Bank of Uganda Authorizes Xente Tech to Conduct Digital Transactions

Bank of Uganda has awarded Xente Tech Limited, a financial technology platform, a Payment Systems Operator (PSO) license.

This will help the Startup that deals in simplifying payments and finance for businesses, to open up more opportunity for FinTech to provide better financial services to businesses in Uganda.

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.

Commenting on the development. Allan Rwakatungu, the CEO & founder of Xente Tech Ltd, said the decision will also help the firm drive cashless transactions and related benefits to the country’s financial technology space.

He added that this will also help on financial inclusion and convenience, by simplifying payment processes and securing faster transactions between businesses and consumers.

He thanked the Central Bank for their diligent support, tireless effort, adherence to process, and ability to identify Xente tech as a suitable player in Uganda’s Financial Technology space.

Rwakatungu 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 PR & 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.

She said businesses will be able to control, monitor, and spend in real-time which empowers them to manage accounting and finance complexity in a one easy to use digital platform.