What Numida does

Numida is a digital lending fintech that provides unsecured working capital loans to micro and small businesses (MSMEs) in East Africa, primarily in Uganda and Kenya. Founded in 2017 and headquartered in Kampala under parent entity Numida Technologies Canada Limited, the company operates a mobile-first, self-serve platform in which business owners apply for loans through an Android app by submitting a National ID, business photos, and basic business details, and receive decisions within 24 to 72 hours. Loan sizes range from UGX 250,000 up to UGX 30 million in Uganda and KES 5,000 up to KES 500,000 in Kenya, with short 15-60 day terms and monthly interest rates of 13-25% (Uganda) and 14-19% (Kenya), generating revenue primarily through interest on loans. Disbursement and repayment are handled through direct integrations with MTN Mobile Money, Airtel Money, and M-PESA.

The company's core technical differentiator is its alternative credit scoring engine, which uses SMS transaction history, mobile money statements, and business photos to underwrite borrowers excluded from formal banking due to lack of collateral or credit history. The platform is built on Amazon Web Services (VPC) for secure data storage and is licensed and regulated by the Uganda Microfinance Regulatory Authority (UMRA) and the Central Bank of Kenya as a Digital Credit Provider. Since inception, Numida has served over 80,000 business owners and distributed approximately $20 million in credit, per company disclosures.

Beyond its core consumer-facing lending product, Numida has productized embedded credit through partnerships with Wasoko (BNPL and supply chain financing for 8,000+ small retailers in Kenya), Ridelink (logistics and supplier payment financing), eBee (electric mobility financing), and AMSAF (agricultural trade financing). A 2025 integration with the Money254 financial marketplace adds an AI-agent-driven discovery channel. Following a $12.3 million pre-Series A round in September 2022 led by Serena Ventures, with participation from Y Combinator, Breega, Soma Capital, Launch Africa, and others, plus a $5 million debt facility from Lendable, the company has publicly targeted 50,000 loans over 18 months and expansion into additional African markets beyond Uganda and Kenya. Leadership comprises co-founders Mina Shahid (CEO), Catherine Denis (COO), and Ben Best (CTO).

Name

Numida

Legal name

Numida Technologies Canada Limited

Website

https://www.numida.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Numida is a mobile-first digital lender providing unsecured working capital loans of UGX 250K-30M to micro and small businesses in Uganda and Kenya, using alternative credit scoring on SMS and mobile money data to serve borrowers excluded from formal banking.

Ownership category

akta.pro rank

Product category

Digital Microfinance / MSME Lending

NAICS

Credit Bureaus (561450), Depository Credit Intermediation (5221)

SIC

Miscellaneous Business Credit Institution (6159), Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Microenterprise Group Lending (Joint Liability) (FSAKAGAH)

akta.pro secondary industry

Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)

Keywords

• Digital lending platform
• MSME working capital
• Alternative credit scoring
• Mobile microfinance
• Unsecured business loans

Headquarters

HQ city

Kampala

HQ country

Uganda

HQ region

Africa

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interest on Loans: Numida generates revenue through interest charged on unsecured working capital loans. Interest rates range from 13%-25% per month in Uganda and 14%-19% for first loans in Kenya, based on credit profile. Loans are short-term (15-60 days) with flexible repayment terms including partial payments and early repayment options.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Numida provides digital, unsecured working capital loans to micro and small businesses (MSMEs) in Uganda and Kenya through a mobile-first Android application. Borrowers register with a National ID and business photos, receive alternative credit-scoring-based decisions within 24–72 hours, and obtain short-term loans of 15–60 days for amounts scaling from initial limits up to UGX 30 million in Uganda and KES 500,000 in Kenya, with disbursement and repayment handled via MTN/Airtel Mobile Money and M-Pesa.

