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.
President Yoweri Kaguta Museveni has appointed Makerere University Chancellor Dr. Crispus Walter Kiyonga as Uganda’s Second Deputy Prime Minister and Deputy Leader of Government Business in Parliament.
The appointment was announced on May 26, 2026, as part of the cabinet reshuffle for the 2026–2031 government term. Dr. Kiyonga now assumes one of the senior leadership positions in government while continuing to serve as Chancellor of Makerere University.
Dr. Kiyonga is both Chancellor and alumnus of Makerere University. He studied at Makerere University School of Medicine from 1973 to 1978, graduating with a Bachelor of Medicine and Bachelor of Surgery (MBChB). He later obtained a Master of Health Science in Population Dynamics from the Johns Hopkins School of Public Health in 2004.
Born on September 19, 1952, in Kasese District, Dr. Kiyonga attended Bwera Primary School, Nyakasura School, and Kings College Budo before joining Makerere University.
He was appointed Chancellor of Makerere University in August 2024 and formally installed in October 2024, succeeding Professor Ezra Suruma.
Political and Public Service Career
Dr. Kiyonga entered national politics during Uganda’s 1980 elections, where he won a parliamentary seat on the Uganda Patriotic Movement (UPM) ticket. He later joined the National Resistance Movement during the liberation struggle and subsequently served in several senior government positions after 1986.
He represented Bukonjo County West in Parliament from 1980 to 2016 and was also a member of the Constituent Assembly that drafted the 1995 Constitution.
Over the years, Dr. Kiyonga has held several ministerial portfolios, including:
- Minister for Cooperatives and Marketing
- Minister of Finance
- Minister of Internal Affairs
- Minister of Health
- Minister without Portfolio
- Minister of Defence
During his tenure as Minister of Health, he played a key role in Uganda’s response to the Ebola outbreak in Gulu in 2000.
From 2016, he served as Uganda’s Ambassador to China, where he represented Uganda during a significant period of Uganda-China relations.
Dr. Kiyonga’s appointment marks a return to frontline government leadership after several years in diplomatic service and university leadership.
Significance for Makerere
As Chancellor, Dr. Kiyonga serves as the titular head of Makerere University and presides over major ceremonial functions, including graduation ceremonies.
His appointment reflects the longstanding contribution of Makerere University alumni to public service and national leadership in Uganda and across the region.
Speaking during his installation as Chancellor in 2024, the First Lady and Minister of Education and Sports, Hon. Janet K. Museveni, noted that Dr. Kiyonga’s experience and networks would support the advancement of the university.
Makerere University congratulates Chancellor Dr. Crispus Walter Kiyonga upon his appointment and wishes him success in his new role.
The Writer is a Volunteer in the Public Relations Office, Makerere University and the Mak Sharks PRO | Est. 2014
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