Makerere University students have been urged to start income-generating ventures, embrace financial discipline and acquire practical skills to prepare for life beyond the campus.
The call was made during a financial literacy fireside chat organised by the Emerging Leaders Programme in partnership with Stanbic Bank Uganda at Makerere University under the theme ‘Grow Your Dimes, Build Your Hustle’.
The Emerging Leaders Program (ELP) in Uganda is a character-based leadership and behavioral change initiative for university and tertiary students, originally initiated by the First Lady and Minister of Education and Sports, Janet Museveni.
Speaking at the event, Israel Arinaitwe, Head of Personal Banking at Stanbic Bank, emphasised that while a university degree remains important, students should also begin preparing themselves financially before graduation.
“That degree is very important. Your parents, your guardians and your relatives have sent you here to earn that degree. That degree is probably what is going to help you get money. Or, better still, it is going to open your mind to new knowledge,” Arinaitwe said.
However, he challenged students to think about the purpose of money beyond basic survival, arguing that financial independence also enables young people to live with dignity and take responsibility for themselves and their families.
“You need money as a student, and you will need money even more when you leave university and enter the world of work. But why do you need money? Let’s start from there,” he said.
Arinaitwe said money can contribute to an individual’s dignity and ability to take responsibility.
“You need money for dignity. You need that hustle for dignity because dignity will build your character. It will build your ability to get things done,” he said.
He encouraged students to start small hustles while still at university, saying the experience gained from running an income-generating venture can complement formal education and prepare young people for the realities of the workplace.
“I am in a hustle as well. My work is a hustle. It is a hustle. And as you start your life, you realise that the work and the life that you are looking for may also be a hustle,” Arinaitwe said.
Preparing for life beyond campus
Arinaitwe also challenged students to reflect on the sacrifices made by their parents, guardians and relatives to support their education.
“Some of our parents have sent us here on sacrifice. Some of us are here, because our parents have denied themselves certain things. And they expect that once you finish this degree and get a job, you will return or pay back the things they have done for you,” he said.
He said some students also have siblings whose educational opportunities may depend on the success of the student currently at university.
“Some of us have siblings who are in school, because we are in this university. But there are others who are not in school, because we are at university. Our parents couldn’t afford to have all of us in school at the same time,” he said.
Arinaitwe encouraged students to consider how their skills and hustles could create opportunities not only for themselves but also for their families.
Dr. Winifred Namuwonge Kabumbuli, Dean of Students at Makerere University, welcomed the initiative, saying financial literacy was an important component of student development.
She said the university’s role extends beyond academic qualifications to equipping students with the skills, knowledge and the mindset needed to navigate life and the workplace.
“University is not only about academic achievement. It’s not only about academic qualifications. It is also about growing skills, knowledge and the mindset to navigate life and our places of work, but most importantly, to harness the opportunities that come with all this,” Dr. Namuwonge said.
She thanked the Emerging Leaders Programme and Stanbic Bank for organising and supporting the initiative, describing the theme as relevant to students at a time when they need practical knowledge on managing money and preparing for their future.
Dr. Namuwonge urged students to actively participate in the discussions by asking questions, sharing their experiences and identifying practical lessons they could apply to their financial lives.
“Have something to take away from this session that will help you grow financially,” she said.
She added that such engagements were a source of pride for the Dean of Students’ office because they contribute to the holistic development and empowerment of students.
Makerere University Students’ Guild Speaker, Mutatine Travis Muhwezi, also welcomed the engagement, saying it addressed emerging issues affecting students, including personal growth, financial management and preparation for life after campus.
Muhwezi said the initiative provided students with an opportunity to learn how to manage their finances while gaining practical knowledge on how to navigate life beyond university.
Saving for the future
Arinaitwe further urged students to develop a savings and investment culture rather than spending every small amount of money they receive.
“If you are not preparing, saving or investing in anything, you are robbing yourself of the benefits of the future. Not investing is extremely dangerous,” he said.
He cautioned students against spending money on things that do not create value, noting that poor financial decisions and negative influences can undermine their long-term plans.
“Money can become the source of distractions, the wrong business, wrong behaviour, a wrong group. These have the potential to destroy you and all your future plans,” Arinaitwe said.
He said acquiring financial knowledge was critical to helping young people make informed decisions.
“The easiest way to get rid of all these is to acquire knowledge, so it can help you understand and get wisdom and experience,” he said.
Arinaitwe encouraged students to start their hustles early, gain practical experience and learn from the challenges that come with earning and managing money.
The financial literacy engagement is part of Stanbic Bank’s efforts to equip young people with financial knowledge and tools to make informed decisions, in line with its purpose, ‘Uganda is our home; we drive her growth’, and its commitment to supporting women, youth and farmers.
