MUMCS Members pose for a group photo with their Chairperson-Prof. Barnabas Nawangwe, Secretary-Prof. Winston Tumps Ireeta and Treasurer-Prof. Juma Kasozi at the AGM on 26th February 2025.
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.
Prof. Barnabas Nawangwe (Left) delivers the Chairperson’s address alongside Prof. Juma Kasozi (Right).
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.
Left to Right: Prof. Winston Tumps Ireeta, CPA David Ssenoga, Prof. Barnabas Nawangwe and Prof. Juma Kasozi.
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.
Prof. Juma Kasozi (Right) alongside Prof. Barnabas Nawangwe (Left) presents the Society’s performance.
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.
The Society Auditor, CPA David Ssenoga.
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.
Chairperson of the Supervisory Committee, Prof. Fredrick Jones Muyodi presents his report.
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.
Ms Ritah Namisango speaks on behalf of the Welfare Committee.
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.
On Friday, 27th February 2026, Makerere University proudly celebrated 13 years of a significant partnership with the Mastercard Foundation, a prestigious independent organisation headquartered in Toronto, Canada. Since its inception in 2013 with the launch of the Scholars Program-currently headed by Prof. Justine Namaalwa, this collaboration has grown significantly, expanding to include two additional initiatives: The E-learning Initiative-headed by Prof. Paul Muyinda Birevu and the Africa Climate Collaborative-headed by Prof. Gorretie Nabanoga. This long-term partnership underscores the shared commitment to fostering education, innovation, and sustainability in Uganda and across Africa.
The colourful event coincided with the 76th Graduation Ceremony, during which Makerere University honoured Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, with an honorary Doctor of Laws.
Ms. Reeta Roy being robed during her honorary award of Doctor of Laws.
In her commencement speech, Ms. Roy thanked Makerere University for considering a partnership with the Mastercard Foundation and for conferring upon her a prestigious honorary award.
“Mastercard Foundation is honoured to collaborate with this esteemed university, and I appreciate the recognition through this award. I am excited to be associated with Makerere University and look forward to actively embodying its values. Joining the broader community of alumni from this distinguished institution is a privilege, and I am eager to contribute to its legacy,” stated Ms. Roy.
The Chancellor Hon. Dr. Kiyonga, confers the honorary Doctor of Laws of Makerere University upon Ms. Reeta Roy.
During the reception in honour of Ms. Roy, the Chairperson of Makerere University Council, Dr. Lorna Magara, acknowledged the invaluable support from the Mastercard Foundation. She emphasised the profound impact of the Foundation’s various initiatives, particularly the scholarships for disadvantaged youth, which enable them to access higher education and opportunities that might have otherwise been beyond their reach.
“On behalf of the Makerere University Council and the broader University community, I extend our sincere gratitude to Mastercard Foundation for its commitment to collaborating with Makerere University in various endeavours, especially for providing scholarships to our underprivileged young people who would never have stepped inside a lecture room at the University.” Dr. Magara stated.
The Chairperson, Makerere University Council, Dr. Magara addressing the gathering at the event.
Dr. Magara, in a special way, thanked Ms. Roy for her transformative leadership and unwavering commitment to supporting young people in Africa, citing her efforts to ensure young people get their voices heard.
“As a university, our business is with young people. We are therefore committed to providing the environment and education that deliver meaningful pathways. We will provide an environment that ensures young people have a voice and agency to create meaningful change in society.” Dr. Magara pledged.
Ms. Reeta Roy, alongside University Officials cuts cake with Mastercard Foundation Scholars who graduated during the 76th Graduation Ceremony.
Dr. Magara further congratulated Ms. Roy on her honorary Doctor of Laws from Makerere University, noting that it is the university’s highest honour for individuals who have excelled in their careers.
“On behalf of the Makerere University community, I would like to extend my heartfelt congratulations on your honorary Doctor of Laws. This esteemed recognition represents the highest honour our institution can bestow on individuals who have demonstrated exceptional achievement and excellence across various facets of their career.” Dr. Magara remarked.
Prof. Justine Namaalwa, the Program Director of the Mastercard Foundation Scholars Program and the Coordinator for all Mastercard Foundation Initiatives at Makerere University, expressed her appreciation for the thirteen-year collaboration between Makerere University and the Mastercard Foundation. She highlighted that the partnership had yielded significant, impactful results.
Prof. Justine Namaalwa, addressing the gathering at the event.
