5 October 2018

Uganda Signs Deal to Start Printing Own Bank Notes

Photo: Rachel Mabala/Daily Monitor
A trader displays Uganda Shilling notes (file photo).

Uganda on Thursday signed a deal with a German firm to start printing own security documents like bank notes, passports and cheques.

The signing of the deal between government and Veridos Identity Solutions Group was witnessed by President Museveni at State House Entebbe.

Government was represented by three ministers; Esther Mbayo for the Presidency, Matia Kasaija of Finance and Economic Planning and that of State for Investment and Privatization and Evalyne Anite who signed the Memorandum of Understanding on behalf of Uganda while Dr. Herman Sterzinger, chief operating officer, initialled the document on behalf of the German company, according to a statement issued by government on Thursday evening.

"Veridos Identity Solutions Group that was created with the aim of creating secure and pioneering identification and identity solutions, entered into a joint venture with the Uganda Printing and Publication Corporation (UPPC) on June 11, 2016 after winning the bid," the statement said.

During the meeting, Mr Museveni noted that the new venture would save Uganda a lot of money that it has been spending on printing documents from abroad.

"There was hemorrhage of resources that was unjustified. Money was going out to print currency notes for a long time. About US$25 million was spent each year to create Ugandan currency," he said.

Mr. Museveni, who thanked the German company for its joint cooperation, criticized government officials for taking too long to act on such crucial matters that affect the country. He added that licensing bodies must not over price working licenses for investors because it cripples investment and discourages potential investors.

"These things of taking two years to deliberate on such matters must stop. Why did you spend two years discussing something that was so obvious?" he asked.


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