YC-backed fintech Numida raises $12.3M led by Serena Ventures to extend loans to MSMEs beyond Uganda

Micro, small and medium-sized enterprises (MSMEs) across Africa make up the bulk — over 90% — of businesses in the continent but are still marginalized in accessing credit from formal institutions because of the nature of their operations; for instance, many often lack the kind of collateral that is acceptable by banks.
To bridge the gap, Uganda-based fintech Numida, has opted to focus its digital lending business on small enterprises as part of its strategy for driving financial inclusion in emerging markets.
Spurred by an increase in demand for its services, Numida is currently e

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