Xente Tech, Visa Launch Payment Card Solution

Xente Tech Limited on Wednesday announced a partnership with Visa and launched Xente virtual and physical Visa business cards, that are powered by Ecobank.

The partnership seeks to enable Ugandan companies or businesses to make online and offline payments to vendors globally, disburse money, and manage business expenses.

Xente Tech Ltd is a home-grown real-time payment, and financial services provider, in Uganda that has pioneered the launch of much-sought Visa-backed business cards.

Xente looks forward to expanding its offerings in the growing tech space, as it will be able to control and monitor its spending in real-time.

“Managing a business and its money has become more complex; teams are distributed and remote, payments to vendors are online, and business is digital. Our solution will help businesses manage this complexity in a one-stop platform,” said Allan Rwakatungu, Xente CEO, while addressing Journalists in Kampala.

The Xente Visa business cards will provide versatility for business and can be used to pay online vendors, petty cash, travel, per diem, meals, reimbursements, and disbursements.

Corine Mbiaketcha, Visa Vice President and General Manager for East Africa, said this collaboration 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,” Mbiaketcha noted.

Grace Muliisa, Ecobank Managing Director, said the Xente Visa Card is a demonstration of Ecobank’s commitment to providing affordable, simple, and innovative solutions for corporates across Africa which is a key strategic driver.

The fintech said it has inked a strategic partnership with Ecobank, a pan-African banking conglomerate, with banking operations in 36 African countries, to co-launch what they are describing as “a visa card that means business.”

Muliisa said the card will be issued to Xente customers in both virtual and physical forms. Xente Tech has amassed over 500 business customers including Jumia, TPO, Mkopa, Financial Sector Deepening, and The Innovation Village.

With the Visa and Ecobank-enabled card solution, 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 spending in real-time.

Last month, Xente obtained the Payment Systems Operator (PSO) license from the Bank of Uganda (BoU), in what experts described as the regulator’s approval of Ugandan-founded fintech.

The National Payment System Act-2020, implemented under the National Payment Systems Regulations, seeks to drive the digitization of Ugandan entities; as well as streamline payment system operators in Uganda.

Rwakatungu told journalists that the Visa card and the BoU license, represent a commitment to Xente customers, partners, and other stakeholders that they are offered a safe and compliant service.