Uganda's Agent Banking Company Gets Funding from Goodwell Investments
TLDR
- Agent Banking Company of Uganda secures funding from Goodwell Investments, boosting financial services access in underserved communities.
- Goodwell's uMunthu II fund invests in impact-driven companies like Agent Banking Company to enable expansion and introduction of new services.
- Agent Banking Company's tech-focused approach facilitates financial service accessibility through a network of authorized bank agents and digital platforms.
Agent Banking Company of Uganda, a tech-focused financial services firm, has secured funding from Goodwell Investments, an impact investor focused on inclusive growth in emerging markets.
Founded in 2017, Agent Banking Company facilitates access to financial services in underserved communities through its interoperable digital platforms. The firm connects 18 financial institutions and five payment service providers via a network of over 15,000 authorized bank agents across Uganda.
The funding, of an undisclosed amount, comes from Goodwell's uMunthu II fund, which provides venture capital to impact-driven companies across Africa. It will enable Agent Banking Company to expand its client base, increase agent coverage, and introduce new services.
Key Takeaways
Agent Banking Company’s new funding from Goodwell Investments will fuel its growth ambitions, enhancing access to financial services in Uganda’s underserved regions. By expanding its agent network and services, the company aims to further reduce financial exclusion and transform the financial landscape across the country, promoting broader financial inclusion through its digital platforms. uMunthu II is specifically investing in early and growth-stage SMEs, and actively seeking out women-led businesses because currently, only 15% of venture capital funding is going to companies founded and or led by women.
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