Xente Tech Limited, a Financial Technology (FinTech) company that offers corporate Visa cards and payment solutions to businesses, is increasingly gaining momentum in Uganda, especially among women, owing to its ability to help business owners and their teams manage expenses.
According to the Xente Tech chief executive officer Allan Rwakatungu, the Financial Technology Company (FinTech) offers an all-in-one business account that helps business owners and finance teams manage expenses, make payments to team members, suppliers, and to collect payments.
Key among its solutions are disbursements – sending mobile money, airtime or data to groups of people and payment collections – collecting money from mobile money, Visa or MasterCard, on behalf of businesses.
Additionally, Rwakatungu notes that the FinTech is also in the process of launching two other solutions including an Online Payments solution that will enable businesses to make online payments with virtual Visa cards and an Expense Management solution that will enable businesses to make payments for expenses such as fuel, meals, per diem and other expenses using physical cards.
Rwakatungu explains that this will help drive Uganda towards a cashless economy.
“A lot of businesses today manage their expenses manually using cash or cheques. This means that when one needs money for everyday expenses, they have to walk to their accounts department. But now when people are working remotely, that is not possible anymore.”
“However, this solution will help businesses continue to do everyday business payments during this pandemic and a lot of businesses are using our solution to pay staff, suppliers, and other stakeholders during this pandemic from home,” Rwakatungu says.
While Xente has a number of clients including Jumia, M-Kopa, and UAP, among others, Rwakatungu says that about 70% of FinTech’s clients are women, who he says have been facilitated to work more efficiently.
40 Days 40 FinTechs
Xente Tech is among the 40 financial technology companies participating in the second edition of the 40-Days 40-FinTechs initiative, organized by HiPipo in partnership with Crosslake Technologies, ModusBox, and Mojaloop Foundation, and sponsored by the Gates Foundation.
The initiative which provides a platform for FinTechs and stakeholders in the digital and financial technology space to exhibit their products and share ideas seeks to boost the African FinTech ecosystem to enable innovators to enjoy sustainable profitability to help them design and deploy affordable and inclusive financial services for the poor.