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Museveni Starts Process to Print Money in Uganda Despite Mutebile Warning

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Printing Ugandan money home: Uganda’s president Yoweri Museveni welcomed Veridos Identity Solutions Group to start printing the Shilling bank notes in the country.

On Thursday, Museveni was a witness at the signing ceremony of a MoU between government and Veridos Identity Solutions Group to have security documents like bank notes, passports and cheques printed home.

The signing ceremony, held at State House Entebbe, was also attended by ministers Esther Mbayo of the Presidency, Matia Kasaija of Finance and Economic Planning and junior Investment and Privatization minister Evelyne Anite.

The trio signed the MoU on behalf of Uganda.

On the other hand, Dr Herman Sterzinger, Veridos’ Chief Operating Officer, represented the contracting company.

President Museveni wondered why it had taken years to have the printing of Ugandan Shillings done in the country.

“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?” asked Museveni.

The president said printing bank notes would save Uganda lots of money.

“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,” said the president.

This move is against a warning by Bank of Uganda (central bank) governer Emmanuel Tumusiime Mutebile’s advice.

In 2016, Veridos Identity Solutions Group joined hands with the Uganda Printing and Publication Corporation (UPPC) in June 2016.

Mutebile then raised a red flag over the company’s move to print bank notes in Uganda.

“Veridos Identity Solutions are not a known banknote/currency printing company and from the publicly available information, this company specialises in identity solutions like passport and national identity cards,” warned Mutebille.

In 2017, Mutebile further warned that the processes of printing money “involves the use of highly specialised materials that range from paper and inks, embedded with various security features that are extremely restricted and heavily patented”.

“The public’s confidence and acceptance of banknotes ranges from, among others, the quality, reliability of the security features, availability, and low level of counterfeits.”

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