Product overview

Numida is a digital financial services platform providing unsecured business loans to underserved micro and small businesses (MSBs) across Africa, currently operating in Uganda and Kenya. The core product is the Numida Mobile Application, a downloadable Android app through which business owners apply for loans, submit required documentation (National ID, business photos), track application status, and repay loans. The main offering, Numida Business Loans, provides working capital financing with amounts scaling from UGX 250,000-KES 5,000 (initial) up to UGX 30 million-KES 500,000 (established borrowers), with flexible 15-60 day terms. Beyond core lending, Numida offers embedded financing modules through strategic partnerships: Supply Chain Financing (Wasoko), Logistics Financing (Ridelink), Electric Bike Financing (eBee), and Agricultural Trade Financing (AMSF). The platform also includes a Business Blog providing educational content. The company plans to expand to additional African markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Numida Business Loans Digital unsecured working-capital loans for micro and small businesses in Uganda and Kenya, with loan amounts up to UGX 30 million (Uganda) and KES 500,000 (Kenya), terms of 15–60 days, interest rates of 13–25% per month in Uganda and 14–19% on first loans in Kenya, and approval decisions within 24–72 hours based on alternative credit scoring. Targets individual MSME owner-operators excluded from formal banking.
• Numida Mobile Application Android mobile application distributed via Google Play Store through which MSME borrowers apply for loans, upload National ID and business photos, track loan status, and make repayments via integrated mobile money rails (MTN, Airtel, M-Pesa). Functions as the primary self-serve front-end for the Numida lending platform.
• Supply Chain Financing (Wasoko partnership) Embedded working-capital and BNPL financing for small retailers and wholesalers on the Wasoko FMCG distribution platform in Kenya, enabling borrowers to restock inventory, pay suppliers, and meet customer demand. Loan servicing is delivered through the Wasoko app.
• Logistics and Transport Financing (Ridelink partnership) Working-capital financing for SMEs using Ridelink's transport and logistics platform, covering both supplier payments and logistics/transport costs so that trade and delivery can be financed together.
• Electric Bike Financing (eBee partnership) Affordable financing for the purchase of electric bikes, distributed through eBee's vehicle platform, enabling riders and small businesses to adopt clean, sustainable mobility solutions.
• Agricultural Trade Financing (AMSAF partnership) Working-capital credit for agro-traders across the agricultural value chain, delivered via AMSAF, providing financing to purchase agricultural produce from farmers and operate across the value chain.

Quantifiable outcome

• Over 80,000 business owners served across Uganda and Kenya
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• WasokocoreStrategic or Co-development Partner · 1 January 2025Numida provides BNPL financing to over 8,000 small retailers on the Wasoko platform. This partnership enables Wasoko's informal retailer network to access credit for restocking inventory, expanding operations, and meeting customer demand.
• RidelinkcoreStrategic or Co-development Partner · 1 January 2025Partnership enables SMEs to access financing that covers both supplier payments and logistics costs. The integration combines Numida's credit capabilities with Ridelink's transport and logistics network.
• eBeeminorStrategic or Co-development Partner · 1 January 2025Joint offering provides affordable financing for electric bikes, helping riders and businesses adopt clean, sustainable mobility solutions through eBee's vehicle platform.
• AMSAFminorStrategic or Co-development Partner · 1 January 2025Partnership extends credit to agro-traders across the agricultural value chain, ensuring they have financing needed to purchase agricultural produce from farmers.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Apollo Agriculture: Apollo Agriculture provides asset financing and advisory to smallholder farmers in Kenya via mobile — overlapping with Numida's AMSAF agro-trader partnership and informal small-business focus, though more agri-specialized.

Broad incumbents

• Cellulant: Cellulant is a Pan-African digital payments and fintech infrastructure provider serving banks, merchants and mobile wallets across multiple African countries — comparable as a broader African fintech incumbent operating in Numida's geographies.
• M-Kopa: M-Kopa is a large Kenyan-headquartered pay-as-you-go solar and broader fintech provider serving underbanked households across East Africa — comparable as a broader East African digital-finance incumbent serving the same low-income customer base.

Direct peers

• Branch International: Branch offers mobile-based unsecured loans to individuals and small businesses across Africa and other emerging markets, using smartphone data for credit decisions — closely comparable to Numida in customer profile, product and risk model.
• Pezesha: Pezesha is a Kenyan embedded MSME lending marketplace connecting small businesses with capital partners — closely comparable to Numida in serving informal MSMEs in East Africa with a digital, working-capital focus.
• Tala: Tala is a global mobile lending platform serving underbanked consumers and small businesses using alternative data — most directly comparable to Numida in target customer, alternative-data underwriting approach and mobile-first delivery.
• Jumo: Jumo operates a Pan-African lending platform providing working capital and microloans via mobile and partner integrations across multiple African countries — comparable to Numida in cross-border MSME lending and mobile-money distribution.
• Kopo Kopo: Kopo Kopo is a Kenyan fintech offering payments and working capital to small merchants, including buy-now-pay-later type products — closely comparable to Numida in target MSME segment and East African geography.
• Carbon (formerly OneFi): Carbon is a Nigerian digital lender providing personal and SME loans via mobile app, expanding across Africa — comparable to Numida as a mobile-first, alternative-data lender to underbanked customers across African markets.

Others

• Lendable: Lendable is a debt capital provider to African and Asian fintechs and is a named debt investor in Numida's $12.3M round — comparable as an ecosystem participant funding similar alternative-lender business models.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/numida-technologies
• Xx.com/numidatech

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Numida