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URBRA commends Makerere’s retirement scheme

The Uganda Retirement Benefits Regulatory Authority (URBRA) has commended Makerere University’s retirement benefits scheme (MURBS) for its good corporate governance practice.

Acting URBRA chief executive officer Martin Anthony Nsubuga says it is impressive that MURBS is committed to maintaining audited accounts.

“I am pleased that as a result of your good administration, your asset base has risen from Shs 105bn as at June 2017 to Shs 117bn as of last week,” Nsubuga said at Makerere University as MURBS launched its client service charter and 34 membership ambassadors, nine years into its operations.

According to the secretary to MURBS’ board of trustees, Dr John Kitayimbwa, the client service charter was intended to improve operations.

“We intend to humanize MURBS services so that we are easily approachable,” he said. “We are also looking to offer a faster service; for instance, members should not wait for more than five minutes before they are served.”

The ambassadors, who are drawn from Makerere University staff, are expected offer a voluntary service, where they link with MURBS management in propagating the scheme’s best practices.

“It is not prudent for a 60-year-old retiree to consider building rentals, soon after obtaining their money; so, we intend to use the ambassadors to help teach the staff how to invest smarter at that age,” Dr Kitayimbwa added.

In his keynote speech, Stephen Kaboyo of Alpha Capital Partners Ltd, advised MURBS to educate employees on how they can retire smarter and understand the dynamics of retirement benefits schemes.

“The appointment of 34 ambassadors is a great idea. It can only allow the scheme to grow further,” he said. “I urge the members to closely follow the work of the ambassadors as this will improve transparency and better corporate governance. Engage more with the members as a soon as possible, as this will improve administration.”

The event also marked Nsubuga’s first outing as acting chief executive officer, having been appointed on Monday to replace David Nyakundi Bonyi, a Kenyan national whose three-year contract ended last week.

Nsubuga, a financial economist, is operating in acting capacity until a salary rationalization exercise by government is completed later this year. This is after Nsubuga’s predecessor run into head winds after a report by the IGG raised queries about the appointment of Bonyi, a Kenyan national, for a position in a state entity, whereas there were qualified locals.

Bonyi’s appointment also raised queries in parliament after it emerged that he was earning Shs 91m per month. Interestingly, the URBRA board had recommended Bonyi for a second term, owing to his good performance, but government insisted that a Ugandan national be appointed to the position.

Prior to joining URBRA in 2012, Nsubuga worked in the Finance ministry, leading several reforms in the non-banking sector. These included policies in insurance, pension, as well as public debt management. He then joined URBRA as director for supervision and compliance.

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