Tech in Africa
FCA Investments, a global impact investor will commit $1M to Ensibuuko, a leading fintech in Uganda providing digital financial services to 200,000 rural customers in Uganda.
Ensibuuko runs a proprietary microfinance platform developed through SACCOs and saving groups. Ensibuuko and FCA Investments will run an ambitious target that increases financial inclusion through scaling the rural banking infrastructure and digital financial services towards millions of customers in Sub-saharan Africa.
Ensibuuko launched in 2014 by offering digital products and services to SACCOs by building the infrastructure connecting them to the wider financial service ecosystem comprising of banks, telecoms, and insurance.
Ensibuuko will benefit from the technical resources by FCA Investments including a global network of partners that will see it build network partners that will help in strengthening the internal capacity while establishing strategic relationships across the sub-Saharan region.
The company has cumulatively raised $1.6 million having closed an earlier pre-seed round from a group of Canadian angel investors. Gerald Otim Ensibuuko’s founder and CEO described the latest investment as a way of rapidly scaling across Uganda and other markets. The startup looks to make major improvements to its digital loans and microinsurance products that mainly target rural communities.
Emmanuel Obwori, COO of FCA Investments, commended Ensibuuko for focusing on customer value and committed to facilitating the necessary financial services required.
FCA Investments was founded by Finn Church Aid (the largest Finnish international aid organization) to provide long-term finance to help underserved communities by investing in impactful SMEs that can be scaled.
