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Payment Solutions Uganda Limited (PSU)

Introduction

The company Payment Solutions Uganda Limited was registered by the CIPC of Companies of Uganda on 15th October 2008 is part of a Pan African Group called Payment Solutions Africa Limited. During the period of October 2008 and October 2009 the company embarked on negotiations with the Government of The Republic of Uganda, namely, The Ministry of Public Service to provide a Payroll Deduction Management System which would assist the Ministry in managing their civil servants salary deduction for loans entered into by the said civil servants with the various Financial Institutions in Uganda, this system would be offered to the Ministry at no expense.

After months of negotiations and presentations, the Ministry signed an agreement with Payment Solutions Uganda Limited on 1st October 2009, thereafter it was up to Payment Solutions Uganda to present the system to all the Financial Institutions in Uganda (Kampala) and enter into a Memorandum of Agreement which would be the foundation of the tripod relationship with The Ministry Of Public Service, Payment Solutions Uganda Limited and the respective Financial Institutions, this process is still ongoing as the first MOA was signed in November 2009 and by the end of the year, 8 institutions had signed the MOA and by the end of 2010, an additional 17 and to-date in 2011 an additional 13 had signed the agreement bringing a total of 38 institutions that are using the PSU Payroll Deductions Management System.

In January 2010, The Ministry Of Public Service furnished all stakeholder using the PSU system with the Guidelines for the Process of Payroll deduction with the content therein being very specific and direct in as far as Financial Institutions providing financial assistance to Civil Servant via the PSU system, the manual process that had been previously used was no longer permissible as payroll was now totally centralized in Kampala under the direct control of the Ministry of Public Service, Ministry of Finance and Uganda Computer Services.