Bank of Uganda issues Xente Tech with Central Bank Payment Systems Operator license

Bank of Uganda has issued Xente Tech Ltd, a financial technology platform that simplifies payments and finance for businesses, with a Payment Systems Operator (PSO) license.

The development opens up more opportunities for Xente 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, founder and CEO Xente Tech Limited.

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.

Rwakatungu explained that his company’s acquisition of this PSO 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 towards providing world-class financial technology solutions to businesses in Africa.

Using the Xente platform, businesses can effect transactions and payments to teams, suppliers and other beneficiaries using cards, mobile money, domestic and international bank transfers, pay bills, send airtime & data and other multiple services.

“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,” said Lyn Tukei, Xente’s PR & Marketing Lead.

 Additionally, businesses will be 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.