Xente Tech Acquires PSO License from Bank of Uganda
Xente, a financial technology platform that simplifies company finance acquired a Payment Systems Operator (PSO) license from the Bank of Uganda on August, 8th, 2022. The license opens up opportunity for Xente to provide world-class financial technology solutions to businesses in Africa and is a commitment to Xente customers, partners, and other stakeholders, that they are offered a safe and compliant service.
With the Xente platform, businesses and their teams are able to make simple payments to teams, suppliers, and other beneficiaries using physically issued VISA cards, mobile money, domestic and international bank transfers, pay bills, send airtime and data, and lots more.
Additionally, businesses are able to control and monitor their expenditure concurrently, which empowers them to manage accounting and finance complexity in one convenient digital platform.
Xente aims at solving a problem for businesses that rely on manual, cash payment processes, by providing tools that automate everyday business payments and finance operations.
The National Payment System Act 2020 implemented under the National Systems Regulations, seeks to drive the digitization of Uganda entities and streamline payment systems operators in Uganda.