Numida
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Founded Date January 1, 1900
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Sectors Finance
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Posted Jobs 4
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Viewed 1
Company Description
Numida Technologies Uganda Limited is a fast-growing digital microfinance institution that provides quick, collateral-free credit solutions to micro, small, and medium enterprises (MSMEs). Registered as a non-deposit-taking institution under the Uganda Microfinance Regulatory Authority (UMRA), the fintech enterprise coordinates its countrywide operations from its regional headquarters located at Plot 7B Naguru East Road in Kampala. Founded by Mina Shahid, the institution addresses the financial exclusion of cash-based businesses that lack formal credit histories or physical assets.
The core operating model of Numida Uganda centers on its proprietary smartphone application, which automates the vetting and risk-pricing process. Instead of requiring lengthy paperwork or physical property security, the platform allows small business owners to apply for capital by digitally uploading basic proof of business activity and identity. Utilizing rapid alternative-data credit scoring, the proprietary technology enables underwriting decisions to be processed in less than 24 hours, with approved principals disbursed instantly as mobile money directly into the entrepreneur’s wallet.
The fintech’s flagship loan products are tailored for established businesses operating for at least six months. First-time applicants can access flexible short-term working capital ranging from UGX 250,000 to UGX 10,000,000, with flexible repayment terms spanning 15, 30, 45, or 60 days. By maintaining positive repayment habits and recording daily sales data directly inside the mobile application, verified borrowers can quickly unlock lower interest rates—which range from 13% to 25% monthly depending on their credit profiles—and scale their credit limits up to UGX 30,000,000.
Backed by prominent international accelerators like Y Combinator and Launch Africa, Numida has served over 80,000 small business owners in East Africa. Moving forward under its long-term strategic growth plan, the company aims to expand its ecosystem beyond digital credit. Driven by a broader corporate objective to empower at least 1 million African entrepreneurs by 2030, the tech firm is actively scaling its data-driven infrastructure to introduce specialized business savings accounts, localized merchant payments, and micro-insurance packages. [1, 2, 3, 4, 5]