Press Release: Goodwell makes follow-on investment in fast growing Musoni Services

Amsterdam, March 18, 2018. Goodwell Investments has agreed to a follow-on investment in Musoni Services to support its fast client growth. Musoni provides microfinance institutions (MFIs) serving the un(der)served consumers in emerging economies with innovative cloud-based core-banking software. Musoni’s software relieves MFIs from high IT resources and costs and helps them to manage their clients, loans and savings more efficiently. Therefore, MFIs can provide quality products and services at much lower costs, allowing more consumers to gain access to financial services as gateway to a better livelihood.

Cameron Goldie-Scot (Musoni CEO), Els Boerhof (Goodwell Partner), Sander van der Heyden (Musoni CTO)


Goodwell made its first investment in Musoni in December 2015, as it fits Goodwell’s mission to provide more people access to affordable and better quality basic goods and services, including financial services. In November 2015, Musoni was licensed to 39 MFIs across 8 countries in Africa and 1 MFI in Asia. At the end of 2017, the software was used by 90 MFIs across 10 countries in Africa and 3 in Asia (Myanmar, Philippines and Afghanistan).

Aside from the core banking functionality, Musoni has pioneered the use of new technology in microfinance, and as such is integrated with multiple mobile money transfer services, includes an SMS module for the sending of automated payment reminders, a tablet app that loan officers can use for offline data capture, a mobile banking app for clients and CRB integrations to improve lending decisions.

To make the system accessible to as many MFIs as possible, the Musoni System is licensed using a SAAS pricing model, charging annual, rather than upfront fees; the size of the annual fee is based on the size of the MFI licensing the system. This second Goodwell investment will be used to strengthen the sales team, expand the development team and drive expansion into new markets. The investment is from the recently closed Goodwell MDC III fund, that acts as cornerstone investor of the EUR 100 million uMuntu fund for which Goodwell is currently fundraising.

For more information, please contact Nico Blaauw, Goodwell, at

About Goodwell Investments

Goodwell Investments is a pioneering investment firm focused on financial inclusion, fintech and inclusive growth in sectors providing basic goods and services and income generation opportunities to the underserved in Africa and India. The firm provides early stage equity to high growth high impact businesses, with a heavy focus on the digital economy. With a track record of more than 10 years, the firm demonstrates that it is possible to be commercially successful while having an impact at the same time. Goodwell’s 25 portfolio companies have reached over 12 million households with more than USD 1.7 billion in financial products and services, and employ more than 30,000 employees. African portfolio companies in the fintech field include Paga (Nigeria), Nomanini (South Africa) and Musoni Systems (pan-African), and in mobility tech WhereIsMyTransport (pan-African). Goodwell has recently launched uMunthu, a new EUR 100m fund for Sub Sahara Africa, that will invest in financial inclusion, agribusiness and other inclusive growth sectors with a heavy focus on the digital economy.

About Musoni Services

Musoni Services is a Dutch microfinance software company that supports MFIs and SACCOs with its innovative and award-winning microfinance platform, the Musoni System. Musoni is known for pioneering new technology in microfinance in order to improve efficiency and reduce costs, including mobile money, SMS reminders and tablet apps. As a result of pioneering new technology in microfinance, over the last few years the Musoni team has won multiple awards, including the award for ‘most innovative use of technology’ at the Global Microfinance Awards (July 2011), the Frost and Sullivan award for ‘Technology Leadership’ (August 2014), and the 2016 European FinTech Awards.

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