- Ugandan fintech firm Agent Banking Company has secured investment from Dutch impact investor Goodwell Investments.
- The funding is part of Goodwell’s $167 million venture fund targeting African startups with significant social impact.
- CEO Richard Jabel emphasized the transformative potential of the investment, particularly for expanding ABC’s service offerings and agent network across Uganda.
Discover how the latest investment will accelerate the financial inclusion efforts of Agent Banking Company in Uganda.
Goodwell Investments Backs Agent Banking Company
Agent Banking Company (ABC), a prominent fintech entity in Uganda, has attracted investment from Dutch impact investor, Goodwell Investments. This funding is derived from Goodwell’s substantial $167 million venture fund aimed at fostering growth in African startups demonstrating significant social impact.
Expanding Financial Services Across Uganda
ABC intends to utilize this investment to broaden its customer base, bolster agent coverage, and introduce innovative services. Currently, ABC serves 18 financial institutions and five payment service providers through over 15,000 bank agents spread across Uganda. The company’s shared digital platforms are designed to deliver secure and affordable financial services to underserved communities, contributing to reducing financial exclusion.
CEO Richard Jabel’s Vision for Growth
Richard Jabel, CEO of ABC, marked the investment from Goodwell as pivotal for the next growth phase. He stated, “This investment will significantly enhance our capacity to provide a comprehensive suite of basic financial services accessible via mobile phones, agents, and merchants. We anticipate a productive partnership with Goodwell as we strive to improve livelihoods and dismantle financial exclusion barriers in Uganda.”
Accomplishments and Future Prospects
Aside from managing over 15,000 agents, ABC boasts over 20,000 registered accounts and a total transaction value that surpasses $200 billion. With Goodwell’s financial backing, the company is well-positioned to expand its operational footprint and continue driving financial empowerment across Uganda, bringing financial services to even more remote and underserved areas.
Conclusion
The partnership between Agent Banking Company and Goodwell Investments represents a significant milestone in the quest for financial inclusion in Uganda. This timely injection of capital will not only support ABC’s growth objectives but also enhance the accessibility of financial services to underserved populations, fostering economic empowerment and reducing financial barriers.
