Business & Management
Macroeconomics Conference Addresses Opportunities and Challenges of Digital Payment Systems
By Noeline Nabukenya
On 8th May 2025, the School of Economics under the College of Business and Management Sciences (COBAMS) hosted the Macroeconomics of digital payment system conference at Makerere University. The conference was organised in collaboration with the Bank of Uganda
(BOU) and International Growth Centre (IGC), to promote use of digital financial services.
The conference was timely, coming at a time, when the world is experiencing a shift from moving with cash to accelerated digital transformation. The development has since penetrated the financial services market, promoting financial inclusion because of being secure and
convenient. Users have since observed an increase in speed, accuracy and reduction of transaction costs.
Uganda has made great strides in the adoption of digital technology. During the conference, the participants noted that the mobile money payment systems expedited the transfer of money. It is very fast, quick, convenient and affordable. The conference provided a platform to reflect on how that transition has happened and its impact on the economy.
Prof. Edward Bbaale, the Principal for COBAMS, welcomed delegates at the university and assured them that the conference would generate transformation and change in the business sector. He noted that digital payments have emerged as a critical tool in shaping the macroeconomic landscape of developing economies.
“The shift from cash to digital modes of transaction has profound implications for taxation, monetary policy, financial inclusion, and the efficiency of the financial system as a whole,” he observed.
He noted that the conference highlights the challenges of digital payments which have an implication to businesses; issues like mobile money taxation, digital financial service costs, interoperability, infrastructure gaps and remittance payments.
The conference therefore addressed the gap of mobile money taxation among other digital financial services and how they left out voices of the most affected-the small business owners. The participants called upon relevant authorities and stakeholders to consider making a redress.
“Uganda, like many of its regional counterparts, is standing at the crossroads of technological change and policy innovation. As digital financial services expand, we must understand their effects. This is not only a research imperative-it is a national necessity.”
Bank of Uganda expressed commitment of supporting digital financial services and creating avenues for accelerated development as the country embraces digital payment systems.
Dr. Doreen Rubatsimbira, the Head, Monetary Policy Analysis at BOU, said a technical team on block chain technology has been instituted to extend support to the journey of realizing digital financial services.
“We have also explored the visibility of the central bank digital currency and constituted a technical working group on block chain technology as a way of leveraging transformative technologies for the financial sector,” she stated.
On behalf of BOU, Dr. Rubatsimbira applauded Makerere University for their continued partnership on a number of activities that contributes to the economic growth of the country.
The university has worked with Bank of Uganda on different occasions because of the shared academic and policy goals. “This collaboration has led to a generation of economists and policymakers,” she said.
International Growth Centre Senior Country Economist, Dr. Nhial Kuch, said there is a steady progress in adoption of digital payment systems. As an organization, they are looking at providing more funding for evidence-based research to help policymakers come up with adjustments in policies that don’t clash with financial inclusion.
“When we think about tax policy, we must make sure that it is not contradicting other policies, the government is pursuing i.e. financial inclusion or access to innovative services or digital payments,” he said.
He underscored the significance of IGC funding towards evidence based research, noting that they funded the paper on mobile money tax, which is paying off by raising important dialogue that brings together researchers and policymakers, to sit in one room and address these issues and come up with some policy interventions.
“We also funded research on the Electronic Receipting and Invoicing System (EFRIS) which was creating confusion especially among business owners, but our intervention helped in interpretation of that tax,” Kuch added.
Prof. Ibrahim Okumu, the Dean, School of Economics, appreciated all partners especially BOU and IGC for their joint support to organize a colourful conference. He stressed that this kind of collaboration underscores the power of partnership in driving research, capacity building
and evidence-informed policy.
Through this partnership with the Bank of Uganda, Makerere University is scheduled to launch the Master of Science in Economic and Investment Modelling in August 2025, a program that will help strengthen the analytical capacity needed for sound public investment decisions.
Business & Management
PIM Centre Awards Certificates to Over 35 Officials Trained in Essentials of Public Investment Management
The Public Investment Management (PIM) Centre of Excellence at Makerere University has awarded certificates to more than 35 public officials who successfully completed a three-day training in the Essentials of Public Investment Management (PIM).
The training, held from September 23rd to 26th, 2025 at the College of Business and Management Sciences, aimed at strengthening the capacity of government officials to effectively identify, prepare, and implement public projects.
