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.
The Director of Makerere University Jinja Campus, Associate Professor Ronald Kakungulu-Mayambala, has urged students to familiarise themselves with the Safeguarding policy aimed at creating a safer and more inclusive learning environment.
Speaking during the safeguarding policy sensitization meeting held today Tuesday, April 15, 2025 at the Civil Service College, Jinja, Prof. Kakungulu-Mayambala, emphasized the importance of awareness and adherence to the policy, which seeks to protect students, staff, and other stakeholders from all forms of abuse, harassment, exploitation, and discrimination.
“As Management we want every student to enjoy their stay at the University without being tormented and that can only happen, if students know their rights by reading about different policies on our website. You are meant to be living in a safe environment. We do not want anybody’s dream to be shattered or somebody to drop out from University,” Prof. Kakungulu-Mayambala, said.
In his speech, Prof. Kakungulu-Mayambala, also called upon students who have complaints but do not know the reporting lines, to approach staff safeguarding champions to make sure that they live in a safe environment.
Addressing guests, Emmanuel Muchake, the Guild Administrator at Jinja Campus, pointed out that the launch of the safeguarding policy is timely because as a University, without creating a conducive environment for teaching and learning, they will not have students graduate.
On Friday, April 4,2025, the Third Deputy Prime Minister and Minister without Portfolio, Right Honourable Lukia Isanga Nakadama, officially launched the Safeguarding Policy and commended Makerere University for crafting a policy that lays out the University’s framework for embedding viable safeguarding measures into its ethos and all institutional activities and processes to: Identify, detect, and act swiftly on safeguarding risks.
The Safeguarding Policy was developed in response to the growing need for institutions of higher learning to implement proactive measures that address concerns related to student welfare, mental health, gender-based violence, and power imbalances in academic settings.
Some of potential safeguarding risks in Institutions of higher learning include emotional distress, Sexual Exploitation, Abuse and Harassment (SEAH); material loss, financial exploitation, discrimination and neglect, unfair and illegitimate response to civic engagements, cyber security/threats, psychological and emotional harm, substance abuse and physical assault. Discrimination and neglect which are often high risks for students with disabilities and international students.
The safeguarding policy sensitization meeting in Jinja Campus brought together students and staff in a meaningful dialogue on safeguarding issues affecting learning.
The event was graced by Dr. Rodney Rugyema, from the Dean of Students Office, who emphasized the University’s commitment to the well-being of all its members. In his remarks, he highlighted the importance of safeguarding policies in preventing abuse, harassment, exploitation, and other forms of misconduct within the Jinja Campus community.
“Safeguarding is not a one-time action, but a continuous culture of care and accountability. We all have a role to play in ensuring a safe and respectful space for learning and growth,” Dr Rugyema, said.
The sensitization session covered key topics including; recognizing signs of abuse, understanding reporting procedures on the MakSafeSpace and fostering mutual respect among peers.
Participants were encouraged to actively engage and reflect on their roles in upholding safety standards both on and off campus.
Students who attended the sensitization welcomed the initiative, with many expressing optimism that the policy would improve campus safety and encourage victims to come forward without fear of retaliation.
“We have seen issues go unreported in the past because students didn’t know where to turn. This policy provides clarity and assurance that the university is taking these matters seriously,” noted, a third-year student.
The University plans to conduct a series of sensitization workshops and distribute printed copies of the policy to ensure that every member of the campus community is well-informed. This initiative is part of Makerere University‘s broader strategy to reinforce its values of integrity, respect, and protection for all.
The Safeguarding Sensitization Meeting concluded with a collective pledge to uphold safety, dignity, and mutual respect within the University community.
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