Ensibuuko, a Software-as-a-Service (SaaS) provider, which runs a SACCO Software built with Advanced data processing and reporting functionalities with an easy-to-use Interface allowing members to deposit, withdraw, transfer money through mobile money their balance and mini-statement and receive notifications on SMS has raised $500,000 from a Canadian Angel investor Ed Levinson for growth.
Ensibuuko was founded by Opio David and Otim Gerald as CEO and COO respectively. Opiyo told Moris Atwine,
a Kampala-based developer and blogger that: “We celebrate the signing of our first $500k of investment. Starting a new year with great opportunities. Thank you everyone who has helped us to reach this far.”
Ensibuuko’s core-banking software enables rural-based financial institutions to manage information and reporting; while efficiently delivering financial services on a mobile wallet offers SACCOS the means to grow and scale rapidly and to reach underserved communities; and to build operational efficiency, cut costs and improve their reach.
The funds will help startup to reach more users across the country.
“We are creating the ecosystem for financial inclusion,” the founders says on their website. “Our philosophy is that technology should be a platform that nurtures both our customers as well as a vibrant 3rd Party marketplace of solution providers. When we set out, our goal was to change the way finance is handled in SACCOs & even with the software that we provide, we have invested in building these changes into the workflows of our clients.”
The startup’s financial literacy program has reached over 68 SACCOs with over 430,000 customers.
“We are the solution to the challenges facing microfinance institutions around the globe. Our solution is designed specifically for financial inclusion by experienced practitioners,” Ensibuuko founders conclude.