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.
The Makerere University Innovation Pod is thrilled to announce the launch of the E-Mobility Skilling Programme: Cohort 2, in partnership with Kiira Motors Corporation and UNDP Uganda! This immersive one-year program offers exceptional Bachelor of Science and related discipline students (2nd-3rd year) the opportunity to gain cutting-edge skills in electric vehicle technology.
We are seeking motivated individuals from Physics, various Engineering fields, Industrial Art, Architecture, and Business (Marketing) with a strong academic record. Participants will engage in hands-on training, industrial immersion at Kiira Motors, and contribute to the development of the “Moonshot Project.”
Apply by September 1, 2025, to be part of this transformative skilling initiative. Female students are strongly encouraged to apply.
Invitation to bid for Consultancy Services for Midterm Review of The Embassy of The Kingdom of Netherlands Funded Project; Securing Refugee-Host Relations Through Enhanced Protection, under Refugee Law Project, School of Law, Makerere University. Proc. Ref. No. MAK/SRVCS/2025-26/00013
The Makerere University under Refugee Law Project has allocated funds to be used for the acquisition of Consultancy Services for Midterm Review of The Embassy of The Kingdom of Netherlands Funded Project; Securing Refugee-Host Relations Through Enhanced Protection, under Refugee Law Project, School of Law, Makerere University.
The Entity invites sealed bids from eligible bidders for the provision of the above consultancy services.
Bidding will be conducted in accordance with the open domestic bidding procedures contained in the Public Procurement and Disposal of Public Assets Act, 2003, and is open to all bidders.
Interested eligible bidders may obtain further information and inspect the bidding documents at the address given below at 8(a) from 8:00am to 5:00pm.
The Bidding Documents in English may be purchased by interested bidders on the submission of a written application to the address at 2 above and upon payment of a non-refundable fee of UGX. 100,000/= (One Hundred Thousand), only. The method of payment shall be cash payment after downloading Application Advice Slip from https://payments.mak.ac.ug/ and thereafter obtain a receipt from the bank before picking the document.
Proposals must be delivered to the address below at 8(c) at or before 10:00am on Wednesday 20th August 2025. All proposals must be accompanied by a proposal securing declaration which must be valid until 28th February 2026. Late proposals shall be rejected. Proposals will be opened in the presence of the consultants’ representatives who choose to attend at the address below at 8(a) at 10:15am on 20th August 2025.
I would like to extend warm congratulations from the University Management and myself to the Mastercard Foundation Scholars Program Team for securing the Second Phase of the Scholars Program at Makerere University, which will run from 2023 to 2034. This achievement is commendable! Makerere University takes great pride in its long-standing partnership with the Mastercard Foundation, which has yielded numerous valuable outcomes over the past decade. This collaboration has profoundly impacted the Scholars Program and various other initiatives.
During the challenging times of the COVID-19 pandemic, when many academic institutions shifted to online learning, the Mastercard Foundation played a pivotal role in enhancing our e-learning infrastructure through the E-learning Initiative project. This initiative has enabled the university to create high-quality, inclusive academic online content and support systems that benefit all Makerere University students and those from affiliated institutions across Uganda.
Additionally, Makerere University is working with the University of Cape Town and the University of Cambridge on another important Mastercard Foundation project: The Climate Resilience and Sustainability Collaborative. As part of this initiative, we will offer 40 PhD scholarships, 250 MSc scholarships, and skilling programmes for 500 youth. Moreover, 40 women- and youth-led green innovations will be supported, along with 30 postdoctoral scholarships. This demonstrates the immense value of our collaboration with the Mastercard Foundation, and we are optimistic about continuing this partnership for many years.
Like the first phase, the second phase of the Scholars Program will focus on providing scholarships to vulnerable young people from various backgrounds. Special attention will be given to refugees, young people with disabilities, those from refugee-hosting communities, and other underserved individuals from hard-to-reach areas. This emphasis on inclusivity will further enhance opportunities for deserving youth.
I am pleased to share that Makerere University is progressing significantly toward fostering inclusivity for all students. We have established the Disability Support Centre on the ground floor of the Frank Kalimuzo building, designed to serve as a comprehensive resource for our students with disabilities and other vulnerable young individuals. Thanks to the contributions from the Mak Run 2024, the Centre is now equipped with vital ICT services, including screen readers, JAWS, Fusion, Braille services, and other essential amenities to ensure our students can easily pursue their studies.
Furthermore, I want to assure all our students, staff, partners, and the broader community that the University Management is deeply committed to creating a safe and supportive learning environment. With the University Council’s and partners’ invaluable backing, we have developed and launched the Safeguarding Policy. This vital framework outlines our measures to protect everyone from abuse and harm at Makerere University. We are building a community where everyone can learn, work, and thrive.
Makerere University remains a top choice for young people seeking higher education. The university’s vision is “To be a thought leader of knowledge generation for societal transformation and development.” Its mission is “To provide transformative and innovative teaching, learning, research, and service responsive to dynamic national and global needs.” These aspirations place the university in a unique position, and it›s essential to uphold them always. As a University, we will continue to strengthen our efforts to focus on the key issues facing humanity and meet our obligations to a broader society beyond education and research.
In conclusion, we are grateful to our invaluable partner, the Mastercard Foundation. The renewal of the partnership with Makerere University for another 10 years of Phase Two of the Scholars Program is a significant commitment that will empower 1,000 young people in Uganda and throughout Africa. We sincerely appreciate the Foundation’s support and dedication to this mission. The University Management is committed to supporting the Mastercard Foundation Scholars Program to realize the vision and mission of Makerere University and the Mastercard Foundation as We Build for the Future.