“In 2013, Makerere University partnered with the Mastercard Foundation to educate the next generation of transformative African leaders who can positively impact their lives, their communities, and the economies of Africa. The partnership has had a significant impact. I thank the University Management and the Foundation team for this visionary collaboration,” remarked Prof. Namaalwa.
Prof. Namaalwa articulated that the partnership with the Mastercard Foundation is primarily focused on empowering young people as agents of change for transformational leadership in Africa. She presented compelling statistics demonstrating the positive impact of the scholars’ program, highlighting the success of individuals who have completed their education and their subsequent professional experiences after university graduation.
Ms. Reeta Roy receiving a gift from the Mastercard Foundation Scholars and alumni Community at Makerere University.
“This partnership focuses on young people, aiming to create positive change in their lives. To date, the Scholars Program has graduated 974 alumni, with 48% securing formal employment, 18% starting their own businesses, 8% participating in internships, and 5% pursuing further education. Overall, 72% of Scholar alumni are actively engaged in employment or entrepreneurship,” Prof. Namaalwa stated.
The colourful event showcased a dynamic array of activities that highlighted the entrepreneurial spirit of Scholars and alumni from the Mastercard Foundation at Makerere University. Attendees enjoyed a mini-exhibition featuring innovative products from these ventures.
Scholars reciting a poem as part of the entertainment lined up for guests.
A video documentary illustrated the positive impact of the three Mastercard Foundation initiatives. The event also featured inspiring poetry recitations by Scholars and a lively atmosphere of music and dance, creating an engaging and memorable experience for all participants.
The high-level event was attended by senior University officials, led by the Chairperson of Council, Dr. Lorna Magara; the Vice-Chancellor, Prof. Barnabas Nawangwe; the Vice-Chancellor, Academic Affairs, Prof. Sarah Ssali, Deputy, and the Ag. Deputy Vice-Chancellor, Finance and Administration Prof. Winston Tumps Ireeta. Mr Yusuf Kiranda, the University Secretary; and Prof. Buyinza Mukadasi, the Academic Registrar, Chancellor Emeritus-Prof. Ezra Suruma, former Chairperson of the Steering Committee of Mastercard Foundation Scholars Program-Prof. Umar Kakumba, and the Deputy Executive Secretary, RUFORUM, and former Program Coordinator of the Scholars Program at Makerere University-Dr. Florence Nakayiwa, among many other officials graced the function.
Ms. Reeta Roy addressing the guests at the event.
The event was also graced by a high-level delegation from the Mastercard Foundation, led by Ms. Reeta Roy, the Founding President of the Foundation, and included the Mastercard Foundation Teams from the Country offices in Kigali, Nairobi, and Kampala; the Program partners; the Mentors, Scholars and alumni; as well as the Program staff of the three Mastercard Foundation Initiatives at Makerere University.
At the end of the event, Makerere University honoured Ms. Reeta Roy with University memorabilia, including a pencil-drawn portrait, a pencil-drawn photo of the Ivory Tower, and other Ugandan crafts. Ms. Roy cut a graduation cake together with the 10 graduates of the 76th graduation ceremony from the Mastercard Foundation Scholars Program.
Bernard Buteera is the Principal Public Relations Officer for the Mastercard Foundation Scholars Program at Makerere University.
It is with great pleasure that I welcome you to this edition of Mak News Magazine, a publication that continues to chronicle Makerere University’s journey as a centre of academic excellence, innovation, and societal transformation.
The stories featured in this issue vividly demonstrate Makerere’s unwavering commitment to addressing national, regional, and global challenges through research, partnerships, and people-centred solutions. They reflect a university that is deeply engaged with society, one that applies knowledge not only to advance scholarship, but also to improve lives.
A recurring theme in this edition is innovation for resilience and inclusion. From the College of Agricultural and Environmental Sciences’ Healthy Soy Initiative combating child malnutrition amid climate change, to the cutting-edge work of CEDAT’s Team Green Minds integrating IoT into agriculture, Makerere continues to harness science and technology to respond to pressing development needs. Equally inspiring is the College of Natural Sciences’ success in securing international funding to scale up fish processing technologies, with a deliberate focus on empowering women and strengthening livelihoods.
This issue also highlights Makerere’s growing role in advancing health and wellbeing. The launch of the Early Intervention Psychiatry Services Clinic at Makerere University Hospital marks an important step in strengthening mental health services, while the Hospital’s transformation from a modest sickbay into a centre of excellence stands as a testament to decades of strategic investment, dedication, and service to the nation.
