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For anyone who grew up in Uganda in the 1980s and 1990s, it is impossible not to marvel at Caleb Rwakatungu Snr’s ability to extract so much from so little. This was a time when school fees were precarious, social safety nets were thin, and a single disruption could derail an entire household’s future. To raise eight children under those conditions — and to send them to some of the country’s best schools — bordered on the improbable. In many ways, Mr. Rwakatungu Snr resembles the biblical servant in the Parable of the Talents — entrusted with little, yet multiplying…
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Uganda’s startup ecosystem is maturing. There is more capital flowing in from private equity (PE), venture capital (VC), and development finance institutions (DFIs). The once-nascent innovation scene is now witnessing landmark investments, scaling ventures—and increasingly, high-stakes exits. Over the past decade, East Africa has attracted more than USD6.4 billion in private equity (PE) and venture capital (VC) investments. As such, Uganda’s share is rising steadily from under 10% in 2013 to nearly 20% by 2023. Once overshadowed by Kenya, Uganda is now second only to Nairobi in regional deal flow, consistently capturing between 15–20% of all transactions. The momentum has…
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If there is one sector that is experiencing a continuous revolution, it is financial technology (Fintech). The sector seems to be in constant motion, transforming how businesses and people transact, offering a variety of innovative payment, money transfer, financial inclusion, and smarter financial solutions. Over the last five years, fintechs have given users a variety of solutions, and 2025 presents new momentum that will foster continuous innovation to address present challenges, such as high transaction costs and financial exclusion, while providing user-friendly services that empower businesses and consumers. And as such, today, we look at Fintechs making a difference, which…
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Hardly two years after arriving in Uganda to take up her very first CEO role at Uganda’s largest telco, MTN Uganda, Sylvia Mulinge has emerged as Uganda’s most admired CEO, in the CEO East Africa Magazine’s inaugural 100 Leading & Most Admired CEOs In Uganda Survey. The 2-in-1 CEO East Africa Magazine’s Most Trusted and Respected Companies & The Most Admired CEOs in Uganda Survey 2024 is part of the magazine’s thought leadership agenda that seeks to create a body of knowledge on what exactly great companies and great leaders are made of, as well as recognise them. “This, we…
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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…
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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…
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As Uganda’s 14-day lockdown enters into day 2 and businesses generally suffer from Covid-19 related travel restrictions, Xente Tech, an African e-commerce, and financial services fintech has offered to migrate Ugandan micro-businesses to the Xente online sales platform for free. This limited-time offer will allow especially small businesses to stay trading, cutting costs and increase sales today and in the future, according to Allan Rwakatungu, Xente’s Chief Executive Officer. “If you sell physical products, we can quickly shift your sales channel mix from person-to-person and physical stores to new digital and online channels. We will put special emphasis on Buy…
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