The investment will fuel ABC’s growth plans, including expanding its client base, increasing agent coverage, and introducing new financial services.

ABC, established in 2017, is a licensed Payment Systems Operator focused on providing accessible financial services to underserved communities in Uganda.

Richard Jabel, ABC’s CEO, expressed his enthusiasm for the partnership, stating that the investment will enable the company to further enhance its services and improve access to basic financial services through mobile phones, agents, and merchants.

Goodwell’s investment comes at a time when Uganda’s financial technology landscape is experiencing rapid growth.

Other notable payment providers, such as Flutterwave, eTranzact, and NALA, have also secured licenses to operate in the country, indicating a growing demand for digital payment solutions.

The announcement was made following a meeting between Nigerian President Bola Tinubu and senior executives of the soft drink giant.

The investment pledge comes as a boost to Nigeria’s economy, which has faced challenges attracting foreign investment due to factors such as forex shortages and bureaucratic hurdles.

John Murphy, President and Chief Financial Officer of Coca-Cola, and Zoran Bogdanovic, CEO of Coca-Cola HBC, met with President Tinubu to discuss the company’s expansion plans.

Bogdanovic highlighted Coca-Cola’s previous investments in Nigeria, totaling $1.5 billion since 2013, which have focused on expanding production capacity, improving the supply chain, and investing in training and development.

The additional $1 billion investment will further strengthen Coca-Cola’s presence in Nigeria, a market with a population of over 200 million.