Founded in 2014, Ensibuuko operates a proprietary microfinance platform developed especially for African credit unions (SACCOs) and savings groups.
The software helps community-based microfinance entities automate their data, processes and payments so as to become efficient in delivering financial services in their communities.
The goal is to scale rural banking infrastructure and digital financial services to millions of customers in Sub-Saharan Africa, with Ensibuuko also gaining access to FCA Investments’ technical resources and a global network of partners.
Ensibuuko also intends to make major improvements to its newer digital loan and microinsurance products, which target rural customers.
Gerald Otim. Founder and CEO, Ensibuuko
In April 2021, Ensibuuko was among the five African start-ups that received grant capital from the GSMA as part of its Innovation Fund for Mobile Internet Adoption and Digital Inclusion, which is backing start-ups in Africa and Asia that help to increase mobile internet adoption and usage.
Supported by the UK Department for International Development (DFID), Germany’s Federal Ministry for Economic Cooperation and Development, the GSMA, and its members, the objective of the fund is to support solutions that seek to address one or more of the following barriers to mobile internet adoption: accessibility, affordability, digital skills, and safety and security.
Offering grants of between US$137,000 and US$344,000, its goal is to support start-ups or small to medium enterprises (SMEs) with innovative new products, services, or business models which can address key barriers to mobile internet adoption and use, driving digital inclusion for those currently digitally excluded, including women.
The other four from Africa were: Ethiopia’s Africa 118, Nigeria’s ScholarX, Zambia’s WidEnergy, and Zimbabwe’s Zonful Energy. Also selected was India’s Navana Tech, and three Pakistani companies – Vceela, The Orenda Project and Knowledge Platform.