Goodwell Investments Expands Reach in East Africa with Investment in ABC

Goodwell Investments, a Netherlands-based impact investor, has made its first investment in Uganda, supporting Agent Banking Company of Uganda, Ltd (ABC), a technology-driven financial services firm. The investment amount remains undisclosed, but it comes through Goodwell’s uMunthu II fund, which totals 150 million Euros and focuses on venture financing for impact-driven enterprises across Africa.

Announcing the investment today, Goodwell stated that the funds will enable ABC to accelerate its growth initiatives, including expanding its client base, increasing agent coverage, and launching new services. ABC’s innovative platform underpins a network of interconnected agents, facilitating direct interactions with regulated financial institutions and local customers.

ABC CEO Richard Jabel highlighted the company’s mission since its founding in 2017: to enhance access to quality and affordable financial services in Uganda. “With the introduction of Agent Banking, we’ve seen exponential growth in service points, allowing over 15,000 authorized bank agents to provide formal financial services,” he noted. “This has significantly improved access for previously underserved communities.”

Jabel emphasized that Goodwell’s investment will be crucial for the next phase of ABC’s expansion, enabling the company to diversify its offerings and provide a comprehensive suite of basic financial services accessible via mobile phones, agents, and merchants.

This strategic partnership marks a significant step in improving financial accessibility in Uganda and underscores Goodwell’s commitment to fostering impact-driven businesses across the continent.