In a strategic move aimed at strengthening Uganda’s financial and insurance sectors, Prudential Uganda has awarded UGX 135 million to the top five graduates of Makerere University’s Actuarial Science program, underscoring its firm commitment to nurturing globally competitive actuarial talent within the country.

The initiative, operating under the Prudential Actuarial Support Scheme (PASS) is a transformative partnership launched in 2022 between Prudential Uganda and Makerere University, anchored in a five-year renewable agreement aimed at cultivating professional excellence in actuarial science through merit-based support. Under this scheme, the top five actuarial graduates from the College of Business and Management Sciences (CoBAMS) at Makerere University are each awarded a cash prize of USD 500—a tangible recognition of academic brilliance and perseverance.

Beyond the monetary reward, PASS provides a robust framework of academic and professional support, including sponsorship for globally recognized certification exams, industry mentorship, and hands-on training opportunities. This holistic approach ensures that Uganda’s brightest actuarial minds are not only celebrated, but also empowered to thrive on the global stage.

During a press conference held on 11^th June 2025, the five exceptional graduates were recognized for their academic excellence and potential to shape the future of Uganda’s financial services industry. Mr. Brendan Joseph Lule, Mr. Gordon Twinomujuni, Mr. Allan Galabuzi, Ms. Daphine Katana, and Mr. Kenneth Inyangat—each received a cash prize of USD 500 and full sponsorship for globally recognized actuarial certification exams. This award positions them on an accelerated path toward international professional accreditation.

Speaking during the press briefing, Prof. Edward Bbaale, Principal of the College of Business and Management Sciences (CoBAMS), applauded the partnership between Makerere University and Prudential Assurance Uganda for coming up with an initiative that inspires students to aim higher and a clear message that their hard work is recognized and valued beyond the lecture halls.

Prof. Bbaale described the collaboration, formalized under PASS as a transformative coalition that would significantly shape the future of actuarial science education in Uganda. He emphasized the real-world value of the support offered through the scheme, noting that at least 10 students undertook professional actuarial exams under the initiative. He highlighted that the top-performing student is further rewarded with a one-year apprenticeship at Prudential Uganda—an opportunity he described a profound investment in hands-on experience and career development. He reported that at least two graduates had benefited from this prestigious placement, gaining invaluable industry exposure that bridges academic excellence with professional practice.

“The PASS is a visionary initiative that rewards academic excellence and builds professional capacity. Through this scheme, the top five actuarial science graduates each year will receive cash prizes of $500. They will also benefit from support for professional certification exams, including those offered by the Institute and Faculty of Actuaries and the Society of Actuaries,” Prof. Bbaale remarked.

At the national level, Prof. Bbaale emphasized that the collaboration between Makerere University and Prudential Uganda directly addresses Uganda’s pressing need for skilled actuaries in key sectors such as insurance, pensions, and healthcare. He noted that the Prudential Actuarial Support Scheme effectively aligns academic training with industry demands, thereby enhancing the relevance of university education in the context of national development. He remarked that this alignment contributes meaningfully to Uganda’s human capital development agenda and supports the broader goal of strengthening institutional capacity in financial risk management.

The Principal commended Prudential Assurance Uganda for their visionary support and long-term commitment. He said the partnership with Makerere University College of Business and Management Sciences (CoBAMS) represents more than a financial investment, but a bold step toward professionalizing actuarial education in Uganda and preparing students for leadership and service in the financial sector. “Together, we are building a stronger, more skilled Uganda—one actuary at a time,” he affirmed.

Describing the occasion as a celebration of excellence, resilience, and the immense potential of a new generation of actuaries destined to shape Uganda’s insurance and financial landscape, Mr. Tetteh Ayitevie, Chief Executive Officer of Prudential Uganda, expressed deep pride in the Prudential Actuarial Support Scheme.

He stated that the initiative is a bold and forward-looking investment in the country’s actuarial leadership. He commended the graduates for their academic tenacity and discipline, noting that their achievements reflected not only personal merit, but also the promise of a stronger, self-sustaining insurance sector.

“You have survived the course load, and now, you are stepping into the real world ready to contribute meaningfully. We see you. We believe in you. And we are proud of you,” Mr. Ayitevie said.

