Numida

Company Overview

Numida is a fintech company located in Kampala, Central Region, Uganda. With a team size of 115, the firm operates primarily in the credit and lending sub-industry under the broader fintech umbrella. Numida's main offerings include working capital loans tailored for African micro businesses, especially those that operate on a cash basis without a digital transaction history. Since its inception, Numida has maintained excellent collection rates and has disbursed $23 million in working capital to 32,000 businesses in East Africa since 2021.

Services

Numida's core service offering involves unsecured working capital loans aimed at cash-based micro businesses in Africa that lack a digital transaction history. Powered by the Numida app, users can apply for loans within minutes and receive approved funds within a day. The loan application process involves downloading the app, submitting a national ID photo, providing business details, and completing the application. Numida's responsive system ensures quick and efficient capital distribution to support small businesses.

Technology and Application

The Numida app is central to the company's service offering. Available for download, the app allows businesses to apply for unsecured loans quickly. The simple application process requires users to provide a national ID photo and business details. Once approved, funds are disbursed within 24 hours. Additionally, Numida features a 'Share & Earn' program accessible through their website, enhancing user engagement and promoting word-of-mouth.

Regulatory Compliance

Numida is officially licensed under the Uganda Microfinance Regulatory Authority (UMRA) and registered with the Personal Data Protection Office (PDPO) under the National Information Technology Authority (NITA). It also holds registration under the Financial Intelligence Authority (FIA). These certifications ensure that Numida adheres to strict regulatory standards, fortifying trust and security for its clients.

Affiliations and Achievements

Numida participated in Y Combinator's W22 batch, aligning itself with a prestigious accelerator known for supporting promising startups. This affiliation underscores the company's ambitious vision and potential in the fintech sector. Additionally, the company has been able to expand its presence beyond Uganda to a broader African market, offering remote and partly remote working options.