Makerere, Stanbic Bank chart new course for expanded partnership to boost student, staff welfare and research impact
The proposed renewal aims to bolster student and staff welfare, enhance infrastructure, and strengthen the university's research-led aspirations to address critical national and regional development challenges.
Makerere University and Stanbic Bank Uganda have renewed their long-standing Memorandum of Understanding (MoU), with discussions signaling a significant expansion of their partnership beyond traditional banking services.
The proposed renewal aims to bolster student and staff welfare, enhance infrastructure, and strengthen the university’s research-led aspirations to address critical national and regional development challenges.
The intricate discussions, held this morning, saw Makerere University Vice Chancellor Prof. Barnabas Nawangwe lead his team, while Stanbic Bank was represented by Samuel Mwogeza, the Head of Personal & Private Banking.
The meeting underscored the deep-rooted relationship between the two institutions, with Stanbic Bank serving as Makerere’s primary banker and holding approximately 90% of staff accounts.
“We are excited that this partnership will enhance staff welfare, student wellbeing, and infrastructure,” commented a university representative following the insightful discussions.
The renewed MoU is set to introduce several strategic focus areas designed for holistic development:
Student Mentorship for Employability: Initiatives will be rolled out to equip students with essential skills and guidance, enhancing their readiness for the job market.
Infrastructure Development: A significant focus will be placed on improving the university’s physical assets, specifically targeting sports facilities and much-needed student accommodation.
Venture Capital for Research Commercialization: To bridge the gap between academic innovation and market impact, a framework for venture capital will be explored to fund the commercialization of Makerere’s research outputs.
Business Coaching & Financial Literacy: Programs will be introduced to empower staff with business acumen and financial literacy, aimed at alleviating indebtedness.
Retirement Benefits as Leverage for Low-cost Staff Housing: Creative solutions will be explored to utilize retirement benefits to facilitate access to affordable housing for university staff.
Retirement Planning: Comprehensive planning support will be offered to staff, ensuring financial security and smooth transitions into retirement.
Alumni Engagement & Convocation SACCO: Efforts to strengthen ties with the university’s vast alumni network will be intensified, including support for the Convocation SACCO (Savings and Credit Co-operative Organization).
A key discussion point centered on how Makerere and Stanbic can collaboratively strengthen the implementation of the University’s research-led aspirations. This aims to ensure that Makerere’s academic and research endeavors are more responsive to pressing national and regional development priorities, especially in the face of climate change, persistent youth unemployment, the need for increased productivity, and rapid population growth.
Both teams expressed a strong commitment to exploring a partnership that extends far beyond conventional banking services, envisioning a comprehensive alliance that supports academic excellence, socio-economic development, and the overall well-being of the Makerere University community. The upcoming MoU renewal is expected to formalize these ambitious plans, marking a new chapter in this enduring relationship.