He reiterated the crucial role of actuarial science in modern economies, highlighting it as the engine behind robust insurance frameworks, risk modeling, and long-term financial planning. According to Mr. Ayitevie, despite its understated visibility, actuarial work underpins the stability of entire financial systems, and Uganda must rise to the challenge of building this critical professional cadre.

“Actuarial science may not be the loudest career path, but it is one of the most vital. It’s the heartbeat of any insurance company. It’s where math meets life. It’s where you predict risks, protect people, and create sustainable financial systems,” he stated.

He also drew attention to the glaring gap in Uganda’s actuarial landscape, noting the country’s limited number of certified actuaries in contrast to its population size. He stressed the urgency of cultivating homegrown expertise rather than relying on outsourced talent, positioning the Prudential Actuarial Support Scheme as a strategic intervention to reverse this trend.

On 4^th June 2025, the leadership and academic staff from the College of Business and Management Sciences (CoBAMS) participated in a training workshop aimed at empowering them with knowledge and techniques on grants administration and management.

Featuring presentations on understanding the Grants Administration and Management Support Unit (GAMSU) key processes and systems, compliance and accountability, the eMakGAM (Makerere University Grants Management System), and an Open dialogue, the training workshop presented the leadership and academic staff from CoBAMS with a platform to gain a deeper understanding of this vital area.

It is envisaged that the training workshops will not only onboard members of staff to support the operations of GAMSU, but also mobilize staff to write and win grants.

Welcoming the participants, the Head of GAMSU, Prof. Sylvia Antonia Nakimera Nannyonga-Tamusuza, articulated the deliberate plan to hold continuous engagements with members of staff at different levels to position them to appreciate their role in the grants administration and management chain.

Whereas the 4^th June 2025 training workshop targeted academic staff at CoBAMS, Prof. Nannyonga-Tamusuza reported that, GAMSU was scheduled to train finance managers, accountants and project managers on 7^th June 2025.

Recognizing that funding accessed through grants at the national and global levels significantly contributes to the implementation of Makerere University’s core activities in the fields of research, teaching and learning, community engagements, and knowledge transfer partnerships, Prof. Nannyonga-Tamusuza elaborated that the planned engagements would provide a platform to members of staff to actively contribute to grants administration and management.

Acknowledging that grant writing and awards lead to a win-win situation for both Makerere University and the grant writer, the Head of GAMSU, called upon academic staff to embrace the capacity building sessions.

“CoBAMS has over 120 academic staff. If each member of staff committed to writing and winning at least two (2) research grants, I envision increased research at the national and global levels, increased publications, staff and student mobility, scholarships, international recognition, and improved staff welfare,’ she said.

Prof. Nannyonga-Tamusuza revealed that GAMSU will be working with some members of staff from CoBAMS who have been core in grant writing to train, onboard and mentor others in order to expand the grant profile of Makerere University.

She advised academic staff to form a research team that can compete for grants. “The formation of a team ensures that staff with different strengths, abilities and competencies are brought on board, which enhances your chances of winning the grant,” she stated.

Prof. Nannyonga-Tamusuza encouraged the leadership and staff to submit themes that they are interested in, so as to inform GAMSU on the grant calls or proposals to send their way.

Opening the training workshop, the College Principal, Prof. Edward Bbaale, who has written and won grants, emphasized the need to account for funds awarded. Referring to the binding contracts/agreements that clearly stipulate that money received through grants should not be personalized, the Principal urged academic staff and Principal Investigators to adhere to the guidelines.

The Principal notified the participants that the government has prioritized grants management. He elaborated that University leadership and Principal Investigators have been tasked by the Office of the Auditor General to ensure value for money in grants management.

In his submission, the Deputy Principal of the College, Associate Professor James Wokadala rallied academic staff to change their mindset and include grant writing among their priorities. He also advised them to overcome the inherent fear of starting to write, the failure to create time to write, and the discomfort that comes with unsuccessful attempts. He reiterated that the training workshops were aimed at strengthening the relationship among staff and GAMSU, forging linkages with experienced grant writers, and opening up networks. The Deputy Principal disclosed that the College and GAMSU would hold mindset change training workshops, and expressed the readiness of the College leadership to facilitate and support staff to gain traction in grant writing.

