The Numida loan app for Uganda is a digital financial app that targets mostly small and micro businesses. Read below to discover the Numida interest rate and how the app works.
In Uganda, Numida is a digital financial app that is quickly expanding and mostly targets small and micro businesses through loan offers.
They are one of the best businesses with positive reviews on the Google Play Store as well as offline through word of mouth.
They offer unsecured growth and working capital to businesses with a budget of $100 to $5,000.
The high cost of borrowing in Uganda is what led to the creation of Numida, which makes it difficult for businesses to expand.
The most major barrier to doing business in Uganda, according to the World Bank, is the resultant restricted access to finance.
What exactly does Numida do? (Benefits of Numida)
- The software download size for Numida is only 7MB due to its lightweight design. The designers of Numida had to simultaneously make sure that it was easy enough for someone who had never used a smartphone or an app before to use.
- It provides unsecured loans based on consumption and access to personal financial management software for credit-constrained Ugandan business owners.
- After just seven days of app use, users can access credit, but the longer and more frequently they use Numida, the better terms and greater loan sums they are provided.
- Through the app, loans are disbursed and repaid using mobile money.
Who is eligible to use the Numida App?
The Numida app is free to use for business owners, and the startup makes money by charging interest to companies that borrow money through the app.
With interest rates ranging from 5% to 15% per month, loans with terms of one to three months are available for amounts between $25 and $1,500.
According to the entrepreneur’s payback performance, financial management style, and cash flows, each succeeding loan and term duration lengthens with successful repayment with the interest rate decreases.
Conclusion
Through the Numida app, mobile money is used to issue loans in less than 24 hours, providing a level of convenience unheard of in the African SME financing market.
The longer and more often users use Numida, the greater loan amounts and better terms they are granted. Users can obtain credit after just seven days of app use. It’s a good loan service for small business owners looking for unsecured loans in a short time.
Download their app from the Play Store and register with your company information to use it. Additionally, remember that to receive your loan via mobile money, the number must be registered in your name.
