Uganda’s Agent Banking Company (ABC), a technology-driven financial services firm, has received a key investment from Goodwell Investments, a Netherlands-based impact investor focused on inclusive growth in emerging markets.
This funding marks a pivotal moment for ABC as it scales up its operations to expand access to financial services for underserved communities across the country.
Established in 2017, ABC has quickly become a leader in digital financial inclusion, connecting over 18 financial institutions and five payment service providers through a network of more than 15,000 authorized agents. By providing deposits, withdrawals, money transfers, and bill payments, these agents expand access to formal financial services in previously excluded communities.
The investment, facilitated through Goodwell’s uMunthu II fund, will enable ABC to significantly grow its operations. With this funding, the company plans to expand its agent network, introduce new financial services, and enhance its digital platforms, providing even greater access to banking services across Uganda.
“This partnership with Goodwell is an exciting step forward for us,” said ABC CEO Richard Jabel. “Our goal has always been to ensure that all Ugandans, especially those in rural and underserved areas, have access to quality, affordable financial services. With Goodwell’s support, we’re poised to reach even more people, making financial services accessible at the grassroots level.”
Goodwell Investments is backing high-impact, inclusive African businesses with its uMunthu II fund, valued at €150 million (US$167 million). By partnering with ABC, Goodwell continues to make strides in fostering financial inclusion across the continent, particularly in markets where access to banking services remains limited.
Wim van der Beek, Managing Partner at Goodwell, expressed his enthusiasm for the partnership, stating: “We are thrilled to invest in ABC and support its mission to democratize access to financial services in Uganda. Their innovative approach, which leverages technology and a vast agent network, aligns perfectly with our vision of fostering inclusive growth across Africa.”
Read also: Uganda’s UTel to Receive $225 Million Boost from Dubai-Based RCC.
ABC’s expanding network of agents will play a crucial role in shaping the country’s financial landscape, especially as demand for digital financial services continues to grow. The company’s interoperable platform allows users to access financial services via mobile phones, agents, and merchants, making it easier for individuals and small businesses to engage with formal banking systems.
With Goodwell’s investment, ABC is also planning to roll out new services such as mobile-based savings accounts, microloans, and insurance products, further enhancing its product offering and addressing the financial needs of underserved populations.
The investment comes at a time of rapid growth in Uganda’s fintech sector, with increasing demand for digital payment solutions and financial services. Companies like Flutterwave, NALA, and eTranzact have recently expanded their presence in Uganda, signaling a dynamic shift towards greater financial inclusion across the country.
As ABC moves forward with its expansion plans, its mission to improve livelihoods by removing financial barriers remains central. By connecting more people to financial services, ABC is not only transforming Uganda’s financial landscape but also contributing to the broader goal of economic development and social inclusion across the region
