Numida, a Ugandan based fintech startup, has secured US$2.3-million from equity investors led by MFS Africa. Numida provides working capital finance to micro and small companies by using artificial intelligence enabled credit scoring and has already provided unsecured lending facilities to over 3,000 businesses in Uganda.
MFS Africa is a fintech company that provides a gateway to send money to mobile wallets in Africa and covers 200 million mobile money recipients across all major networks. MFS Africa connects mobile money systems to each other and to money transfer organizations, banks and other financial institutions, enabling money remittances to and from mobile money accounts. Through partnerships with major mobile network operators like Airtel, Econet, MTN, Orange, Tigo, and Vodafone, MFS Africa has become the largest mobile money gateway in Sub-Saharan Africa through its API platform.