The closing ceremony was officiated by Ms. Belinda Bisamaza, who represented the Permanent Secretary/Secretary to the Treasury (PS/ST). In her remarks, Ms. Bisamaza commended participants for their commitment, noting that the training had offered a solid foundation in the entire PIM cycle — from project conceptualization and profiling, through monitoring and evaluation (M&E), to the use of the Integrated Bank of Projects (IBP), Environmental and Social Risk Management, and Public-Private Partnerships (PPPs).
“With these skills, you can contribute meaningfully to improving the quality of proposals submitted to the IBP, ensure better risk management, and enhance implementation through robust monitoring frameworks,” she said, adding that participants were now better prepared for advanced modules on financial appraisal, risk analysis, and stakeholder engagement.
Representing the PIM Centre, Prof. Eria Hisali highlighted the need for well-prepared projects that directly contribute to economic growth. “We must move away from the practice of developing projects only when funding is required. Instead, we should create a strong bank of quality projects from which government can easily draw,” he said.
The Manager of the PIM Centre, Dr. John Sseruyange, expressed gratitude to the participants and trainers for their dedication. He noted that the facilitators were drawn from Makerere University, the National Planning Authority (NPA), and the Ministry of Finance, Planning and Economic Development (MoFPED). Dr. Sseruyange also revealed that the Centre would be rolling out further in-depth training modules and creating opportunities for alumni to engage in consultancy and research work. The PIM Centre hosts the training as part of broader efforts by Makerere University, MoFPED, and NPA to strengthen Uganda’s public investment management systems, ensuring value for money, improved service delivery, and sustainable economic development.
Business & Management
PIM Centre Makerere, Graduates Second Cohort of Certificate in Financial Implications – Integrated Regulatory Cost-Benefit Analysis
Jinja, September 5, 2025
Thirty-one government officers from Ministries, Departments, and Agencies (MDAs) have successfully completed a two-week intensive training in the Certificate of Financial Implications (CFI) – Integrated Regulatory Cost-Benefit Analysis. The certification ceremony was held at the Pearl on the Nile Hotel, Jinja, marking another milestone in Uganda’s efforts to institutionalize evidence-based and fiscally responsible policymaking.
The training, delivered by the Makerere University Public Investment Management (PIM) Centre of Excellence in partnership with the Ministry of Finance, Planning and Economic Development (MoFPED), and National Planning Authority equipped participants with practical skills to evaluate policy and legislative proposals for their financial, economic, and social implications.
Speaking at the closing ceremony, Mr. Paul Mwanja, Commissioner for Infrastructure & Social Services at MoFPED, who represented the Permanent Secretary, commended the officers for their commitment at a time when government institutions are finalizing the Auditor General’s audits, implementing the FY2025/26 budget, rolling out the National Development Plan IV’s tenfold growth strategy, and preparing for the 2026 General Elections.
“Your participation affirms a collective commitment across Government to strengthen the quality, transparency, and credibility of public policymaking in Uganda,” Mr. Mwanja said. He urged graduates to return to their institutions as champions of reform, share their knowledge with colleagues, and drive the change needed in Public Finance Management. He also announced that the next cohort of the training will take place in January 2026.
Prof. Ibrahim Mike Okumu, Dean of the School of Economics at Makerere University, delivered the graduation address, highlighting the certificate’s importance in addressing Uganda’s triple challenge of scale, scarcity, and speed.
“This program does something unique. It teaches you not only to ask whether a policy or project is beneficial, but also whether it is affordable and resilient under real fiscal constraints,” Prof. Okumu noted. He challenged graduates to apply their skills at project, portfolio, and policy levels—ensuring value for money and enhancing public trust in government spending.
He further emphasized that Uganda’s pioneering approach to integrated CFI-CBA positions the country as a leader in Africa and beyond: “You, Uganda’s first CFI-CBA graduates, are now part of a global brain trust. Your work will speak to investors, parliaments, development partners, and above all, the Ugandan people.”
Dr. John Sseruyange, Manager of the PIM Centre of Excellence, expressed appreciation to participants for their active engagement throughout the training and thanked MoFPED and the faculty drawn from Makerere University, the National Planning Authority, Ministry of Finance, and the Ministry of Energy for their technical support.
