Xente Tech Ltd, a financial technology platform that simplifies payments and finance for businesses, has acquired a Payment Systems Operator (PSO) license from the Bank of Uganda. The acquisition opens up more opportunities for FinTech to provide better financial services to businesses in Uganda.
The license is awarded as part of the National Payment System Act-2020, implemented under the National Payment Systems Regulations, which seeks to drive the digitization of Ugandan entities as well as streamline payment systems operators in Uganda.
In a LinkedIn post, the company announced the new status and thanked the Central Bank for the support rendered during the process.
As reported by UG Standard, the decision by the regulator will now see the firm drive cashless transactions and related benefits to the country’s financial technology space, according to Mr. Allan Rwakatungu, the CEO & founder of Xente Tech Ltd.
This will include financial inclusion and convenience, by simplifying payment processes and securing faster transactions between businesses and consumers. Xente has been leveraging technology to make financial services affordable, convenient, and secure.
Mr. Rwakatungu explained that the acquisition of this license is a commitment to Xente customers, partners, and other stakeholders that they are offered a safe and compliant service. He pointed out that acquiring the license is another major step for Xente toward providing world-class financial technology solutions to businesses in Africa.
With the license, Lyn Tukei, Xente’s PR & Marketing Lead said businesses and their teams are now able to use the Xente platform to make simple payments to teams, suppliers, and other beneficiaries using cards, mobile money, domestic and international bank transfers, pay bills, send airtime & data – and lots more.
‘We serve 500+ professional businesses today. We save them time and money as they can make modern digital payments instead of using cash, and we give them the tools to eliminate or reduce manual and paper processes in their finance operations. Our mission is to bring all African businesses into the global digital economy,’ Ms. Tukei said.
Businesses are also able to control and monitor this spending in real-time which empowers them to manage accounting and finance complexity in one easy-to-use digital platform, she added.