“This is a perfectly managed Cooperative Society,” remarked CPA David Ssenoga, amidst applause from Members of the Makerere University Multi-Purpose Cooperative Society (MUMCS).

CPA Ssenoga made the remarks on 4^th March 2026 as he presented the Auditor’s report from SDS and Company Certified Public Accountants at the MUMCS Annual General Meeting (AGM).

The Auditor’s report for the year ended 31^st December 2025 highlighted adherence to the best corporate governance practices, confirmed proper allocation of funds, value for money, and steady progress.

“The Cooperative Society was found to be in excellent standing, with operations in compliance with International Financial Reporting Standards for SMEs, the Cooperative Societies Act, and relevant Ugandan regulations. The operations are efficient and transparent,” he reported.

Mandate of MUMCS

Chairing the AGM, the Vice Chairperson, Dr. Muhammad Kiggundu-Musoke, underscored that the MUMCS exists to promote the welfare of members. In pursuit of this mandate, MUMCS provides access to affordable credit at interest rates that are significantly lower than those offered by other financial institutions. Such support, he noted, empowers members to strengthen their financial stability, invest in personal and professional goals, and ultimately enhance their overall well-being.

Steady progress

Highlighting MUMCS’ steady progress, Dr. Kiggundu-Musoke commended members for the tremendous growth recorded over time. He noted that the cooperative society had grown from handling a few hundreds of thousands of shillings in its early years to managing a portfolio now standing at approximately UGX 3.25 billion, a milestone he described as a reflection of collective effort, prudent management, and sustained member confidence.

He encouraged members to actively promote and popularise the cooperative within their respective departments. He proposed a structured approach of engaging Heads of Department to sensitize staff on the MUMCS’ services and benefits.

AGM highlights

The hybrid AGM, with physical participants assembled in the Main Building Senior Common Room, and virtual participants who followed the proceedings via zoom, provided a platform to review performance, highlight operational successes and governance milestones, as well as, finding solutions to challenges.

Secretary’s report

Presenting the report, MUMCS’ Secretary, Prof. Winston Tumps Ireeta, highlighted the growth in membership to 160, including 27 new recruits –  a testimony to the confidence in the quality of services provided.

Prof. Ireeta excited the members when he mentioned that the 2025 surplus of UGX 291 million was distributed to members, with administrative budgets executed as approved.

On the issue of financial discipline and meeting obligations, Prof. Ireeta notified the members that the Management Committee implemented strategies that ensured compliance. “Outstanding loan arrears were settled through deductions from dividends of the concerned members,” he stated.

The Secretary reported that as approved during the previous AGM, the Vetting Committee consisting of Prof. Helen Nambalirwa Nkabala (Chairperson), Prof. Lawrence Mugisha (Member) and Dr. Alex Okello (Member) had been constituted and has embarked on the tasks as per the terms of reference.

With reference to the Secretary’s report, the Members praised the MUMCS Management Committee headed by Prof. Barnabas Nawangwe, for ensuring the successful implementation of key decisions agreed upon during the previous AGM.

Treasurer’s report

The Treasurer, Prof. Juma Kasozi, provided members with a detailed overview of operations, liquidity, investments, and returns.

Emphasizing MUMCS’ commitment to transparency, Prof. Kasozi noted that the Management Committee ensures that the balance sheets, profit and loss statements, and trial balances are shared monthly with members, which enables them to monitor performance throughout the year.

Prof. Kasozi explained that the Cooperative Society maintains strong liquidity, with approximately UGX 1.6 billion invested with fund managers and insurance companies. These liquid investments he said, provide a solid foundation to support loans, withdrawals, and operational needs. He encouraged members to increase their savings and shareholdings, in order to strengthen MUMCS’s financial base and enhance lending capacity.

The Treasurer highlighted the Society’s loan products, including instant loans; which provide same-day disbursement and long-term term loans. He reported that in 2025, UGX 479 million was disbursed in instant loans, and UGX 913 million as long-term loans.

He informed the AGM that the major challenge faced during the year 2025, was premised on disruptions in payroll deductions. “Before this setback, payroll deductions generated over UGX 50 million per month.  Due to temporary disruptions, the amount generated reduced to UGX 20 million,” he explained.

The Treasurer briefed the members that discussions with the payroll management team had been successful, and full deductions were expected to resume, a step that would restore the expected income stream of the Cooperative Society.

He re-assured members that despite challenges with payroll deductions, MUMCS remains financially stable, with strong liquidity, robust investments, sound loan recovery mechanisms, and a commitment to member welfare.

He encouraged members to recruit colleagues, increase shareholding, and actively participate in strengthening the Cooperative Society’s growth and impact.

Members applaud the Management Committee

Impressed by the reports presented by the Secretary and Treasurer, the Members praised the MUMCS Management Committee headed by Prof. Barnabas Nawangwe, for the successful implementation of key decisions agreed upon during the previous AGM.

Presentation from the Welfare Committee

On behalf of the Welfare Committee, Ms. Ritah Namisango, commended the Management Committee for effectively implementing the Society’s Welfare Policy. Ms. Namisango noted that the policy stipulates the contribution to weddings, loss of a member, and/or when a member loses a parent, spouse and a biological child. She encouraged the members to read the Welfare Policy in order to tap into the benefits that accrue to them.

“We invite all members to read the Welfare Policy and inform the Management Committee early enough whenever a situation arises. I am glad that, because of transparency and communication through the WhatsApp group, most of you have been notifying the Executive Committee promptly. Most of the Members who have received contributions from MUMCS during such situations, have acknowledged receipt, and gone an extra mile, to send messages of gratitude via MUMCS’ WhatsApp group,” she said.

She welcomed the AGM’s approval of an additional UGX 2.5 million allocation to the Welfare Fund, to boost the Cooperative Society’s ability to extend support as well as standing in solidarity with the Members.

The Welfare Committee consists of Ms. Ritah Namisango, Dr. Oscar Mugula and Mr. Michael Kasusse.

Supervisory Committee report

The Chairperson, Prof. Fredrick Jones Muyodi, congratulated the Management Committee and the Members, upon the positive financial performance of MUMCS with a gross surplus of UGX 351,533,935/=, and a net surplus of UGX 49,510,181/= after deduction of all expenses.

Concerned that some members have faced challenges with payroll deductions, the Supervisory committee welcomed the progress reported by the Secretary toward resolving the issue.

He stated that the Committee reviewed the financial proposals presented by the management committee and endorsed the recommended dividend payment of UGX 38,630,000 to shareholders, noting that dividends cannot exceed 10 percent under the law.

In addition, the Committee supported payments to service providers, the purchase of a second laptop to enhance data security, the use of cloud and external storage for safeguarding records, the proposed welfare and AGM budgets, and the allocation of 65% of the gross surplus as return on savings.

The Supervisory Committee consists of Prof. Fredrick Jones Muyodi (Chairperson), Prof. Edgar Nabutanyi (Member) and Dr. Jamidah Nakato (Member).

Closing remarks

Closing the AGM, Dr. Kiggundu-Musoke thanked members for their active participation and challenged them to actively support the growth of the cooperative society. He emphasized that membership growth would not only strengthen the Makerere University Multi-Purpose Cooperative Society’s financial standing, but also enhance dividend returns for all members.