Goodwell Investments has announced its investment in the Agent Banking Company of Uganda, aiming to enhance financial inclusion and expand service access across the country.

Investment in the Agent Banking Company of Uganda

On September 19, 2024, Goodwell Investments, a prominent impact investor focused on fostering inclusive growth in emerging markets, announced its investment in the Agent Banking Company of Uganda, Ltd (ABC). ABC is a technology-driven financial services provider committed to enhancing lives by enabling access to quality and affordable financial services. This investment represents Goodwell's entry into the Ugandan market through its uMunthu II fund, which consists of EUR 150 million allocated for venture capital in impact-centered enterprises across Africa.

The capital infusion is intended to support ABC’s ambitious growth strategies, which encompass broadening its client base, increasing agent coverage, and introducing new services. Although this marks Goodwell's initial foray into Uganda, the firm is well-versed in the financial inclusion sector, highlighting its commitment to advancing access to financial services across the continent.

Industry Overview in Uganda

Despite notable advancements in the last decade, financial inclusion remains a significant issue across Africa. The World Bank reports that approximately 45% of individuals aged 15 and older in sub-Saharan Africa were unbanked as of 2021. A promising solut