Ensibuuko FinTech

Ensibuuko

Ensibuuko

Ensibuuko exists to equalize access to financial services. We are providing banking solutions to financial services entities unique to Sub-Saharan Africa. We have current operations in Uganda and serious interest in licensing deals from Ghana, Nigeria and Tanzania. There are major issues in the financial services sector in Uganda: Banks are concentrated in major towns, Services are expensive and loans have interest rates of not less than 24%. It is part of the general problem of poor and expensive financial services infrastructure in all of Africa. Instead of working with banks, most people will prefer a Savings and Credit Cooperative (SACCOS), similar to a Credit Union. These institutions provide banking services for 18M out of 35M population in Uganda. SACCOs take deposits from members and then make loans at more reasonable rates, which is good; but their infrastructure is not very good. Cash is stored in a lockbox, transactions are recorded on paper ledgers; money gets lost, transactions may not get recorded, ledgers disappear and money gets stolen. Ensibuuko is providing SACCOs with modern electronic banking infrastructure. Our software is cloud-based and we have created a solution that allows for web services even in rural areas with poor telecom infrastructure. The software is also integrate to the mobile phone network. This allows users to access their account via mobile phone — they can check the balance, make deposits and withdraw. This improves access and transparent

Fundraising

This venture has not initiated a round of financing on the VC4A platform. If they choose to, the summary of the fundraising round will appear to VC4A Pro Account users here.

Idea

We have an elevator pitch. This is a high-risk venture that offers potentially high-rewards. We plan to execute a proven concept in a growing market.
We have an elevator pitch. This is a high-risk venture that offers potentially high-rewards. We plan to execute a proven concept in a growing market.

Ensibuuko provides a core banking software to grassroots financial institutions popularly known as SACCOs. The software is embedded with mobile tools such as mobile money, SMS and USSD to enable SACCO members to transact anytime, anywhere by using their simple basic mobile phones.

Team

We have a business network and can get introduced to the right people. We can build the product - our team has what it takes. Given the time and money, we can deliver on our promises.
We have a business network and can get introduced to the right people. We can build the product - our team has what it takes. Given the time and money, we can deliver on our promises.

Ensibuuko has a dedicated team of 10 fulltime staff with 10 years of combined experience in ICT, Agriculture and Finance. The team provides support in product development and maintenance, documentation, marketing and accounting support. All Ensibuuko cofounders also work fulltime


Product

We have a demo or prototype, you can contact us to arrange a demo. We have developed the product ourselves and own all of the IP for the product.
We have a demo or prototype, you can contact us to arrange a demo. We have developed the product ourselves and own all of the IP for the product.

15 months after its launch, MOBIS is now being used in 61 Institutions reaching over 400,000 people, 25% of whom are actively using our mobile wallet. This is the fastest growth record ever achieved by an MIS provider in our market.

Revenue

We will earn revenue from an advertising model. We already have revenue from paying customers.
We will earn revenue from an advertising model. We already have revenue from paying customers.

SACCOs pays an initial cost of $1,500 which covers (one time licence, training, data migration, equipment and APN modems) and then after they pay a fee of $0.09 per member per month. An average SACCO in Uganda has a membership of 5000. There are over 5000 SACCO registered serving a total membership of 18 million people who save and borrow from SACCOs.

Team

Updates