On April 24, 2025, Mbarara University of Science and Technology (MUST) officially signed a Memorandum of Understanding (MoU) with Uganda Institute of Banking and Financial Services (UIBFS). The MOU cements a long-standing partnership and establishes a formal framework for collaborative training, research, and professional certification in the field of banking and financial services.
The ceremony brought together key stakeholders from both institutions, presiding from MUST was Prof. Pauline Byakika-Kibwika, the Vice Chancellor of MUST; Mrs. Goretti Masadde, the Chief Executive Officer UIBFS; Mr. Ronald Mugwanya, the Manager, Training and Partnerships at UIBFS; Dr. Fredrick Nsambu Kijjambu, Dean of the Faculty of Business and Management Sciences (FBMS); Dr. Kule John Baguma, Deputy Dean; Heads of Departments FBMS, staff and student representatives.
A 15-year partnership formalized
In his remarks, Dr. Fredrick Nsambu Kijjambu expressed heartfelt gratitude to all present and highlighted that the MOU marks a pivotal moment in the faculty’s journey toward competence-based education. “This partnership has thrived informally for 15 years. Today, we give it a formal structure, one that will shape the future of our students and the business sector at large,” said Dr. Kijjambu. The Dean expounded on the benefits of the partnership noting that MUST has been receiving industry expert lectures, career guidance for students and awarding the best two students. The signed MoU will foster among others;
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Implementation of competence based teaching and learning
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Professionalism in banking and finance among our students
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Two scholarships to the best students in banking and finance offered by Uganda Institute of Banking and Financial Services
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Improve on employability
CPA John Bosco Nsengiyuwva is the contact person of this partnership and will spearhead its operations together with a committee with membership from MUST and UIBFS.
Transforming banking education through innovation
Delivering an insightful keynote, Ms. Goretti Masadde, CEO of UIBFS, emphasized the need to align academic learning with industry demands. “The foundation certificate we are introducing aims to instil responsible financial behaviour and equip learners with professional readiness. This MoU reflects the UIBFS mission to transform banking education through collaboration, innovation and applied learning,” she stated.
She further elaborated on the ambitions of the partnership: building capacity among students and faculty, enhancing financial literacy and inclusion, and offering market-relevant short courses. She encouraged MUST to make these opportunities available to students across all disciplines and to community members as well, noting the diversity of the banking industry in attracting professionals from a wide range of academic backgrounds.
Responding to the Dr. Kijjambu’s request for MUST to be an official UIBFS examination centre, Mrs. Masadde welcomed the idea, suggested that this will be discussed, and updates given. Having an examination centre at MUST will further ease access to professional certification for students at the university.
Vice Chancellor applauds cross-disciplinary opportunities
Expressing enthusiasm for the partnership, Prof. Pauline Byakika-Kibwika, the Vice Chancellor MUST noted that it relates to MUST’s core mandate of training, research, innovation and community engagement. Collaborating with industry players prepares students to be ready for the market, the competence trainings undertaken are needed in the world of work.
Prof. Byakika commended the partnership’s inclusive approach, especially the proposal to open training to students from all faculties. “Doctors, engineers, agriculturalists, anyone can benefit from financial knowledge. We must break the silos in education. Finance is not optional in real life,” she emphasized.
She also acknowledged the potential role of MUST Holdings Company Ltd, the University’s recently launched enterprise arm, in facilitating short courses developed through this partnership. Prof. Byakika pledged full institutional support, applauded FBMS for their proactive role in networking and conveyed greetings and blessings from top management and the University Council.
Empowering Career Readiness
As part of the partnership, faculty members who underwent training by UIBFS last year were awarded certificates during the ceremony. These trainers are now equipped to deliver the foundational certificate course to students and community members alike. Some of the staff who received certificates are; Dr. John Baguma, Dr. Musiita Benjamin, Dr. Frederick Nsambu Kijjambu, Ms. Tumuryamye Juliana, CPA John Bosco Nsengiyuwva and Ms. Nduhura Charity.
The event was moderated by Ms. Sheila Niinye, the Communications Officer in charge of International Relations at MUST. The atmosphere was one of optimism, opportunity, and mutual commitment.
Conclusion
This MOU is not merely a formality; it represents a new chapter in empowering students and communities through financial education. With sights set on impactful collaboration, MUST reaffirms its commitment to producing graduates who are not only knowledgeable but also job-ready and financially empowered.
Succeed we must!