Presentation on grants administration and management

The participants listened to presentations from Prof. Nannyonga-Tamusuza, the Head of GAMSU and Mr. Mordecai Tayebwa, the Grants Manager at the Makerere University College of Health Sciences:

In her presentation, Prof. Nannyonga-Tamusuza emphasized the need to read every detail in the contract/award document.

Presenting the key stages supported by GAMSU namely the Pre-Award, Award, Post-Award, Audit and Close-Out, she observed that sometimes, Principal Investigators forget the Close-Out phase. Emphasizing that the Close-Out phase is a vital step in grants administration and management, she sensitized the participants to always Close-Out the program/project.

Stating the difference between grants and consultancies, she explained that GAMSU does not handle consultancies. She reiterated that the role of GAMSU is restricted to grants.

On the mandate of GAMSU, Prof. Nannyonga-Tamusuza stated that the Unit was established by Makerere University Grants Administration and Management Policy in 2020 approved by the University Council. Its mandate involves the following: Registering and renewing Makerere University’s membership on funding grants/platforms, sensitizing units about grants administration and management, sharing grant calls, linking researchers with possible funders, participating in grant negotiations after the award and during the signing of agreements, supporting grant entry on the Grants database, creating links among researchers, monitoring and evaluation of progress reports, and grant close-out.

She informed the participants that GAMSU had automated the entire grant cycle, and appealed to principal investigators, researchers and staff with grants to register them online via: https://gamsuportal.mak.ac.ug

Mr. Mordecai Tayebwa, a CoBAMS alumnus who works closely with GAMSU, underscored the need for compliance, transparency and accountability in grants administration and management. Mr. Tayebwa rallied the Principal Investigators and research teams to always hold a kick-off meeting so that each Member of the team understands and appreciates his or her role, as well as, the expectations, the do’s and don’ts , the timelines and deliverables. He advised the participants to document every step about the grant, which involves keeping every record about the grant in an organized and accessible format.  He urged GAMSU and the leadership at CoBAMS to institute a support system or project administrators to document grants.

Way forward

Building on to the GAMSU trainings, some of the capacity building engagements will focus on identification of grant writers and winners at the College and pairing them with early career faculty members/researchers for mentorship. The strategies would entail strengthening the college grants management unit, conducting specialized trainings aimed at mindset change among the early career faculty/researchers, identification of GAMSU ambassadors at the College level as well as deliberate efforts to operationalize a college support team that liaises with GAMSU and the Principal Investigators.

_{By Dr. Aisha Nanyiti}

Poor households in low-income countries face numerous risks, from extreme weather events to illness and crop failure. With limited savings and assets, even small shocks can have devastating consequences on welfare. While formal insurance products can potentially help mitigate these risks, their uptake remains remarkably low among rural smallholder farmers, who instead primarily rely on informal risk-sharing networks. This pattern persists despite evidence suggesting that informal insurance mechanisms provide incomplete coverage against shocks. These shocks translate into shortfalls in income and consumption (Karlan et al. 2014, Morduch 1999).

Studying the impact of insurance on farmers’ economic behaviour

In Nanyiti and Pamuk (2025), we focus on smallholder farmers in rural Uganda and examine how different insurance arrangements affect their economic behaviour and decision-making. Uganda provides an ideal setting to explore these questions, as only 1% of adults have formal insurance coverage, despite 67% of households depending on agriculture for their livelihoods. By comparing behaviour under formal insurance (provided by registered companies) versus informal insurance (peer-to-peer transfers), we gain insights into why formal insurance uptake remains low and how farmers respond to different risk management options.

Using a real effort task experiment, we investigate whether the incentives created by these different insurance arrangements influence productivity and risk management decisions. Our findings reveal important behavioural responses that help explain observed patterns in insurance uptake and suggest potential approaches for improving the design and adoption of formal insurance products. We find that farmers exerted less effort under informal insurance but not under formal insurance coverage, and increased their level of formal insurance coverage after experiencing a bad outcome.

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Dr. Aisha Nanyiti is a Lecturer at the School of Economics, College of Business and Management Sciences, Makerere University