Global impact investor, FCA Investments commits $1M to Uganda’s leading fintech, Ensibuuko that currently provides digital financial services to over 200,000 rural customers in Uganda, the company Founder and CEO Gerald Otim announced.
Ensibuuko operates a proprietary microfinance platform developed especially for Africa’s credit unions (SACCOs) and savings groups. FCA Investments and Ensibuuko have an ambitious target to increase financial inclusion by scaling rural banking infrastructure and digital financial services to millions of customers in Sub-Saharan Africa.
Ensibuuko will also gain access to FCA Investments’ technical resources and a global network of partners allowing it to build internal capacity and to establish strategic relationships across the Sub-Saharan region.
“With this latest investment, Ensibuuko ups its competitive stance in Africa’s fintech space. The investment will allow Ensibuuko to scale rapidly in Uganda and to expand to other markets. Ensibuuko also intends to make major improvements to its newer digital loan and microinsurance products, which target rural customers.”Ensibuuko’s Founder & CEO, Gerald Otim
Since its launch in 2014, Ensibuuko has developed digital products and services for SACCOs and savings groups and built the infrastructure that connects them to the wider ecosystem of financial service providers including telecoms, insurance, and banks.
This new raise brings total investments in Ensibuuko to $1.6 Million having closed a pre-seed round in 2017 from a group of Canadian angel investors.
Founded by Finn Church Aid (the largest Finnish international aid organization) in 2018, FCA Investments seeks to leverage the power of long-term finance to unlock opportunities for underserved communities and boost job creation in developing countries by investing in impactful and scalable SMEs.