In recent years, the investment landscape in Uganda has undergone a significant transformation, moving from a state of limited options to a burgeoning ecosystem fueled by the rise of wealth tech platforms.
Historically, Ugandans faced numerous investment barriers, including restricted access to global markets, complex investment processes, and a general lack of financial literacy. These challenges often left many potential investors sidelined, unable to capitalise on opportunities that could enhance their financial futures.
However, the emergence of innovative wealth tech platforms has revolutionised this scenario. Today, Ugandans can easily access diverse investment options, including bonds, Treasury bills, global stocks, and even cryptocurrencies.
These platforms leverage technology to simplify the investment process, making it more user-friendly and accessible for seasoned investors and novices. By breaking down traditional barriers and providing educational resources, these tech-driven solutions empower individuals to control their financial destinies.
As we explore the stories of five remarkable Ugandan entrepreneurs at the forefront of this investment revolution, we will see how they are expanding investment opportunities for their fellow citizens and fostering a culture of entrepreneurship and financial empowerment across the nation.
Aeko Ongodia
Aéko Ongodia is a prominent figure in Uganda’s financial landscape, recognised for his role as the founder and CEO of Xeno Technologies, one of the country’s most popular wealth tech platforms.
Born in Uganda, Ongodia’s journey into finance began during his undergraduate studies in Quantitative Economics at Makerere University. His curiosity about financial markets was sparked by watching financial news, particularly the Dow Jones index, which motivated him to delve deeper into the field.
He further honed his expertise by obtaining two Master’s degrees—one in Mathematical Trading and Finance from Bayes Business School and another in Applied Mathematics and Statistics from Stony Brook University.
With over 16 years of experience in the African financial markets, Ongodia has held significant positions, including Head of Stress Testing and Risk Modeling at the Bank of Uganda and Fixed Income Portfolio Manager at the National Social Security Fund (NSSF), where he managed a portfolio worth $1.3 billion.
His extensive finance and investment management background led him to co-found QuanEast Advisory, focusing on institutional investment advisory services.
However, Ongodia recognised a gap in the market for accessible investment advice for retail investors, which inspired him to establish Xeno Technologies.
Xeno is designed as a goal-based investment platform that democratises access to investment opportunities for individuals across Africa. Launched in 2017, Xeno allows users to plan, save, and invest towards their financial goals through a user-friendly web application.
The platform employs an algorithm that assesses users’ financial situations and risk profiles to recommend customised investment portfolios.
This approach simplifies the investment process and makes professional investment management accessible to individuals regardless of their account sizes.
One of Xeno’s key features is its automated advisory service, which eliminates the need for expensive human advisors while still providing quality guidance.
Users can easily create an investment account using mobile money or bank transfers and begin investing with as little as $3. The platform charges a management fee of 2% of assets under management annually, making it cost-effective for users.
As of early 2025, Xeno has amassed close to 100,000 registered users and manages over Shs 60 billion (approximately $16 million) in assets.
Ongodia envisions Xeno becoming the premier destination for investment in Africa, helping individuals achieve their financial goals while fostering a culture of saving and investing across the continent.
John Viannie Wasswa
John Viannie Wasswa, a young entrepreneur from Uganda, has exemplified grit and perseverance by founding Cyanase, an investment platform while pursuing his medical degree.
Initially inspired by the lucrative salaries of CEOs, Wasswa sought to change his life through entrepreneurship without fully understanding what it entailed.
His early attempts to secure franchises from major companies like Walmart proved unsuccessful, leading him to pivot towards creating his startup focused on e-commerce for spare parts. However, he soon realised the importance of addressing real problems in tech solutions.
The breakthrough for Wasswa came when he restructured a friend’s idea for a network marketing website into an investment platform aimed at helping parents save for their children’s education.
Despite facing significant challenges, including financial constraints and a lack of coding knowledge, Wasswa’s determination led him to learn how to code using his mobile phone.
He developed an early version of Cyanase within a month while utilising public Wi-Fi at Makerere University. To market his platform, he creatively engaged with Ugandan celebrities on social media, which helped him gain his first 1,000 signups.
However, user engagement remained a hurdle as many perceived the website as untrustworthy. Responding to feedback, Wasswa taught himself app development and created an application for Cyanase.
Lacking funds for deployment, he drew inspiration from Jack Ma’s story and successfully crowdfunded $1,000 from classmates to cover the costs of launching the app on the Google Play Store. This move proved pivotal as it allowed users to begin depositing money for investments.
Cyanase gained traction with over 15 million shillings in deposits and expanded its investment offerings beyond just land transactions.
In 2021, Wasswa secured $35,000 in funding from Ortus Capital, enabling Cyanase to facilitate over $450,000 in investments and grow its user base to over 2,000.
The platform has evolved significantly and now aims to aggregate various investment classes globally while also providing tools for local investment companies.
Wasswa acknowledges that building a startup at a young age presents unique challenges but also fosters fearlessness due to limited risks.
He emphasises the importance of networking and learning from others in the entrepreneurial ecosystem. His journey with Cyanase reflects his personal growth and commitment to enhancing financial literacy and investment opportunities for Ugandans.
Irene Mwoyogwona: Beyond the Numbers – How Pride Bank's Award-Winning CFO Combines Profitability and Social ImpactLooking ahead, he envisions partnerships with major telecoms and fintech companies to simplify investment access for users across Africa further.
