KAMPALA, Uganda — The Makerere University Multi-Purpose Co-operative Society (MUMCS) reported significant financial growth and stability at its annual general meeting Feb. 26, 2025, maintaining a 14.5% pay incentive bonus for members.
The society, comprised of 136 Makerere University staff members, saw total assets available for investment reach 2.25 billion Ugandan shillings (approximately $595,000 USD), with a 12.95% return on investment, according to Treasurer Prof. Juma Kasozi.
“The performance of the society was satisfactory,” Kasozi told members gathered at the university’s main hall and virtually via Zoom. He reported the society disbursed 1 billion Ugandan shillings in loans, while savings accrued to 1.8 billion Ugandan shillings and share value stood at 386 million Ugandan shillings.
The society’s balance sheet exceeded 2 billion Ugandan shillings, a milestone lauded by auditor CPA David Ssenoga. “I commend the Board and Secretariat for having a well-managed and governed society,” Ssenoga said. “Your scheme is one of the best.”
The 14.5% pay incentive bonus, based on surplus returns, will remain in place pending future review, officials said. The society reported a surplus of 166 million Ugandan shillings, with dividends not exceeding 10% of that amount.
Chairperson Prof. Barnabas Nawangwe encouraged members to continue saving and investing in the cooperative, emphasizing its role in promoting financial inclusion and economic development. He urged members to avoid unnecessary withdrawals, highlighting the long-term benefits of keeping savings within the society.
“I acknowledge the cooperative’s impressive financial returns, noting that it outperformed other savings schemes in terms of interest,” Nawangwe said.
The society’s investments include unit trusts with ICEA LION (801,127,970 Ugandan shillings) and UAP OLD MUTUAL (608,138,265 Ugandan shillings).
Members proposed strategies to further growth, including sensitization campaigns, increased loan uptake, and incentives for high savers and consistent loan repayments. The society also plans to implement its strategic plan to ensure financial diversity and sustainability.
Supervisory Committee Chairperson Prof. Fredrick Jones Muyodi reported the society’s compliance with the Co-operative Societies Act and by-laws. The committee noted the approval of new bylaws, a revised credit policy, and the establishment of a dedicated MUMCS office. Twelve new members joined in 2024.
A vetting committee was established to develop a “Fit and Proper” test for board and supervisory board applicants, aiming to enhance governance.
The Welfare Committee, represented by Ritah Namisango, highlighted the implementation of a welfare policy that provides support for weddings, medical needs, and bereavement. The AGM approved 10 million Ugandan shillings for welfare purposes.
The board also announced the development of policies on human resources, anti-money laundering, and procurement.
The MUMCS operates with a Board of Directors and Secretariat, supported by committees on investments, loans, finance, welfare, and supervision.
