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    HomeEcosystem NewsEASTERN AFRICAUganda’s Ensibuuko Acquires Chomoka App Following Strategic Investment

    Uganda’s Ensibuuko Acquires Chomoka App Following Strategic Investment

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    In a landmark move for financial inclusion in Africa, CARE, a leading humanitarian organization, has announced a strategic partnership and investment in Ensibuuko, a Uganda-based fintech company. This collaboration aims to expand digital and financial access for women and girls across the continent.

    Key Points of the Partnership:

    • Acquisition of Chomoka: Ensibuuko will acquire CARE’s proprietary Chomoka application, a digital solution designed to streamline savings group management and foster digital skills among members.
    • Expanded Collaboration: CARE and Ensibuuko will work together to leverage their combined expertise and networks to reach millions of underserved individuals, primarily women, through savings groups.
    • Financial Independence: The partnership aims to empower women by providing access to digital financial tools and resources, including loans and payments.
    • Proven Success: Ensibuuko already supports 7,500 digital savings groups in Uganda and Malawi and holds a microfinance banking license in Uganda.

    CARE has a long history of supporting women and girls through savings groups, having assisted over 20 million members in 64 countries. Ensibuuko shares CARE’s vision of leveraging technology to empower women financially.

    Christian Pennotti, Chomoka founder and CARE’s Managing Director for the Women in the Digital Economy Fund project, emphasized the potential of the partnership: “By combining Chomoka’s user-centric design, Ensibuuko’s proven business model, and CARE’s millions-strong VSLA network, this partnership has the potential to unlock access to financial and digital inclusion for an unprecedented number of savings groups and underserved communities.”

    Gerald Otim, Founder and CEO of Ensibuuko, expressed his excitement about the collaboration: “CARE is a global leader in building and growing savings groups networks. The timing of this collaboration is perfect: Ensibuuko is embarking on a journey to deliver digital products to millions of customers who operate in savings groups.”

    The partnership is expected to ensure continuity of service for existing Chomoka users while introducing an expanded suite of features.

    Prudence Masako, CARE Tanzania Country Director, highlighted the potential impact in Tanzania: “With this new partnership, I believe we have the potential to bring forward a solution that can meet the scale of ambition and potential of the women in the savings groups we serve.”

    Apollo Gabazira, Country Director for CARE Uganda, stressed the timeliness of the partnership, noting the growing demand for digital products and services in rural communities.

    CARE is a leading humanitarian organization fighting global poverty, with a special focus on empowering women and girls. Ensibuuko is a Ugandan fintech company specializing in digital financial solutions for savings and lending collectives.

    This strategic partnership between CARE and Ensibuuko marks a significant step towards closing the gender gap in financial access and fostering economic empowerment for women across Africa.

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