Rwanda’s financial sector gained a new player this week as Numida, the East African digital lending company, officially launched its operations in Kigali. The event, held in the presence of officials from the National Bank of Rwanda (BNR), marked the company’s third market entry after Uganda in 2017 and Kenya in 2023.
Numida operates as a non-deposit-taking financial institution, licensed and regulated by the BNR. Its model is built entirely around unsecured digital lending — meaning business owners can access working capital without pledging collateral, visiting a branch, or filling out extensive paperwork.
Speaking at the launch, James Rwagasana, Manager for the Supervision of Non-Deposit Taking Financial Institutions at the BNR, underscored the importance of expanding credit access in Rwanda, noting that while the country has made significant progress on financial inclusion, gaps in credit uptake remain across key sectors.
“Today, 92% of Rwandans have access to financial services. But the issue is still the usage — the number of people that have access to credit across the sectors, be it transport, health, manufacturing, there is still a gap. We are very happy to have one of the players in the market that will help to reduce the credit gap that we have today.” James Rwagasana, BNR Manager for the Supervision of Non-Deposit Taking Financial Institutions
Rwagasana also reassured potential customers that Numida is a legitimate institution subject to regular central bank inspections and quarterly reporting requirements, addressing concerns about unlicensed digital lenders that have proliferated in recent years.
No Collateral, No Guarantors — Just a Phone
At the heart of Numida’s pitch is radical simplicity. To apply for a loan, a business owner needs only a national ID, a mobile money number registered in their name, and photographic evidence that their business is operational. The entire process runs through the Numida mobile application.
Mina Shahid, CEO of Numida, laid out the company’s lending criteria, emphasising how different the approach is from conventional bank lending.
“We don’t require collateral. We don’t require guarantors. We don’t need your bank statements. We don’t need you to fill out paperwork or go get passport photos. We’ve designed the process to be very, very streamlined and to allow business owners who are hardworking to focus on running their business and not applying for a loan.”
— Mina Shahid, CEO of Numida
Loan amounts range from 80,000 Rwandan francs to 12 million francs, with disbursement to mobile money within 24 hours of approval. The company requires that applicants have been running their business for at least six months, ruling out early-stage startups in favour of established, operating enterprises.
Shahid pointed to Numida’s early performance in Rwanda as validation of its underwriting model. “In our first month and a half in Rwanda, our on-time collections are above 93 percent,” he said. “This is unsecured lending. This is very, very strong performance, and it’s aligned with our performance in Uganda and Kenya.”
Why Rwanda, Why Now
Shahid described Rwanda as a natural fit for Numida’s expansion, drawing parallels with the Ugandan market at the time the company first launched there almost a decade ago.
“Where can you go in Rwanda as a business owner to get a 5 million, 6 million Rwanda franc loan, unsecured, dispersed to your mobile money account in 24 hours? I don’t think that exists. Mobile money has high adoption, people are becoming more savvy with their phones, and the traditional financial institutions are not yet innovating fast enough to serve this customer segment. That’s where we see we can really serve this market.” — Mina Shahid, CEO of Numida
He also cited Rwanda’s regulatory environment as a key factor, describing the licensing process with the BNR as “very welcoming.” For 2026, Numida is targeting 5,000 customers in Rwanda — roughly one million dollars in financing. The company has disbursed a total of 150 million dollars across Uganda and Kenya since its founding in 2017.
Beyond Loans: A Broader Vision
While working capital is Numida’s entry product, Shahid outlined ambitions to evolve into a fuller financial services provider. The company is already rolling out savings accounts in Kenya, allowing business owners to deposit money, earn interest, and set savings goals alongside their borrowing.
“Our long-term vision is to enable one million small business owners across Africa to achieve their dreams,” Shahid said. “From lending, we intend to provide a savings account. Maybe we will move into payments as well — and provide a suite of financial services that make them more resilient and make them grow faster.”
Rwagasana echoed the broader expectation, suggesting that increased competition in digital lending should, over time, push interest rates lower and improve the quality of financial products available to Rwandan borrowers — a key goal under Rwanda’s National Strategy for Transformation.
CABN Contributor