On Tuesday 22nd July 2025, Prof. Edward Bbaale, the Principal of the College of Business and Management Sciences (CoBAMS) endorsed the newly-established College SACCO by enrolling as a member.
The Mak-CoBAMS SACCO, which was inaugurated on 14th July 2025, provides a platform to improve the economic well-being and quality of life of members through accessible financial services, provision of affordable loans, promotion of a savings and investment culture, financial security, and potential dividends.
The interim Committee that was instituted to kick-start the SACCO has been working under the guidance of the Deputy Principal, Associate Prof. James Wokadala as Patron.
Tasked with finalizing the operations of the SACCO, the Interim Committee, chaired by Dr. Peter Babyenda consists of the following members: Dr. Allen Kabagenyi-Vice Chairperson, Dr. Christopher Alioni-General Secretary, Mr. Peter Mubiru-Treasurer, and Mrs. Juliet Mirembe Ssewankambo-Mobilizer. The Committee members representing the three schools include: Mr. Fred Kasarirwe-School of Economics, Dr. Marion Nanyanzi-School of Business, and Dr. Hellen Namawejje-School of Statistics and Planning. Mr. Joseph Ikarok represents support staff on the SACCO.
As the SACCO kicks off, the Committee agreed on the following contributions: Membership fee of 20,000/=, Annual subscription fee of 30,000/=, a minimum of ten shares at 100,000/= per member, and a minimum monthly contribution of 50,000/=.
The Committee believes that the rates set are manageable by members of staff. According to the Chairperson, Dr. Babyenda, the Committee is enrolling members. He stated that the minimum monthly saving of 50,000/= is a priority, and also called upon each member to pay up the minimum 10 shares before 31st July 2025.
Congratulating the College Principal, Prof. Bbaale upon becoming a member of the Mak-CoBAMS SACCO, the interim General Secretary-Dr. Alioni, reported that they need at least 30 members to start operations.
Following his enrollment as a Member, Prof. Bbaale, lauded the team for the establishment of the SACCO, a long-awaited intervention that will provide financial support to staff members. He thanked Associate Prof. James Wokadala for his resilience and dedication to making this initiative a reality.
Prof. Bbaale explained that the SACCO is well-aligned with the college’s research and academic programs, which focus on business, economics, statistics and planning.He highlighted the critical need for accessible finance, citing it as one of the leading constraints to development and business growth. The SACCO will fill a significant gap by providing staff members with financial support at reasonable interest rates.
Prof. Bbaale believes that the SACCO will transcend his tenure and become a lasting legacy for the college, providing benefits to staff members for years to come. He commended the interim committee for their hard work and commitment to establishing the SACCO. He expressed confidence in the team’s ability to manage the SACCO effectively, citing their strong work ethic and dedication.
Pledging his full support towards the SACCO, Prof. Bbaale rallied members of staff to join the initiative and participate in its activities and programmes. He stated that the SACCO will have a positive impact on the college community, addressing financial constraints and improving the well-being of staff.
The Deputy Principal, Associate Prof. Wokadala, acknowledged the College Principal for hosting the meeting and guiding the process leading to the establishment of the SACCO. He noted that the SACCO is a long-standing dream of the college’s formulators and a game-changer for the institution. To this end, the College Board unanimously welcomed the idea and set up an interim committee to oversee its implementation.
Associate Prof. Wokadala commended the colleagues who volunteered to steer the initiative, expressing confidence that the SACCO would become vibrant and successful. He visualised the SACCO evolving into a microfinance institution or bank with member support.
The Deputy Principal reported that the Principal’s office provided a contribution of 3,000,000/= to kick-start the SACCO’s activities, which would be accounted for by the committee. He emphasized transparency and accountability in managing the funds, noting that the committee would account for every shilling received, and present a report to the Annual General Meeting (AGM).