Ugandan Fintech Xente launches visa card

Xente, a Ugandan-founded financial technology platform that offers business payment solutions, has launched a visa card that it says will help it extend services to more people.

Speaking at the launch in Kampala on Wednesday, Allan Rwakatungu, the Xente founder and CEO, said the launch of the virtual and physical visa card followed over two years of engagement with Visa.The visa card he said, is specifically designed for businesses.

“These cards allow businesses to pay globally anywhere visa is accepted,” he said.

“But they are also unique because they not only allow businesses to pay, but to also to set any policy to control where the cards are used.

“They also get real time transitions as they are used…the data will come in and flow even to the accounting platforms. This saves a lot of time and money for the business,” he said.

The new visa card which is powered by Eco Bank Rwakatungu said, is hoped to contribute immensely to the government financial inclusion program as well as building onto the movement toward a cashless Uganda.

On her part, Corine Mbiaketcha Nana, the Visa Vice President and General Manager East Africa, thanked Xente for working tirelessness to meet the requirements for the big partnership.State Minister in Charge of National Guidance at the Ministry of ICT, Hon Godfrey Kabbyanga Baluku has praised the proliferation of Fintech companies and other ICT based start-ups in Uganda.

Hon Kabbyanga revealed that in recent years, dozens of ICT based start-ups have come up with useful ideas, thanks in part to government’s progressive policies in the ICT sector.

“People have for instance been asking me when we are going to open up Facebook. But I can tell you that since we closed Facebook, there have been over 150 platforms that have been developed by Ugandans to replace it. By the time we open Facebook, it will have lots of competition and will not be able to hold us on ransom,” he said.