Abraham Banaddawa
Abraham Banaddawa, a former medical student turned entrepreneur, is on a mission to democratise investment in Africa through his startup, Level Africa.
Realising that his initial career path would not allow him to make a significant impact, he shifted to Business Administration. He later returned to Uganda after graduating from Florida Southern College.
Drawing from his experiences as a finance consultant, Banaddawa founded Level Africa to address the challenges he faced when trying to open an investment account in Uganda, which involved a cumbersome two-week process.
Level Africa is designed as an online marketplace for investment, enabling users to invest in various assets across Africa from a single account.
The platform aims to provide safe and convenient access to legitimate investment opportunities, similar to how Amazon operates but focused on investments.
Unlike other platforms, Level Africa does not promote specific products; instead, it pools vetted investment options and equips users with the necessary information to make informed decisions. This unique model includes offering small denomination government bonds, making it accessible even for younger investors.
The startup’s business model is straightforward: Level Africa charges commissions from investment options available on its platform and offers advisory services for clients seeking personalised guidance.
As of Q2 2023, the platform had attracted nearly 300 individual users and facilitated over 250 million investment shillings—achieved organically without marketing efforts. However, Banaddawa plans to ramp up marketing efforts to expand its reach.
Recognising the importance of financial literacy in Uganda, Level Africa has successfully targeted Ugandans in the diaspora who face difficulties investing back home.
The platform allows these users to manage their portfolios remotely, catering to young middle-class Ugandans increasingly embracing digital investing. Additionally, Level Africa has formed strategic partnerships with companies like Nigeria’s Rise and acquired Utilitis Africa, further enhancing its service offerings.
Recently, Level Africa secured funding from Renew Capital in an undisclosed round (However, Renew Capital’s standard checks are typically around $120,000).
Banaddawa envisions growing Level Africa into the premier investment destination for anyone looking to invest in Africa. He aims for the platform to support millions of users and provide diverse investment options across the continent within the next five to seven years, ultimately transforming how people engage with African markets.
Stone Atwine
Stone Atwine is a Ugandan entrepreneur CEO, and co-founder of Eversend. This multi-currency financial platform has transformed the way Africans engage with cross-border payments.
His journey of building Eversend began with a personal mission: to simplify the process of sending money to his grandmother in Uganda, who faced significant challenges accessing traditional remittance services.
This experience inspired him to create Eversend in 2017 to provide affordable and convenient financial solutions for Africans globally.
With over 13 years of experience in the fintech sector, Stone has held various influential roles, including Country Manager for Payment Solutions International in Kenya and strategic consultant for major banks such as Stanbic and Barclays.
His entrepreneurial spirit led him to co-found Yetu Credit Finance, a micro-lending service, and useremit.com, a mobile money remittance service operating across East Africa. Stone’s innovative approach has earned him recognition as a top young African leader under 40 by the Institut Choiseul in Paris on multiple occasions.
Eversend primarily serves as an app for cross-border money transfers, allowing users to send, pay, and spend money internationally with ease in multiple currencies.
In addition to its core remittance services, Eversend expanded its offerings to include cryptocurrency investments and plans to introduce investments in US stocks, further enhancing the financial options available to its users.
As of 2023, Eversend boasted over 500,000 users across several African countries, demonstrating Stone’s commitment to financial inclusion and his ability to drive growth with minimal funding.
Currently based in London, Stone Atwine maintains a strong presence in key African markets such as Lagos, Nairobi, Accra, and Kampala, and Stone Atwine continues to lead Eversend towards its mission of empowering individuals through accessible financial services. His focus on data-driven decision-making and sustainable growth strategies positions Eversend as a trailblazer in Africa’s fintech landscape.
Ham Serunjogi
Ham Serunjogi is a Ugandan entrepreneur and the co-founder and CEO of Chipper Cash, a leading fintech company that has revolutionised cross-border payments across Africa.
Launched in 2018 alongside co-founder Maijid Moujaled, Chipper Cash was born out of a shared frustration with the high costs and complexities of sending money across African borders. The app quickly gained traction by offering instant, zero-fee money transfers, making it an essential tool for individuals and businesses alike.
Under Ham’s leadership, Chipper Cash expanded its services beyond cross-border payments. In 2021, the platform introduced investment options that allow Ugandans to invest in US stocks, including popular companies like Tesla, Meta, and Nvidia.
This significant enhancement was made possible through a strategic partnership with DriveWealth, which facilitated Chipper Cash users’ access to US stock markets. Additionally, the platform has enabled users to buy cryptocurrencies, further diversifying investment opportunities for its growing user base.
Chipper Cash’s commitment to financial inclusion has led to remarkable growth, boasting over 5 million registered users and processing billions of dollars annually. Ham’s vision for Chipper Cash extends beyond mere transactions; he aims to empower Africans by providing accessible financial services that foster economic development.
His contributions have not gone unnoticed; he was named one of Time Magazine’s 100 most influential people in the world in 2021 and remains a prominent figure in the fintech landscape.
With its headquarters in San Francisco and operations across multiple African countries, Ham Serunjogi remains dedicated to driving Chipper Cash’s mission of simplifying financial transactions and expanding investment opportunities for all Africans.
