Uganda’s Agent Banking Company (ABC) has secured a significant investment from Goodwell Investments, a Netherlands-based impact investor. This investment marks Goodwell’s entry into Uganda’s financial inclusion sector and will help ABC expand its customer base, increase its agent network, and introduce new financial services across the country.
The investment, made through Goodwell’s uMunthu Il fund, will support ABC’s efforts to scale up its operations and improve the reach of financial services in Uganda.
As a technology-driven financial services firm, ABC uses digital platforms to help people in rural and urban areas access banking and other essential services. ABC currently facilitates transactions for 22 of Uganda’s 25 commercial banks, processing over 4.6 million transactions valued at approximately $1.4 billion.
Since its launch in 2017, ABC has played a crucial role in widening access to formal financial services in Uganda. According to Richard Jabel, the CEO, the investment from Goodwell will support the company’s next phase of growth, focusing on improving basic financial services accessible through mobile phones, agents, and merchants.
This investment comes at a time when other payment providers are entering the Ugandan market. Flutterwave, a global payment technology company, secured a Payment Systems Operator license from the Bank of Uganda in August 2024. Similarly, eTranzact received a Payment Systems Operator and Payment Service Provider license in May 2024.
ABC’s focus on scaling its operations and improving its service offerings reflects the growing competition in Uganda’s digital payment landscape. The investment from Goodwell is expected to fuel ABC’s efforts to remain at the forefront of this rapidly evolving market, ensuring more people in Uganda have access to reliable and affordable financial services.
Overall, ABC’s investment from Goodwell Investments is a significant milestone in Uganda’s financial inclusion journey. With this funding, ABC is poised to expand its reach and improve its services, ultimately benefiting the people of Uganda.