Our commitment to education access and global engagement is equally evident. Strategic partnerships, such as that between the College of Education and External Studies and the Uganda Vocational and Technical Assessment Board, are expanding pathways to quality education. The establishment of the first-ever United States Studies Centre in the Great Lakes Region positions Makerere as a hub for dialogue, research, and policy engagement on global affairs. We also celebrate our vibrant international community, with graduates drawn from 67 nationalities—affirming Makerere’s status as a truly global university.
This edition further showcases initiatives that ensure long-term institutional sustainability, including the launch of the CoCIS Endowment Fund, infrastructure developments such as the modern hostel at Buyana Farm, and transformative programmes supported by the Mastercard Foundation that continue to empower young people across the continent.
As you read through these pages, I invite you to reflect on the collective effort of our students, staff, alumni, partners, and supporters whose contributions make these achievements possible. Together, we continue to shape Makerere University as a place where knowledge serves humanity.
The Board Chairperson of the Makerere University Endowment Fund (MakEF), Dr. Margaret Blick Kigozi, has urged graduands in Health and Life Sciences to uphold professional ethics and serve humanity with diligence and compassion.
Her appeal came during the passing out of graduates from the College of Natural Sciences (CoNAS), the College of Veterinary Medicine, Animal Resources and Bio-Security (CoVAB), the College of Health Sciences (CHS) and the School of Public Health (SPH) on Day Two of the 76th Graduation Ceremony of Makerere University.
“Class of 2026, you are now part of the Makerere legacy. Wherever you go clinics, laboratories, farms, boardrooms, or classrooms, you carry this institution with you. Serve your patients with skill and compassion. Care for animals and communities responsibly. Question boldly and keep learning,” Dr Kigozi, said.
Delivering the commencement address, Dr. Kigozi lauded the graduates for their dedication to careers that directly impact lives and communities. She encouraged them to use their knowledge generously and exercise their power gently.
“Your education has trained you to ask better questions. Your humanity must guide the answers. Never forget that behind every chart, every case, every animal, every experiment, there is life. And life deserves care, patience, and dignity. Give every person you come in contact with care, patience and dignity,” Dr Kigozi, noted.
As the graduates embark on their professional journeys, Dr. Kigozi emphasized the importance of cultivating basic business acumen and financial literacy to ensure sustainability in their work.
R-L: Vice Chancellor-Prof. Barnabas Nawangwe, Dr. Maggie Kigozi, Vice Chair Council-Rt. Hon. Daniel Kidega and Chair Council-Dr. Lorna Magara in the Academic Procession.
“You do not need to become accountants but you must be able to read the essentials: understand simple financial statements, budgets and key metrics so you can judge whether a clinic, lab, or program is sustainable. You are encouraged to start your business. There are numerous investment opportunities in your areas of training. You can provide services to our people and create jobs,” Dr Kigozi, said.
She shared candidly how, when she first stepped into leadership, she realised she did not understand balance sheets or budgets well enough. So, she returned to Makerere for short courses to strengthen herself.
“A well-run Hospital, clinic or lab delivers better outcomes, attracts staff, and secures funding. Business savvy is not only about profit, it’s about sustainability and the freedom to serve ethically and effectively. Carry clinical skill with business sense so your work endures and grows,” Dr. Kigozi, noted.
Quoting renowned writer and producer Shonda Rhimes, creator of Grey’s Anatomy, who once reflected that succeeding in one area of life can sometimes mean falling short in another, Dr. Kigozi encouraged women graduates to intentionally balance professional ambition with family responsibilities.
“When one area thrives, another is often under strain. When Navio was graduating from school I had to manage the Presidential Investor Round Table on the same day as Executive Director Uganda Investment Authority. I chose my job and delegated his siblings to attend Navios graduation. I learnt from this. I choose family always after that thing you achieve once and keep forever,” Dr Kigozi, said.
In his speech, the Prof Barnabas Nawangwe, the Vice Chancellor, informed the congregation that Makerere’s ranking on all university ranking platforms has remained stable, placing Makerere among the top 10 African universities and within the top 4.5% globally.
“In the Times Higher Education global ranking, Makerere University made a formidable jump from the 1200-1500 bracket to the 800-1000 bracket. This was no mean achievement and I congratulate all members of the Makerere Community on this stellar performance,” Prof Nawangwe, said.