After establishing its footprint in Kenya and Uganda, fintech firm Numida Technologies has officially entered the Rwandan market, promising affordable collateral-free loans for small and medium-sized enterprises (SMEs) while placing financial inclusion at the centre of its mission.

Founded in 2016 by Egyptian entrepreneur Mina Shahid, with its first operations launched in Uganda, Numida provides short-term working capital to micro and small businesses across East Africa.

At the official public launch of its Rwanda offices at Norrsken Kigali on Tuesday, March 24, the company officials described Rwanda as a country with an innovative regulator, a business-friendly environment, and a strong appeal to foreign investors.

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Addressing SME financing gaps

The company’s entry comes at a time when Rwanda continues to position itself as an entrepreneurship and innovation hub under its Vision 2050 agenda, which is meant to propel the country’s development.

Although Rwanda’s economy is growing and new businesses continue to emerge, access to working capital remains a major challenge for many SMEs. Businesses often face cash flow pressures as suppliers demand upfront payment while customers delay settling invoices, a gap that can leave promising enterprises struggling to grow.

Speaking at the launch, Shahid said Numida was built to respond to exactly that challenge.

"From inception, as a company, we’ve always aimed to provide the best experience of accessing working capital in Africa,” he said.

A collateral-free lending model

Shahid noted that Numida’s model is designed around the realities of small businesses that are often locked out of traditional lending systems.

"We do unsecured lending, so we don’t require collateral or guarantors. We do not need your bank statements and other things that traditional institutions require,” he said.

"That is how our system is designed, because we know that the majority of businesses in East Africa do not have these things. And that does not mean they don’t make money or do not employ people or serve the community.”

According to Shahid, the company’s main product is flexible, fair, and unsecured working capital tailored to small businesses.

Shahid added that across the region, many enterprises have strong growth potential but continue to be limited by a lack of access to financing. So far, Numida says it has disbursed more than $140 million to over 100,000 small businesses in Uganda and Kenya.

In Rwanda, where the company carried out a soft launch in February, around 150 clients have already been onboarded. By the end of this year, the company aims to serve about 5,000 businesses in the country.

Women-led businesses at the centre

Inclusion is also a major part of Numida’s goals. Across its operations in Uganda and Kenya, officials said over 55 per cent of the businesses served are run by women. In Rwanda, that figure is already significantly higher, with 80 per cent of current clients being women-led businesses.

The company says this aligns with its broader ambition of enabling one million small business owners across Africa to achieve their goals.

How Numida loans work

Numida said its lending process is intentionally simple, technology-driven, and fast. Applications take only a few minutes, with new clients able to be approved within 24 hours, while returning clients are often approved instantly. The company charges a flat 10 per cent fee as the loan interest rate.

Shahid said the firm uses technology to assess businesses based on how they actually operate, rather than relying on conventional lending requirements that many small entrepreneurs cannot meet.

"If you understand how a business actually operates, you can lend to it quickly and safely. Numida’s credit engine combines transaction data, repayment history, and, where necessary, human review,” he said.

He added that as clients repay and grow their businesses, their borrowing limit increases proportionally.

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To apply, business owners download the Numida mobile application and complete a loan request form, which includes Know Your Customer (KYC) details and business images among others.

Shahid said the minimum requirements are straightforward: a national ID, a mobile money number registered in the applicant’s name, a smartphone to access the app, and proof of business ownership.

While the company has started operations in Kigali, he said there are plans to expand to other provinces and districts over time.

Supporting Rwanda’s financial inclusion agenda

Numida’s launch also comes as Rwanda pushes to deepen access to finance and strengthen the use of financial services as part of its long-term national development goals.

Speaking at the event, James Rwagasana, Manager of Supervision of Non-Deposit Taking Lending Financial Institutions at the National Bank of Rwanda, described Numida’s arrival as a critical development as the central bank implements the national financial sector reform strategy and the financial inclusion roadmap.

Rwagasana said that although financial access has improved over the years, challenges remain in ensuring that people actively use financial services and that businesses can access adequate credit.

He also pointed to the persistent gap between credit levels and gross domestic product(GDP), noting the importance of institutions that can help close that divide.

"We need financial institutions that transform the lives of the people through getting these affordable credits,” Rwagasana said.

"We are happy to have one of the players and leaders in the market that will help to reduce the credit gap we have today while providing financial services and focusing on the rights of borrowers and financial service users.”

He emphasized that Numida is licensed as a non-deposit-taking financial institution, meaning it is authorised to lend to individuals and businesses but does not take deposits.

"I want to tell consumers that this is a legitimate institution, fully licensed by the central bank,” he said.

He added that partnerships with firms such as Numida will be important in helping Rwanda meet its national financial inclusion targets.

Live loan disbursements at launch

The launch event also featured live loan disbursements to several business owners. Among them was businesswoman Teddy Nishimwe, who received the highest business growth loan of the company ever offered in Rwanda to date at Rwf3.5 million.

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She said the funding will help her grow her business and diversify her products.

"The loan will help me expand my business and diversify my products. It was also easy to get, because I applied via my phone and in 24 hours, I got my loan,” Nishimwe said.

She added that the company’s transparency gave her confidence.

"I trusted them because they had reached out and explained how they operate. And unlike others, they did not charge any application fee; there was nothing to be suspicious about,” she added.