serious economic and social challenges. The employment of the future will increasingly be created by young people themselves,” he noted.
Among the proposals discussed was the possibility of establishing a Stanbic-supported innovation competition, aimed at stimulating entrepreneurship and providing a platform for students and young innovators to transform ideas into viable businesses.
Such an initiative could build on existing innovation and incubation programs run at Makerere and Stanbic Bank while strengthening collaboration between academia and the private sector in supporting enterprise development.
Expanding Strategic Collaboration
Speaking during the meeting, Mr Mumba Kalifungwa, the Chief Executive Officer of Stanbic Bank Uganda reaffirmed the bank’s commitment to strengthening its partnership with Makerere University.
He noted that while the bank has long provided financial services to the university and its staff, there is a significant opportunity to deepen collaboration in areas that generate broader societal impact.
“As an institution, we are interested in partnerships that go beyond financial services to create meaningful impact in society through the Stanbic Bank positive impact agenda. Education is one of the most important sectors through which we can drive that impact,” he noted.
The CEO also highlighted Stanbic Bank’s National Schools Championship program, which promotes innovation among secondary school students across Uganda, noting that a similar approach could potentially inspire initiatives at the university level.
Exploring Investment and Infrastructure Opportunities
The meeting also explored opportunities for collaboration in investment and commercialisation initiatives linked to university infrastructure and land assets.
University representatives shared insights into ongoing efforts to explore public–private partnership (PPP) models for strategic investments aimed at improving infrastructure and unlocking value from underutilised university assets.
Potential development opportunities discussed include projects related to hospitality facilities, commercial spaces, and other revenue-generating infrastructure within and around the university. Such initiatives could provide sustainable revenue streams for the university while creating opportunities for private sector participation in campus development.
Supporting Students, Staff, and Alumni
Additional discussions focused on expanding programs that benefit the wider Makerere community. These include financial literacy initiatives for students, expanded internship and graduate training opportunities, and collaborative programs to support student entrepreneurship and enterprise development.
The meeting also explored opportunities for collaboration in alumni engagement, leveraging Makerere’s extensive global alumni network to strengthen partnerships between the university and industry.
Programs aimed at improving financial preparedness and retirement planning for staff were also discussed, alongside potential housing and asset financing solutions tailored to the needs of university employees.
“Through this partnership, we are exploring opportunities that support the entire Makerere community, from financial literacy and entrepreneurship programs for students to internship pathways, alumni engagement, and financial preparedness initiatives for staff. These efforts will be anchored within the renewed collaboration framework between Makerere University and Stanbic Bank Uganda,” said Mr Awel Uwihanganye, Chief Advancement Officer.
The Chief Advancement Officer further noted that these initiatives are expected to be anchored within a renewed Memorandum of Understanding (MoU) between Makerere University and Stanbic Bank.
A Shared Vision for Impact
Both institutions expressed optimism about the potential of the partnership to contribute to national development by supporting innovation, enterprise creation, and the development of future leaders.
As Makerere University continues to strengthen its role as a leading research and innovation institution in Africa, partnerships with forward-looking institutions such as Stanbic Bank Uganda remain critical in advancing the university’s mission of generating knowledge, nurturing talent, and driving solutions that address national and global challenges.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University
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