Impact investments in East Africa
In January 2019, we invested in UPlus Mutual Partners Ltd - an exciting FinTech business providing people with a possibility of easily pooling money together and using it for a common purpose. In Rwanda, saving money in a bank account is still unusual, so savings groups are common for important life events such weddings and funerals. Collecting and managing the pooled funds is often time-consuming and difficult, so UPlus offers an application and USSD code enabling people to easily pool money together using mobile money or Visa/Mastercard to pay. The Visa/Mastercard payment alternative offers diaspora an important possibility to join groups in Rwanda and contribute to significant events in the lives of friends and family. The team behind UPlus were looking for an investment to finalise the application and create a marketing budget and for strategic advice to support scaling up the business. We are now working with UPlus to test and improve the solution, before it is rolled out across Rwanda.