Digital loans startup Numida has been named winner of the Ugandan leg of global seed-stage startup competition Seedstars World, and will now pitch at the global final in Switzerland next year for the chance of securing US$500,000 equity investment.
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 over the weekend.
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.
Eight other startup pitched at the event, held at the Outbox hub, namely mobile payments platform Chap Chap Africa, agri-tech cost planning startup Charis for Grace, healthcare platform ClinicPesa, fingerprint car ignition system Kuanza Gari, solar-powered street cart provider Musana Carts, online TV service TrendingshoW, digital marketing and payments startup Ubuntu Capital, and e-health app hiDr.