Ugandan fintech Ensibuuko raises $1 million in latest funding from FCA investments

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The Fintech ecosystem in Uganda continues to expand at an incredible rate, with the new developments tackling the issues that stand in the way of universal financial inclusion. Ugandan fintech Ensibuuko raises $1 million in latest funding from FCA investments, a global impact investor which will allow it to achieve more financial inclusion. The fintech made this announcement on Friday 30th April 2021 at protea hotel.

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Ensibuuko raises $1 million in latest funding to increase financial inclusion

Ensibuuko raises $1 million in latest funding and has hit great milestones in regards to financial technology providing digital financial services to over 200,000 rural customers in Uganda. Founded in 2014, Ensibuuko was started with the aim of providing those who live in underserved communities access to affordable financial services.

gerald otim large
CEO of ensibuuko technologies, Otim Gerald

It operates a proprietary microfinance platform developed specifically for Africa’s credit unions (SACCOS) and savings unions. It utilizes technology solutions to community-based savings and loans organizations so they can efficiently reach and serve unbanked and most underserved communities in Africa with affordable and relevant financial services.

Ensibuuko raises $1 million in latest funding from FCA investments that will allow it to coordinate with the global impact investor to jointly achieve more financial inclusion by scaling rural banking infrastructure and digital financial services to millions of customers in Sub-Saharan Africa.

Emmanuel Obwori, COO of FCA Investments, commends Ensibuuko on its focus on growing customer value and commitment to facilitating last-mile financial services. Ensibuuko’s vision is well-aligned with the values of FCA Investments.

Read also: Uganda’s Numida acquires $2.3 million in funding to increase lending to SME’s

Through this investment, the fintech will also gain access to FCA investments’ technical resources and a global network of partners allowing it to build internal capacity and establish strategic relationships across the Sub-Saharan region.

A visual of ensibuuko’s online platform

The founder and CEO of Ensibuuko Gerald Otim said, “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 as we also intend to make major improvements to our newer digital loan and microinsurance products, which target rural customers.”

As Ensibuuko raises $1 million in latest funding, it was also among five startups in Africa to receive the grant capital from the GSMA Innovation Fund that it intends to use to introduce a digital training tool to its mobile app. GSMA did this as part of an initiative to back startups in Africa that are working towards increasing mobile internet adoption and digital inclusion.

According to Disrupt Africa, the objective of the fund is to support solutions that seek to address one or more of the following barriers to mobile internet adoption: accessibility, affordability, digital skills, and safety and security.

FCA investments is an impact investor specialising in developing countries and fragile states. It seeks to leverage the power of finance as a means to unlock opportunities for communities in areas of the world that are underserved by investing in SME’s while putting the social & environmental impact at the front and centre of our investment decisions.

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