The Certificate of Financial Implications – Integrated Regulatory Cost-Benefit Analysis was introduced following the Revised Guidelines for Financial Clearance, effective July 1, 2025. The guidelines require MDAs to prepare their own financial implications statements, subject to rigorous cost-benefit analysis, thereby strengthening linkages between fiscal responsibility and regulatory impact assessments.
With the successful completion of the second cohort, Uganda is steadily building a critical mass of professionals capable of embedding cost-benefit thinking across government, ensuring every shilling delivers maximum impact for citizens.
The Public Investment Management Centre of Excellence (PIM CoE) at Makerere University held its Steering Committee meeting on 4th September 2025 at Mestil Hotel in Kampala. The session, attended by all members, focused on reviewing progress, reflecting on achievements from the past financial year, and charting the way forward for the Centre.
About the PIM Centre of Excellence
The PIM CoE was established in March 2022 at Makerere University’s College of Business and Management Sciences (CoBAMS), in partnership with the Ministry of Finance, Planning and Economic Development (MoFPED). Its purpose is to strengthen Uganda’s public investment management system through training, research, and advisory services.
The Steering Committee plays a critical role in oversight, review, coordination, and advisory functions, guiding the Centre’s work and ensuring that public investment processes align with national development priorities.
Highlights from the Meeting
Speaking at the meeting, Dr. Joseph Muvawala, the Executive Director of the National Planning Authority, praised the October 2024 Annual PIM Conference for expanding perspectives on project design and delivery. He emphasized the importance of shifting from theory to practice in training, advocating for students and officials to engage with real-world projects. He also underscored the Centre’s new autonomy—transitioning from a subvention to a vote—which gives it greater independence but also demands stronger financial accountability. Dr. Muvawala further called for a permanent physical home for the Centre, noting that sufficient resources are available to make this possible and that negotiations with government are underway.
Mr. Ashaba Hannington, Director Budget at MoFPED, shared key achievements from the 2024/25 financial year. He noted that the Annual PIM Conference, organised jointly by MoFPED and the Centre, provided a vital platform for stakeholders to reflect on progress in public investment management.
Mr. Ashaba reaffirmed MoFPED’s commitment to working closely with the Centre to strengthen Uganda’s public investment capacity.
Prof. Eria Hisali, Co–Principal Investigator of the PIM CoE, outlined strategies to increase the Centre’s vibrancy and impact. He emphasized direct project engagement, advisory services, and peer reviews as ways to bridge the gap between theory and practice. Looking ahead, he revealed plans for a Master’s program in Economic and Investment Modelling, a Training of Trainers (ToT) initiative, and deeper practical capacity-building efforts.
Prof. Hisali also noted several successful trainings from the past year, including:
- 46 staff from MDAs trained in Essentials of PIM.
- 59 participants across two cohorts trained in Financial Appraisal and Risk Analysis.
- 25 participants trained in Economic Appraisal and Stakeholder Analysis.
He proposed the introduction of a “trailer feasibility test” to evaluate whether completed projects deliver benefits as projected and to address optimism bias in project planning.
Dr. John Seruyange, Manager of the PIM CoE, highlighted the Centre’s growing regional footprint. Beyond Uganda, six central government officers from Somalia have been trained in Infrastructure Asset Management, generating further interest in advanced training from Somalia, Zimbabwe, and Somaliland. To position itself as a regional hub, the Centre is preparing a prospectus to market its courses across Africa and beyond.
Why It Matters
The Steering Committee reaffirmed its commitment to ensuring that the PIM CoE remains a leading think tank and capacity-building hub for government and regional partners. By improving the appraisal, financing, and implementation of public projects, the Centre is strengthening accountability, enhancing service delivery, and contributing to Uganda’s broader development goals.
-
General6 days agoADVERT: Mature Age Entry Scheme Examinations – 2026/2027
-
General2 weeks agoProf. Sarah Ssali Appointed Deputy Vice Chancellor (Academic Affairs)
-
General6 days agoDFCU Bank Uganda Supports the Mastercard Foundation Scholars’ Giveback Initiatives
-
General2 weeks agoCall for Applications: Israel AgroStudies Apprenticeship Programme 2025-2026
-
Computing & IS1 day agoICT Bootcamp for Vacists (P7, S4 & S6), Students & Professionals