Numida, a fast-growing fintech company focused on small business financing, has officially launched operations in Kigali, marking its third market expansion in East Africa after Uganda and Kenya.

The company aims to provide loans to more than 5,000 small and medium-sized enterprises (SMEs) in Rwanda by the end of 2026, helping to close the country’s credit access gap.

The launch comes at a time when Rwanda is shifting focus from access to financial services toward increasing their usage and impact.

According to the National Bank of Rwanda, while 92% of the population can access financial services, many especially small business owners still face challenges in obtaining credit.

Speaking to Taarifa, Numida CEO Meena Shahid highlighted the company’s mission to unlock growth for underserved entrepreneurs across the continent.

“Numida is expanding into Rwanda as its third market, the expansion reflects a broader strategy to scale financial access for underserved businesses across East Africa.”

He added that the company’s product is designed to meet the everyday needs of small business owners:

“Our primary product is a very flexible, fair, unsecured and timely when it comes to small business people to access loans with in a few hours using our app,”

Numida offers digital loans through its mobile application, allowing users to apply using a national ID, mobile money number, smartphone, and proof of business ownership.

Loans carry an interest rate of about 10 percent and are disbursed within 24 hours often in just a few hours directly to mobile phones, without requiring collateral.

The company has already disbursed over $150 million to small businesses across the region.

During the launch event in Kigali, loans worth 4.6 million Rwandan francs were issued to three local entrepreneurs.

One of the beneficiaries, Jean Marie Vienny, an electronics trader, received 600,000 Rwf to expand his business.

Speaking to Taarifa, he described the process as transformative:

“I asked for a loan and it surprised me when I got it in only five hours. I am ready to use the money to upgrade my business. This is a boost to us small-scale business owners it has saved us from queues and many requirements asked by banks.”

Another beneficiary, Teddy Nishimwe, who operates an electronics business in Kigali, received a loan of 3.5 million Rwf.

She emphasized the importance of accessible financing for SMEs:

“Banks are good, but for small businesses we need instant loans, which banks cannot always provide. With services like Numida, we can access loans without such difficulties in a very short time.”

On the regulatory side, the central bank stressed that improving access alone is no longer enough, underscoring the importance of usage and impact.

James Rwagasana, Senior Principal Analyst and Manager of Supervision of Non-Deposit Taking Lending Financial Institutions at the National Bank of Rwanda, noted:

“Accessing financial services in Rwanda has significantly improved… As a result, access is no longer the primary challenge. The focus has shifted to usage.”

He further emphasized the need for quality financial services:

“Financial services must deliver tangible impact by improving livelihoods, including providing affordable credit and ensuring that financial products contribute meaningfully to economic development.”

The regulator also highlighted the importance of consumer protection, requiring financial institutions to ensure transparency, clearly communicate terms, and fully disclose all costs to help borrowers make informed decisions.

Numida’s product has already supported more than 100,000 SMEs in Uganda and Kenya.

With its entry into Rwanda, the company aims to scale its impact further, targeting thousands of local businesses while advancing its broader goal of empowering one million entrepreneurs across Africa.

The expansion signals growing momentum in bridging the financing gap and strengthening entrepreneurship in Rwanda’s evolving financial sector.