Xente Tech Limited, a financial technology platform that simplifies payments and finance for businesses has obtained a Payment Systems Operator (PSO) license from Bank of Uganda.
The development opens up more opportunity for FinTechs to provide better financial services to businesses in Uganda.
“I am very happy to announce that we have acquired the Payment Systems Operator (PSO) license under the National Payment Systems Act issued by Bank of Uganda. We thank the Central Bank for their diligent support, tireless effort, adherence to process, and their ability to identify us as a suitable player in the Financial Technology space in Uganda,” said Allan Rwakatungu, the CEO and founder of Xente Tech Limited.
He defended the decision by the regulator as one that will see the firm drive cashless transactions and related benefits to the country’s financial technology space.
This will include financial inclusion and convenience, by simplifying payment processes and securing faster transactions between businesses and consumers.
He added that Xente Tech has been leveraging technology to make financial services affordable, convenient, and secure.
The National Payment System Act-2020, implemented under the National Payment Systems Regulations, seeks to drive digitization of Ugandan entities as well as streamlining payment systems operators in Uganda.
According to Rwakatungu, the acquisition of this license is a commitment to Xente customers, partners and other stakeholders that they are offered with a safe and compliant service.
He pointed out that acquiring the license is another major step for Xente Tech towards providing world-class financial technology solutions to businesses in Africa.
With the license, Lyn Tukei, Xente’s Public Relations and Marketing lead said businesses and their teams are now able to use 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 over 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," Tukei said.
Businesses are also able to control and monitor this spend in real-time which empowers them to manage accounting and finance complexity in a one easy to use digital platform, she added.