Xente Tech acquires BoU Payment Systems Operator license

KAMPALA, UGANDA: 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 opening more opportunities for providing better financial services to businesses in Uganda.

Xente Ltd CEO and Co Founder, Mr. Allan Rwakatungu said the decision by the regulator to grant them license will now see the firm drive cashless transactions and related benefits to the country’s financial technology space through financial inclusion and convenience, there by simplifying payment processes and securing faster transactions between businesses and consumers.

“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,” Mr. Rwakatungu, said, adding 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 the digitization of Ugandan entities and streamline 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. And that the acquisition of the license is another major step for the company towards providing world-class financial technology solutions to businesses in Africa.

Lyn Tukei, Xente’s PR & Marketing Lead said with the license, 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 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 a one easy-to-use digital platform,” she added.