Ensibuuko, a Ugandan fintech, has received a $1 million seed investment from FCA Investments to help it expand across Africa
FCA Investments, a global impact investor, has invested $1 million in Uganda’s leading fintech, Ensibuuko, which currently serves over 200,000 rural Ugandans with digital financial services.Ensibuuko is a microfinance company that runs a proprietary platform designed specifically for African credit unions (SACCOs) and savings groups.FCA Investments and Ensibuuko have set a lofty goal of expanding financial inclusion in Sub-Saharan Africa by scaling rural banking networks and digital financial services to millions of people.After raising a pre-seed round from a group of Canadian angel investors in 2017, Ensibuuko now has a total investment of $1.6 million.Ensibuuko’s Founder & CEO, Gerald Otim, says, “With this latest investment, Ensibuuko strengthens its competitive position in Africa’s fintech market.” Ensibuuko will be able to grow quickly in Uganda and expand into new markets thanks to the investment. Ensibuuko also plans to develop its newer digital loan and microinsurance products, which are geared toward rural customers.Ensibuuko’s emphasis on growing consumer value and dedication to promoting last-mile financial services is praised by Emmanuel Obwori, COO of FCA Investments. He adds that Ensibuuko’s vision is in line with FCA Investments’ principles.Ensibuuko has created digital products and services for SACCOs and savings groups since its inception in 2014, as well as the infrastructure that links them to a larger network of financial service providers such as telecoms, insurance, and banks. Ensibuuko has already established strong alliances and integrations with three of Uganda’s leading banks and microfinance institutions, as well as two of the country’s largest telecommunications firms.
Source: Tech Gist