People with cell phones

Numida Technologies

Numida Technologies provides entrepreneurs with powerful data profiles, improved lending terms, and critical financing to ignite business growth.

Uganda’s estimated 450,000 Micro Small and Medium Enterprises generate around 90% of the country’s private sector production. They also make significant contributions to job creation and ongoing national economic prosperity.

However, 74% of these critical businesses identify access to—and the high cost of—finance as a significant hindrance on their growth. Numida Technologies has developed TrackApp: a mobile application that helps entrepreneurs access improved lending terms, critical financing to ignite business expansion, and create powerful data profiles to help scale operations.


Without financing, many of Uganda’s small and medium sized enterprises operate far below their potential.

A major reason for this issue is poor record keeping from small-to-medium sized entrepreneurs. Without comprehensive financial profiles, business owners encounter difficulty in obtaining loans from banks. The financing process becomes intensive, and as a result, costly.

Since business owners are unable to convey their creditworthiness due to a lack of financial records, finance institutions spend more time and money assessing prospective buyers.

Finance organizations pass the cost associated with their increased efforts on to small business borrowers, in the form of high interest rates and application fees. At the same time, the organizations offset their own perceived risk by commanding high collateral requests.

The loans become prohibitively expensive and inaccessible; ultimately, they even deprive creditworthy small businesses of capital.

With the essential small business community hindered by inaccessible financing, Uganda is missing valuable opportunities to create employment, stimulate the economy, and to ultimately increase standard-of-living for the entrepreneurs, their families, staff and wider communities.

TrackApp records valuable and usable data, empowering entrepreneurs to build up and consolidate their financial profiles.

Through convertible note equity, we were able to provide essential early-round financial support with speed, simplicity and at low cost. This ensured Numida Technolgies could engage in essential product research and development to accelerate the potential impacts of the product.

Initial investment was bolstered throughout the founding-stage through the support of EWB fellows: with three Long-Term Fellows and one Junior Fellow embedded to provide talent in financial modelling, investor preparation, networking and strategy.

‘I now oversee the day-to-day activities of the TrackApp marketing staff, while gradually working with the CEO to put in place systems to monitor and support our entrepreneur users of TrackApp
– Alanna Howell, April 2016, EWB Long-Term Fellow with Numida Technologies.

With these support frameworks in place through the critical ‘middle development’ stage, Numida secured first-round investment in TrackApp. This initial capital financed key product and business development, along with preparation and execution of a pilot with over 200 participating entrepreneurs.

‘I don’t have the words to describe just how critical Pierre and Alanna’s support have been to Numida. Pierre’s accounting expertise has been a blessing. Numida wouldn’t be anywhere close to where it is without the three fellows that EWB has invested’
– Catherine Denis, April 2016, Senior EWB Long-Term Fellow with Numida Technologies.

The results of the pilot catalyzed a further investment of over $50,000 via a grant from the Foundation for Sustainable Development Uganda.

To date, over 500 traders have signed up to trial the latest release of TrackApp.

TrackApp helps African entrepreneurs create financial track-records in order to enable them to:

  • Learn about the financial viability and earning capacity of their business.
  • Make evidence-based decisions in regard to improvements.
  • Streamline and enhance business operations through an increased understanding of performance, cost and profit.
  • Connect with prospective financial lenders to access credit.
  • Access capital to purchase assets, equipment and resources to enhance profitability.

Numida will use TrackApp as a means to channel high-quality data from African entrepreneurs to financial institutions. The information is sourced, collated and transferred at a low cost in order to fast-track due diligence processes.

By integrating TrackApp reporting into their loan disbursement processes financial institutions can reduce their own transaction costs, thereby lowering the ultimate interest rates offered to borrowing entrepreneurs.

Raised nearly 15 times initial EWB funding.

Selected for the 2016 Unreasonable Institute East Africa.

The Unreasonable Institute is an annual five-week workshop program connecting innovative businesses with mentors and potential funding opportunities. Carefully selected, high-potential companies are equipped with a platform for mentorship and networking to continue their impressive development trajectories.

Formalizing agreements with Ugandan financial institutions.

Having consolidated formal partnerships with two prominent Ugandan financial organizations, EFC Uganda and UGAFODE, the institutions now use TrackApp data as part of the loan assessment process for underserved clients.

Scaling and expanding operations.

In the past year alone, the TrackApp team within Numida has expanded to include three full-time staff and four part-time staff, with plans to hire additional talent in the pipeline.

Donate Now

Help us build a better world

Donate Now