Numida is a fintech platform that provides unsecured business loans to semiformal small businesses in Africa, enabling them to access capital quickly through a mobile app. By streamlining the loan application process, Numida delivers funding within 24 hours, addressing the challenge of limited access to financing for small enterprises.
Funding
$19.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+3Founders
Product
Problem
Small businesses in Africa often struggle to access the necessary capital due to stringent requirements and lengthy processes at traditional financial institutions. This lack of access hinders their ability to grow, meet customer demand, and open new locations.
Solution
Numida offers a fintech platform that provides unsecured business loans to semi-formal small businesses in Africa, enabling them to access capital quickly and efficiently through a mobile application. By streamlining the loan application process and leveraging alternative data for credit scoring, Numida delivers funding within 24 hours. The platform offers loan terms tailored to match the business cycle of its users, empowering them to overcome financial challenges and expand their operations. Numida's approach allows small business owners to receive the cash they need, when they need it, without the traditional barriers of entry. The company is licensed and regulated by financial authorities, ensuring compliance and security for its users.
Target Audience
The primary target audience consists of semi-formal small business owners in Africa who require quick access to working capital for growth and operational needs.
Features
- Mobile application for loan application and management
- Unsecured business loans up to UGX 30 Million
- Loan disbursement within 24 hours
- Credit scoring based on alternative data sources
- Loan terms tailored to match business cycles
- Integration with national ID systems for identity verification
- Compliance with Uganda Microfinance Regulatory Authority (UMRA)
- Registration with Personal Data Protection Office (PDPO) and Financial Intelligence Authority (FIA)