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.