- Xente, co-founded by Francis Nkurunungi, is a fintech platform that streamlines business payments, collections, and financial operations.
- Targeting medium to large enterprises, Xente offers a digital wallet and integrates with systems like VISA to facilitate secure, efficient transactions and manage financial documents in one place.
- Currently, the startup has onboarded over 500 businesses in Uganda and plans to expand rapidly into Kenya, Tanzania, Nigeria, and Ghana.
Xente, the Uganda-based fintech, is challenging the notion that fintech innovation is exclusive to Silicon Valley or China. Francis Nkurunungi, Xente’s COO and Co-Founder, asserts that Africa is ripe for technological innovation and investment. During the sidelines of the 13th edition of the AIM Congress 2024 in Abu Dhabi, Francis shared Xente’s journey, its opportunities, challenges, and ambitious future plans. It’s a tale of a pioneering fintech startup reshaping business payments across Africa and beyond.
Xente emerged with a mission to simplify financial transactions for medium and large enterprises. Offering a digital wallet where businesses can manage payments, collections, and finance operations, Xente provides a comprehensive platform. Beyond facilitating payments, it centralizes invoices, receipts, and financial documents, streamlining audits and reviews—a boon for businesses prioritizing accountability and transparency. By focusing on medium to large enterprises, Xente caters to entities dealing with substantial transactions and requiring robust management tools.
Accessible through a web app, Xente ensures users can transact from anywhere globally. This adaptability is vital for businesses with diverse operations, enabling tasks like paying casual workers via mobile money or providing airtime to remote staff. Noteworthy is Xente’s collaboration with VISA, enabling businesses to create virtual cards for online payments, enhancing transaction security and convenience while positioning the platform as globally versatile.
With over 500 Ugandan businesses onboarded, Xente is eyeing substantial growth. Francis envisions a fivefold expansion in the next year, starting with Uganda and extending into Kenya and Tanzania with the aid of the VISA partnership. This initial expansion serves as a springboard for further growth, with plans to penetrate the West African markets of Nigeria and Ghana. Nigeria, with its vast market potential, stands out as a strategic target, showcasing Xente’s ambition to become a key player in the African fintech landscape.
