By Moses Kibirango
Makerere University School of Business under the College of Business and Management Sciences (CoBAMS) has hosted its inaugural Financial Symposium focusing on how students can harness capital markets for individual wealth creation, financial planning and participation in Uganda’s economic growth.
The Symposium, held on 22th September 2026 under the theme, “Financing the Future: Harnessing Capital Markets for Individual Wealth Creation,” featured representatives from the Capital Markets Authority (CMA), Insurance Regulatory Authority of Uganda (IRA), Uganda Securities Exchange (USE) and Uganda Retirement Benefits Regulatory Authority (URBRA), and students from the College of Business and Management Sciences (CoBAMS) who shared practical knowledge on financial markets and encouraged students to begin developing saving and investment habits early.
Among the participants included: Associate Professor Godfrey Akileng, Dean, School of Business, Dr. Martin Bakundana, a member of faculty, CoBAMS, and the Patron, Makerere University Accountancy Bureau (MUAB), a student association based at the School of Business, CoBAMS, Mr Dickson Sembuya, Director of Research and Market Development at the Capital Markets Authority, Mr Denis Kizito, Director of Market Supervision at the Capital Markets Authority, Mr Kato Kepha from the Insurance Regulatory Authority, Ms Sarah Mudahogora from the Uganda Securities Exchange, Ms Sheba Dungu from the Insurance Regulatory Authority, Ms Lillian Kakayi from the Uganda Retirement Benefits Regulatory Authority, and Mr Norbert Kiiza Barigye from the Capital Markets Authority, among others.
Linking Research, Capital and Transformation
Speaking during the symposium, Associate Professor Godfrey Akileng, Dean, School of Business, urged students to remain engaged in discussions on economic transformation and recognise the connection between research, investment, innovation and development.
“We cannot talk about one person who is an advocate of a Tenfold growth policy strategy without speaking about studies, without speaking about capital, without speaking about investments, and without speaking about research, innovation, and without speaking about transformation,” he said.
He commended Makerere University for providing a platform where students, academics and industry practitioners can exchange knowledge and discuss issues affecting the country.
“Without your support, we wouldn’t be in this kind of environment where we can exchange knowledge and discuss matters that affect our country,” he stated.
Advancing Capital Markets and Uganda’s Growth Strategy
Dr Martin Bakundana, a member of faculty and the patron of Makerere University Accountancy Bureau at the College of Business and Management Sciences (CoBAMS), emphasised the importance of the symposium, highlighting its role in exposing students to institutions and opportunities within Uganda’s financial sector.
Dr Bakundana noted that the Capital Markets Authority is strategically positioned within Uganda’s economic development agenda, particularly in relation to the government’s Tenfold Growth Strategy.
“The CMA is placed strategically at ths centre of Uganda’s Economy, through the Tenfold Growth Strategy which directly supports the government’s target for exponential economic expansion,” Dr Bakundana said.
He stressed that increased awareness and participation in financial markets can enable young people to become active participants in Uganda’s economic development.
Enhancing the Foundation for Wealth Creation
Mr. Dickson Sembuya, Director of Research and Market Development at the Capital Markets Authority, who represented the Authority’s Chief Executive Officer, Ms. Josephine Okui Ossiya, encouraged students to develop saving habits and begin their investment journey early.
“Saving is the first step towards wealth creation,” Sembuya said.
He encouraged young people to start with whatever amount they can afford and maintain a long-term perspective when making financial decisions.
Mr Sembuya explained that capital markets provide a link between savings and businesses that require long-term financing.
“Capital markets are the bridge between those savings,” he said.
He identified sectors such as tourism, mining, oil and gas, and science and technology among areas that can benefit from long-term financing mobilised through capital markets.
Mr Sembuya also cautioned students against fraudulent investment schemes, urging them to establish whether financial service providers are licensed before committing their money.
“Before you invest in anyone, confirm that they’re licensed,” he said.
Understanding Investment Risk
Mr Denis Kizito, Director of Market Supervision at the Capital Markets Authority, explained the importance of understanding the different components of the financial system before making investment decisions.
“When we talk about the financial system we look at the economy and the different entities or businesses, the players, the intermediaries, the instruments, which are the products and lastly, the regulation of that system,” Kizito said.
He also emphasised diversification as an important consideration when managing investment risk.
“If you invest in one security and risk is manifested in that security, you lose the entire sum of money,” he said.
Kizito urged students to understand the products they invest in and the risks associated with them rather than concentrating their resources in a single investment.
Insurance and Financial Risk Management
Mr Kato Kepha from the Insurance Regulatory Authority encouraged students to consider insurance as part of their broader financial planning.
He explained that insurance enables individuals to transfer certain risks to an insurance company in exchange for a premium.
“Individuals normally pay a premium, which is like a price, to an insurance company,” Kepha said.
He urged students to verify the licensing status of insurance companies before purchasing insurance products.
“Before you buy an insurance policy, please go to our website, confirm whether the insurance company is licensed,” he said.
Kepha noted that the insurance industry also provides employment opportunities for young people, including careers as insurance agents and underwriters.
Prioritising Investment Early
During the panel discussion, Ms Sarah Mudahogora from the Uganda Securities Exchange encouraged students to begin investing while still at university.
She noted that investment is not necessarily limited by age or income and encouraged students to use small, regular amounts to participate in the ownership of companies through share investments.
Ms Sheba Dungu of the Insurance Regulatory Authority encouraged students to consider insurance products that respond to risks commonly faced by young people.
She highlighted products such as student accident and hospital cash covers, as well as endowment policies that combine protection and savings.
Call for Early Retirement Planning
During her submission, Ms Lillian Kakayi from the Uganda Retirement Benefits Regulatory Authority urged students to begin planning for retirement early.
She emphasised the importance of consistent contributions over a long period, noting that early planning allows individuals to benefit from the effects of compounding.
Importance of Investor Education and Protection
Mr Norbert Kiiza Barigye of the Capital Markets Authority emphasised the importance of investor education and protection.
He challenged students about fraudsters who impersonate legitimate financial institutions and urged them to verify both financial service providers and investment products before committing their money.
The symposium provided students with an opportunity to engage directly with financial-sector institutions on saving, investment, insurance, retirement planning, risk management and the role of capital markets in supporting Uganda’s economic growth.
The Inaugural University Financial Symposium came to a close with the awarding of certificates to all students who attended, recognizing their active participation in the landmark event. Organizers noted that the certificates symbolized not just attendance, but a commitment to building the financial literacy and investment mindset needed to drive Uganda’s economic transformation. As students departed with their certificates in hand, the message was clear: the journey toward financial empowerment has only just begun.
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