Goodwell Investments, an impact investor based in the Netherlands, has made an undisclosed investment in Agent Banking Company of Uganda, Ltd (ABC), a technology-focused financial services company, marking the company's first foray into the East African country.
Goodwell invested in ABC through uMunthu II, a 150 million Euro fund that provides venture financing to impact-driven businesses across Africa.
Goodwell announced the ABC investment today, stating that the funds will allow the firm to pursue growth ambitions, such as expanding its client base, increasing agent coverage, and introducing new services.
According to Goodwell, ABC's platform provides the underlying technology that supports interconnected agent networks, allowing them to interact directly with regulated financial institutions and local customers.
When asked about the ABC's successes and ambitions since its founding in 2017, CEO Richard Jabel responded, “Our business was established to address a very real need to expand the reach and improve access to quality and affordable financial services in Uganda.
“With the introduction of Agent Banking, there has been exponential growth in the number of service points through which consumers can access and use formal financial services offered by over 15,000 authorised bank agents.
“This has made it much easier and enabled the previously underserved communities to enjoy a range of formal financial services across the country.
“The investment from Goodwell will be instrumental in the next phase of our growth, as we enrich our service range to encompass the full suite of basic financial services to be accessed through mobile phones, agents and merchants.”
Share