Beyond Capital Continues Mission to Support Small Businesses With Latest Investment
Beyond Capital is pleased to announce its latest investment in Numida, a platform that helps small businesses in Uganda keep track of their financial records.
NAIROBI, Kenya, Sept. 04, 2018 /PRNewswire-PRWeb/ -- Beyond Capital is pleased to announce its latest investment in Numida, a platform that helps small businesses in Uganda keep track of their financial records and in turn, use the cash flow and behavioral data to issue appropriately sized unsecured loans.
Seventy-five percent of small businesses in Uganda identify access to finance and cost of financing as the main constraints holding back their growth. Numida's financial management app uses real cash flow data from small- and medium-sized enterprise owners to determine their creditworthiness and issue unsecured loans directly in the app. The longer and more consistently they use Numida, the higher loan principals and better terms they are offered. Loans are then disbursed within 24 hours via mobile money.
"We are excited about Numida's potential to grow Africa's economy by supporting small business owners through better financial discipline, and increase their incomes with timely access to working capital loans," said Eva Yazhari, CEO of Beyond Capital Fund.
Beyond Capital's initial contribution of $50,000 to the seed round of investment will be matched with $50,000 from Eckenstein Geigy Foundation. The funding will help Numida with continued technological developments of the application, expansion of the loan book, as well as pilot a savings product for small businesses.
"In Uganda, micro and small businesses are the cornerstone of the economy but unfortunately most business owners struggle to provide for their families," said Mina Shah, CEO of Numida. "With Beyond Capital's investment, Numida is building the much needed digital and financial products that will enable Ugandan entrepreneurs to turn their subsistence businesses into growth businesses."
ABOUT: Beyond Capital Fund
Beyond Capital is an impact investment fund that invests in for-profit social enterprises throughout India and East Africa. We invest in businesses that are focused on greater access to health care, water, sanitation, and energy, as well as food security and financial inclusion, which can increase the quality of life and standard of living for consumers at the bottom of the pyramid. Though we seek market-rate financial returns, Beyond Capital is structured as a non-profit, which permits us to emphasize fidelity to our social mission alongside our financial mandate.
For more information visit http://www.beyondcapitalfund.org.
SOURCE PRWeb House E-Commerce
Share this article