Tech

Uganda’s Agent Banking Company secures further investment for its expansion plans

Published

3 weeks ago

September 23, 2024

Ugandan fintech, Agent Banking Company (ABC), has announced securing an undisclosed amount of funding from Goodwell Investments, an impact investor financing inclusive growth in emerging markets, that will enable it carry out its expansion plans beyond the country.

The CEO of ABC, Richard Jabel, who made the announcement, said the funding will boost the company’s efforts in improving lives by facilitating access to quality and affordable financial services.

“Our business was established to address a very real need to expand the reach and improve access to quality and affordable financial services in Uganda,” Jabel said.

“With the introduction of Agent Banking, there has been exponential growth in the number of service points through which consumers can access and use formal financial services offered by over 15,000 authorised bank agents.

“This has made it much easier and enabled the previously underserved communities to enjoy a range of formal financial services across the country.

“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.

“The funding will enable Agent Banking Company to pursue ambitious goals for growth, including expanding its client base, increasing agent coverage, and deploying new services.

“We look forward to working with Goodwell as we continue to improve livelihoods and remove financial exclusion barriers through the transformation of the financial services landscape in Uganda,” said Jabel.

Founded in 2017, Agent Banking Company focuses on increasing access and use of a wide range of quality, secure and affordable financial services by underserved communities in Uganda through its shared and interoperable digital platforms.

The company enables multiple bank and non-bank financial services providers to provide financial services to consumers through authorised bank agents, and currently serves 18 supervised financial institutions and five payments services providers with over 15,000 bank agents across Uganda.

Click to comment

Tech

Kenya’s auto-tech startup BuuPass expands system to new operators

Published

12 hours ago

October 14, 2024

Isaac Dachen

Kenyan auto-tech startup, BuuPass, has announced the expansion of its Bus Management System (BMS) to new operators in a bid to further enhance transparency and operational efficiency for bus companies in the country.

Founded in 2016 by the duo of Sonia Kabra and Wyclife Omondi, BuuPass has grown from a B2B2C mobility marketplace to become a leader in digital ticketing and transportation management solutions that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

“What we are witnessing is nothing short of a digital renaissance in bus operations. Our Bus Management Service isn’t just a tool—it’s the future of this industry,” said Kabra, who doubles as the CEO of the company.

“So far, BuuPass has sold over 16 million travel tickets and generated over US$100 million in total value of goods sold, while it has also taken part in the Google for Startups Accelerator Africa and been backed by the Google for Startups Black Founders Fund. It also acquired counterpart QuickPass earlier this year.

“The BuuPass BMS is designed to address the most pressing challenges faced by bus operators. At its core, the system enhances transparency and control by providing real-time visibility into all aspects of operations, from ticket sales to route performance.

“Among the newly enrolled operators are Abuya, Abandu, Shoreline, and Bin Ibrahim, serving crucial routes such as Nairobi-Garissa, Nairobi-Moyale, Nairobi-Busia, Mombasa-Busia, and Mombasa-Kitui.

“To ensure smooth integration, BuuPass provides these operators with scanning devices, computers, and digital printers, along with comprehensive training for their staff on system usage,” she said.

Tech

Tanzanian fintech Nala secures $40m funding to boost expansion

Published

1 day ago

October 13, 2024

Isaac Dachen

Tanzanian payments platform, Nala, has announced securing $40 million in Series A funding from several global investment firms such as San Francisco-based VC firm, Acrew Capital, DST Global and Amplo, as well as other angel investors, which it says will be used for its global expansion and to strengthen its payment systems across Africa.

The startup which has its headquarters in Kenya, is a fintech that enables seamless money transfers from the UK, US, and the EU to Kenya, Uganda, Tanzania, Rwanda, and Ghana.

Nala’s founder and CEO, Benjamin Fernandes, who announced the new funding in a statement, said it is coming on the heels of a $10 million seed round in 2022 and will further improve the reliability of its African payment systems by establishing its own payment infrastructure.

Fernandes highlighted how the new capital would fast-track the company’s global expansion efforts, focusing on its Nala Money App and its business-to-business (B2B) payment platform, Rafiki API.

“This funding allows us to go beyond remittances and scale beyond Africa, building a comprehensive payments ecosystem. We’re reinvesting to enhance our infrastructure, ensuring affordable, reliable payments for everyone,” Fernandes said.

“With our own payment rails and the growth of our B2B platform Rafiki, we’re not just talking about change – we’re building it. We have bold, ambitious plans, so stay tuned for the next couple of years.

“For the first time, we are profitable and cash flow positive. Our transaction volume has surged 34 times over the last 20 months,” he added.

He noted that the company has expanded from a seven-member team to nearly 100 employees, and is serving nearly 500,000 customers globally.