Numida is a digital loans startup that was launched early last year. The startup was just recently named the winner of the Ugandan branch of the worldwide competition.
The startup Numida targets entrepreneurs who don’t have access to credit. According to their research, there are an estimated 450,000 micro, small, and medium enterprises that generate roughly 90% of the private sector’s production.
Across Africa, there are a total of 22 million micro, small, and medium enterprises who are in desperate need of credit. The company has started up in Uganda, but they plan on spreading out its reaches further across Africa to help those in need of their services.
Before issuing out loans, Numida first observes every company’s credit-worthiness to ascertain whether they can be trusted to pay back their loan.
Users can only access their credit after waiting a total of 7 days of using their app. The more often and longer that they use the asp, however, they will receive more rewards and better offers.
3 out of 4 MSMES in Uganda have admitted that their major constraint of not being able to continue the growth of their company is due to a strong lack in credit.
They will now be able to pitch in the global final held in Switzerland next year for a chance to win up to $500,000 USD in investments.
Seedstars World has been holding events across Africa before their final event. Winners have been picked from the African locations such as Mozambique, Tunisia, Tanzania, and South Africa.
Numida was chosen out of a total of 9 startups that were pitched at the event. Despite their competition, they could prove themselves as the most promising.
