A Ugandan fintech company has received an undisclosed investment from Dutch impact investor Goodwell Investments. The funding comes from Goodwell’s $167 million venture fund for African startups with a social impact.

Agent Banking Company (ABC) plans to use the investment to expand its customer base, increase agent coverage, and introduce new services. According to a report, ABC’s shared digital platforms provide secure, affordable financial services to Uganda’s underserved communities.

Currently, ABC serves 18 financial institutions and five payment service providers with over 15,000 bank agents across Uganda. Goodwell’s investment will support ABC’s growth initiatives. Agent Banking Company CEO Richard Jabel commented on the investment:

“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. 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.”

Meanwhile, in addition to boasting over 15,000 agents, has over 20,000 registered accounts and a total transaction value exceeding $200 billion.

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