SPENN enters Uganda, signs agreement with I&M Bank
This company announcement includes inside information about a signed agreement between SPENN Technology A/S and I&M Bank Uganda.
Company Announcement No. 80
Expanding its African footprint, SPENN Technology has today signed an agreement with I&M Bank Uganda, enabling an entry into a fourth African market.
“Uganda has a population of 46 million people, but only 4.5 million unique registered individual bank accounts. Still, Uganda has 36 million registered users of mobile payment systems, which displays an impressive financial maturity in terms of uptake of financial technology. This is a perfect setting for SPENN,” says Jens Glaso, CEO of SPENN Technology A/S.
“SPENN has the technology and the presence to capture a sizeable part of the mobile money industry in Uganda, which is a multimillion-dollar market,” says Glaso.
The agreement with I&M Bank Uganda is a 5-year contract that will generate a minimum of DKK 8.5 million revenue for the SPENN Technology A/S group. The contract strengthens the recurring revenue for the company and provides nationwide distribution of SPENN products and services in Uganda.
“The cost of financial services in Uganda is high, which presents an opportunity for SPENN to offer more affordable solutions based on blockchain technology,” says Glaso.
I&M Bank Uganda is a sister bank of I&M Bank in Rwanda, which has experienced tremendous growth since partnering with SPENN two years ago. I&M Bank Uganda, a smaller bank in Uganda, is pleased to have reached an agreement with SPENN.
“SPENN provides us with an opportunity to onboard more customers with a state-of-the-art digital banking solution, which is already successful in other African markets. We look forward to our partnership with Spenn, to deliver digital payment solutions in Uganda," says Kumaran Pather, CEO of I&M Bank Uganda Limited.
For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: jens@spenn.com
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk
SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
www.spenn.com
About SPENN Technology A/S
In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.
The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.
SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.
SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN
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