Ensibuuko is a cloud based management information system for Savings Cooperatives (SACCOS). It uses a mobile and web based application that integrates with SMS and mobile money to enable Savings and Credit Cooperative Societies (SACCOS) of small holder rural farmers mobilise savings, receive and repay loans. As of this writing, the fintech outfit closed a $500,000 investment in seed funding yesterday according to a one, Moris Atwine.
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, says David Opio who is also the founder and CEO of Ensibuuko.
While an estimated 80% of the Ugandan population comprises of small holder farmers that particularly face funding problems to increase the value of their trade, Ensibuuko works with SACCOS to address such challenges enabling them to access credit using cheaply accessible technology like mobile phones to register and apply for loans and thus improving their productivity.
Ensibuuko lists over 68 SACCOS within its network and over 430,000 customers thus demostrating keen interest by farmers over its services. However, 430,000 customers is a paltry of an estimated 27,000,000 Ugandans directly employed by Agriculture if we’re to quote estimated figures.
These farmers remain largely un-banked given most financial institutions are reluctant to extend credit to them citing lack of collateral given agricultural produce is dependent on unpredictable seasons while others charge high interests to the lucky farmers that manage to be availed credit. All these remain obstacles to an economy sustained by Agriculture since it employs majority of the population. Ensibuuko seeks to reverse this with its range of services.
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