Xente Tech acquires 'issuer of payment instrument' from Central Bank

  • Lyn Tukei
  • Wednesday, January 11, 2023
Issuer of Payment Instrument

Xente Tech, a licensed Ugandan-based financial technology platform that offers business payment solutions, has today obtained the Issuer of Payment Instrument – Class A (Payment Cards) from the Bank of Uganda.

"I am very happy to announce that we have acquired the Issuer of Payment Instrument – Class A (Payment Cards) under the National Payment Systems Act issued by the Bank of Uganda," said Mr. Allan Rwakatungu, the CEO & founder of Xente Tech Ltd.

"We thank the Central Bank for their diligent support, tireless effort, adherence to process, and their ability to identify us as an issuer of payment cards to businesses in Uganda. We believe that this achievement is another major step for Xente towards providing world-class financial technology solutions to businesses in Africa," he added.

The National Payment System Act-2020, implemented under the National Payment Systems Regulations, aims to drive the digitization of Ugandan entities, and streamline payment systems operators in Uganda. Mr. Rwakatungu explained that acquiring this license is a commitment to Xente customers, partners, and other stakeholders that they are offered with a safe and compliant service.

With the Xente platform, businesses and their teams can make simple payments to teams, suppliers, and other beneficiaries using cards, mobile money, domestic and international bank transfers, pay bills, send airtime & data, and more. Furthermore, businesses and organizations 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.

Xente recently partnered with Visa, a global leader in payments, to launch a corporate card. The partnership aims to enable Ugandan companies or businesses to make online and offline payments to vendors globally, disburse money, and manage business expenses using the Xente Visa card.

"The Xente Visa card, both virtual and physical, not only allows businesses to pay, but also allows them to set payment policy to control when, where and how the cards are used.The physical cards can work online but also offline. We believe we are solving a real-world problem. Today, 90% of businesses still rely on cash, checks, and paperwork, and that needs to change,’" said Lyn Tukei, the Communications & Marketing Lead at Xente.

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