Ugandan digital loans startup Numida has been named winner of the Ugandan leg of global seed-stage startup competition Seedstars World.
Numida will be travelling to Switzerland next year to compete with startups from other countries for the chance to win up to US$500,000. The regional and global Seedstars Summits include a bootcamp and investor forum. It’s a catalytic platform for high growth emerging market startups.
Seedstars World, which is hosting local events across Africa ahead of its global final in Switzerland next year, has already picked winners in Mozambique, Tunisia, Tanzania and South Africa. It hosted its Ugandan event early in the Month.
— Seedstars (@Seedstars) August 4, 2017
Launched early last year, Numida issues unsecured loans to credit-constrained Ugandan entrepreneurs, who use the startup’s app to manage their finances.
Numida charges a base rate of between five and 15 per cent on terms of between one and three months, with loan amounts going as high as US$1,500. 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.
The startup will now head to Switzerland next year to pitch alongside startups from around the world for the chance to secure funding.