Xente, a licensed Ugandan-founded financial technology platform that offers business payments solutions has announced its partnership with Visa, the global leader in digital payments to issue virtual and physical Visa business cards across businesses by enabling them make payments to online and offline vendors, disburse money and manage business expenses.
Allan Rwakatungu, Xente’s Founder and CEO noted that the physical and virtual visa cards are specifically designed for businesses which allow businesses to pay globally anywhere visa is accepted.
“This card, not only allows businesses to pay, but allows them to set payment policy to control where the cards are used. The physical cards can work online but also offline. We believe we are solving a real world problem, today, 90% businesses still rely on cash, checks, paperwork and that needs to change.”
“Managing a business and its money has become more complex, teams are distributed and remote, payments to vendors are online and global, business is digital. Our solution will help finance and accounting teams manage this complexity in a one-stop platform. We will save companies a lot of money and countless person-hours,” he added.
He commended the government noting that Xente is testimony of good policies that government has initiated to push the ICT sector.
With Xente’s partnership with Visa and Ecobank, businesses and their teams can make payments for online and offline purchases, anywhere in the world, and their finance and administration teams will be able to control and monitor this spend in real-time. The Xente Visa cards will provide versatility for business, and can be used to pay online vendors, petty cash, travel, per diem, meals, reimbursements, and disbursements.
Visa’s Vice President and General Manager for East Africa, Corine Mbiaketcha congratulated Xente management for their efforts noting that with electronic payment increasingly displacing cash, in Uganda is still at 90% cash.
She noted that it is extremely critical that there is the right solution to displace cash in the economy.
“Africa has kept pace of providing digital solutions because this is the only way that we are going to be able to mitigate the gap and ensure that we include all our ecosystem both from consumer side also from business corporate side.”
“We believe fintechs can unlock unique opportunities for us and our clients. Such collaborations at country level will empower business owners to digitize their payments and avoid inefficiencies associated with cash and paper-based systems, whilst taking control of and effectively managing their finances and business expenses. We are confident that with Xente, we will execute remarkably in the market,” said Ms. Corine.
Ugandan enterprises urged to explore regional oil and gas opportunitiesAccording to her, Small and Medium businesses today represent in some economies, 70-80%, in Africa 70-90% of job creation. She says that SMEs will be key drivers of the economy growth and job creation in Uganda more than anywhere else.
“For us at VISA, we are constantly seeking to build partnerships that are going to deliver relevant solutions that are needed. This is exactly why we are gathered here today.”
The event was officiated by ICT State Minister – Godfrey Kabyanga who advised the young people to harness the good policies set by the government to do business and grow.
“Once we put a tarmac road, we want you to reach Mbarara, Moroto very fast. Go and explore what is in Moroto and make money.”
“As ICT Ministry, we have put in place very good policies, even the funds for innovation. We are now going to embark on the phase five of the National Backbone Infrastructure and we are also going to embark on the last mile connectivity so that every village is connected to internet. It’s now upon Xente to ensure that their card reaches everywhere because internet will be everywhere.”
The minister challenged Ugandans to use this card saying that, “the more we use it, the more we shall appreciate that Ugandans can be such innovative.”
Ecobank Uganda’s Managing Director, Grace Muliisa, said: “As Ecobank, we know financial inclusion can ultimately contribute to economic development and this collaboration to issue the Xente Visa Cards is a further demonstration of Ecobank’s commitment to provide affordable, simple and innovative solutions for corporates across Africa which is a key strategic driver towards achieving this goal.”
Today, Xente has over 500 business customers including Jumia, TPO, Mkopa, Financial Sector.
