Ensibuuko, a web and mobile application that enables Savings and Credit Cooperative Societies (SACCOS) of small holder rural farmers mobilise savings, receive and disburse loans easily and quickly using SMS and Mobile Money has raised
This investment according to the Co-Founder & Lead at Ensibuuko, Otim Gerald
Is intended to strengthen the mainstreaming on mobile money as a channel of transaction for users of our microfinance banking software
Their Mobile Money enabled Sacco system ‘MOBIS’is a cloud-based storage and transaction management and tracking software that provides standard accounting and reporting functionality.
The platform is integrated with 3rd party solutions that allows financial institutions to hold their funds and enable transactions electronically using mobile money integration, to move money between to and from their bank and to utilize SMS alert functionality. End users (account holders) are able to use a USSD platform to send and receive funds, request, receive and repay loans, and check account balances remotely.
The team is excited as always and the feeling is mutual across as well, according to Gerald.
Founded in 2012, the startup has so far launched in 7 countries including Uganda, Senegal, Tanzania, South Africa, Rwanda, Nigeria and Zambia and has been endorsed by the Ministry of Trade, Industry and Cooperatives, the SACCO regulatory body in Uganda and several bodies in Uganda.
Ensibuuko now joins other 23 startups as part of GSMA’s Ecosystem Accelerator Innovation Fund Start-up Portfolio, and GSMA is committed to helping these organisations realise their full socio-economic and commercial potential.
We hope the information included in this document will inspire you to engage with them, and to refer relevant start-ups to the upcoming round of our Innovation Fund – GSMA
GSMA’s Startup Portfolio is downloadable here.