“We look forward to working with SafeBoda; We are very aligned with our values and are committed to helping SafeBoda suppliers access financing, grow their businesses and increase their loyalty and commitment to SafeBoda,” said Grajales. According to Ana Grajales, Country Director of Numida Uganda, loans require no paperwork or collateral and are paid in two hours for new borrowers and in seconds for regular customers. FinTech offers working capital loans in the amount of 300,000 to 10 million shillings, which are payable within one to six months 6. “We are committed to unlocking the potential of African small businesses through convenient and fair lending,” Shahid said. Since its launch in June 2017, Numida has provided $725,000 in unsecured loans to more than 1,700 Ugandan small businesses, 36% of which are led by women. Numida competes with usurers and alternative mobile lenders such as Tala, Branch and JUMO, which offer smaller loans to solve this problem. Currently operating only in Uganda, the company plans to expand to other East African countries such as Kenya and Rwanda in 2018. “Our whole philosophy is to lend to informal businesses that may not have all the documents or requirements necessary for commercial banks,” she notes. “Entrepreneurs who continue to track their finances while repaying their loans will also get better terms for large investors. Loans are paid and repaid via mobile money via the app,” co-founder Mina Shahid told Disrupt Africa. “We are working to be the first and largest mobile platform in Africa focused on providing digital, practical and responsible financial services to semi-formal African micro and small enterprises. Our goal is to enable at least 1 million small business owners on the continent to achieve their dreams by 2030.
During her studies, Catherine focused her energy on bringing other students together on campus to address and participate in global issues of inequality with Engineers Without Borders Canada. After graduation, she worked with a provincial agricultural cooperative in Burkina Faso to support and strengthen the management team to improve and deepen the reach of their services to farmers. Her passion for investing in people then led her to lead EWB`s accelerated leadership development program in West and South Africa, exposing her to a wider range of variable efficiency development efforts. This motivated her to pursue an NPA in International Development at Harvard Kennedy School, where she learned the crucial role of small business in job creation and economic development, while strengthening her desire to use the private sector to drive social change. After getting her feet wet to start another social enterprise in Rwanda, she took the opportunity to build Numida, which used her combination of skills and passions in a unique way. However, the applicant must download the Numida app, fill in the company data and upload photos. Once the loan is approved, the money is sent to the applicant`s phone via mobile money. By using historical behavioral data and business performance to predict risk, Numida is able to provide these companies with unsecured and affordable working capital digital loans via a mobile app. Testimonial – “Before Numida, I didn`t know how much I was earning and spending per day, but now I`m on the right track, no more lenders, with Numida standing in line and without guarantors. Numida is a class above that.
Money lender, nicely, if you don`t see me at (your) door, Numida saved me from your pins, which is why the business is thriving these days. Numida forever. ” – Matanda Caxton, $5200 invested The fintech offers working capital loans ranging from 300,000 to 10 million shillings, payable within one to six months 6. Grajales says Numida uses the Know Your Customer (KYC) tier, which allows customers to connect with them with minimal requirements. The Numida app is free for entrepreneurs, with the startup making money from the interest fees of companies that take out loans through the app. Loans range from $25 to $1,500 with a term of one to three months, with interest rates ranging from five to 15% per month. In Denmark, loans vary in size, with the top 10 being the most frequently borrowed denominations: He said the startup`s biggest challenge is Uganda`s low level of digital literacy and the complexity associated with setting up a tech company in a market where the internet isn`t completely open. .