Ugandan fintech company Agent Banking Company (ABC) has secured an undisclosed investment from Dutch impact investor Goodwell Investments.
According to the company, the funding is part of Goodwell’s $167 million African startup venture fund aimed at supporting businesses with social impact.
ABC plans to use the investment to expand its customer base, increase its network of agents, and introduce new services to promote financial inclusion in Uganda.
ABC currently serves 18 financial institutions and five payment service providers through a network of over 15,000 bank agents across Uganda.
The firm’s shared digital platform provides secure and affordable financial services, specifically targeting underserved communities in the country.
With Goodwell’s investment, ABC aims to further scale its operations and enhance financial access through mobile phones, agents, and merchants.
According to ABC’s CEO Richard Jabel, this investment will be pivotal in expanding their service range.
Jabel stated, “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.”
ABC’s current infrastructure includes over 20,000 registered accounts and a total transaction value surpassing $200 billion.
The company plans to leverage Goodwell’s support to broaden its reach and continue transforming the financial services landscape in Uganda, addressing barriers to financial inclusion.
The Agent Banking Company (ABC) was founded in 2017 by the Uganda Banker’s Association (UBA), the umbrella organisation representing commercial banks in Uganda, in collaboration with Eclectics, a pan-African technology company.