Nov 4, 2021

Prepares launch of SPENN platform in Uganda

Expanding its African footprint, SPENN Technology A/S has decided to enter a new African market: Uganda.

Company Annoucement No. 68

“Uganda is a huge, mature market. The cost of financial services is high, which presents an opportunity for SPENN to offer more affordable solutions based on blockchain technology,” says Jens Glaso, CEO of SPENN Technology A/S.

SPENN has agreed upon the terms with an undisclosed partner bank in Uganda. The final signing of the agreement is subject to approval by the Supervisory Financial Authorities in Uganda.

“Mobile money is multimillion-dollar industry in Uganda. SPENN has the technology and the presence to be able to capture a sizeable slice of this market,” says Glaso.

In a country of 46 million people, there are more than 30 million registered users of mobile payment systems. The population is largely unbanked, but financially mature in terms of uptake of financial technology. However, mobile money (MoMo) in Uganda has experienced a setback, as the government has added taxes to these “MoMos”.

“SPENN stands to benefit from this. SPENN is a bank product and thus will not trigger taxes for end users. This could become a huge driver for people to embrace SPENN. We are very excited about offering our services to the Ugandan people,” says Glaso.

This announcement includes inside information.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
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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