MFS Africa leads $2.3M seed round in Ugandan fintech startup Numida Small businesses in Africa need digital banking services including plenty of credit. Although these businesses drive economic growth and contribute up to one-third of the continent’s GDP, they are often financially excluded from credit and other financial services due to their size and informality. One such company tackling this challenge in the eastern part of Africa is Ugandan fintech startup Numida. And today, the company is announcing the close of its $2.3 million seed round. Mina Shahid, Catherine Denis and Ben Best founded Numida in 2017 and capitalized on the opportunity to build one of East Africa’s first digital fintechs targeting semi-formal micro and small businesses. Typically, these businesses access credit from family, loan sharks and informal money lenders that offer poorly designed consumer credit. They can also get loans from a traditional microfinance institution, although with ridiculous interest rates.