Fintech Startup In Uganda Gives Access To Loans Via App
Last week was a big week for Ugandan fintech startup Numida, as it was declared winner of the Kampala leg of the Seedstars World competition, securing its place at the global final in Switzerland next year where it stands the chance of securing US$500,000 in funding.
Numida, however, is getting used to success. The startup has already secured US$140,000 in funding from angel investors, and is in the process of raising a US$500,000 seed round.
The startup has seen 15 per cent week-on-week growth since March, and has disbursed 160 small business loans to 105 clients with a 99 per cent repayment rate.
From Disrupt Africa. Story by Tom Jackson.
So what exactly does Numida – launched in early 2016 – do? It offers credit-constrained Ugandan entrepreneurs access to a personal financial management app, and offers unsecured loans based on usage.
Users can access credit after only seven days of app use, but the longer and more often they use Numida, the higher loan principals and better terms they are offered.
“Entrepreneurs who continue tracking their finances while repaying their loans also get better terms on larger principals. Loans are disbursed and repaid via mobile money through the app,” co-founder Mina Shahid told Disrupt Africa.
Read more at Disrupt Africa.
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