MINA SHAHID ON EMPOWERING AFRICA’S ENTREPRENEURS THROUGH ACCESSIBLE FINTECH
In this edition, we sat down with Mina Shahid, co-founder and CEO of Numida, a fintech company unlocking working capital for micro and small businesses across Africa. By combining innovative data-driven credit scoring with human relationships, Numida provides reliable, responsible financing to entrepreneurs often overlooked by traditional banks. In this interview, Mina Shahid shares what inspired the launch of Numida, how the company has grown, and how it is transforming access to finance for Africa’s small business ecosystem.
1. You co-founded Numida after working across multiple countries and roles. What motivated you to focus on the micro-business working-capital space in Africa, and how did your earlier experiences lead you to this fintech path?
Before Numida, I spent years working on international development projects across the continent and trying to have a small impact on large, intractable problems that require government and large financial institutions. I was looking for a way to build change outside of institutions, a movement, a service that can have ripple effects and put opportunities and options in the hands of people directly. The continent is full of potential and hard working people, and there are strong communities of merchants, entrepreneurs and hustlers, of ambitious, young people carving their own path. I realized that without access to affordable, reliable working capital, their businesses would never scale, and that meant Africa’s potential for job creation and inclusive growth would remain untapped. Numida was born from that frustration and deep belief: that with the right data and technology, we could unlock credit for millions of real entrepreneurs who are too often underestimated.
2. For those hearing about Numida for the first time, could you describe what your company does, who your main users are, and the biggest problem you’re solving for entrepreneurs in Africa?
N
3. Many small enterprises in Africa struggle to access financing due to lack of credit history or collateral. How does Numida’s credit-scoring model help bridge that gap and make formal finance accessible to them?
Our credit-scoring approach starts with trust and data — not collateral. We use the data points that matter from a business’s unique size and formality, their repayment behavior, and engagement patterns with us. Over time, this builds a dynamic picture of their true creditworthiness. Importantly, we combine this with human insight — our Credit Relationship Officers build direct relationships with clients and verify business realities. That blend of technology and human understanding allows us to serve segments that the formal financial system has ignored for decades.
4. Numida has achieved major milestones, from joining Y Combinator to raising $12.3 million led by Serena Ventures. How did these experiences influence your company’s growth and long-term strategy?
Y Combinator taught us to think big and move fast — to build scalable systems and a culture of relentless iteration. Our fundraise led by Serena Ventures gave us not only capital but partners who believe deeply in African entrepreneurship and financial inclusion. Those experiences sharpened our focus: we’re not just a lending company, we’re financial partners for the growth of Africa’s small businesses. The credibility and networks we’ve gained have opened doors to better capital, and talent that will fuel our next phase of expansion.
5. The fintech market in Africa is becoming increasingly crowded. How does Numida differentiate itself from other digital lenders or traditional banks, and what makes your clients choose you over those options?
We win on trust and relationships. Many lenders focus purely on automation; we combine tech with a human touch. Our clients know they can reach a real person at Numida who understands their business and wants them to succeed. We also lend to a segment most others avoid — truly micro and small businesses — with ticket sizes and products designed for their cash flow realities. Finally, we prioritize responsible lending. We’re not trying to trap clients in debt cycles; our success depends on helping them grow sustainably and building a partnership that can last.
6. Macroeconomic shocks such as COVID-19, currency fluctuations, or regulatory changes can impact fintechs heavily. Could you give us a specific example of one such “storm” Numida weathered, and how you and your team responded?
A lot of people only remember the worst of COVID-19. We remember it as a time where we lived our values as an organization, deepened our relationships with clients and grew considerably. During the lockdowns, most of our clients had to close their shops overnight. We faced a choice: stop lending or find a way to stand with them. They needed to survive and switched to deliveries, whatsapp channels and modified operations and in turn, we adjusted our due diligence process, our communications and our terms. It was a tough period, but it deepened client loyalty and proved that our model works because we had adaptability and resilient optimism driving our organization even before facing this crisis. We emerged stronger, with repayment rates recovering faster than expected and a much larger, more resilient portfolio.
7. While Uganda remains your base, you’ve expressed ambitions to expand into other African markets. What factors do you consider when entering new markets, and how do you adapt your model to local conditions?
We currently operate in Uganda and Kenya. We look for three things: a large financially underserved SME segment, a regulatory environment that allows innovation, and reliable digital infrastructure. Beyond that, we take the time to learn — to understand the current market conditions, local business culture, repayment behaviors, and cash flow cycles before we deploy capital. Our model is adaptable, but our core principle remains the same: meet entrepreneurs where they are, and build products that truly fit their realities. That’s how we’re approaching markets like Rwanda (launching Q1 2026) and beyond.
8. As the founder and CEO, how do you build a culture and team that can operate at the intersection of fintech, small-business support and high growth? What leadership lessons have you learned so far?
Culture starts with purpose. Everyone at Numida knows we exist to empower entrepreneurs — not just to lend money. We hire people who are mission-driven, who care deeply about impact and execution in equal measure.
One big leadership lesson for me has been learning to reinvent myself as we grow — trusting others to lead, while maintaining clarity of vision and values, coaching new leaders and finding new opportunities to lead. Building an enduring company requires humility and curiosity.
9. Looking back at the early days of Numida: if you were to start again today, what one decision would you do differently, and what advice would you offer to entrepreneurs who want to create real impact?
I would invest earlier in data infrastructure and automation — things that seem like luxuries in the early days but become mission-critical when you start to scale. My advice to entrepreneurs: pick a real problem that matters to real people, and one that you can devote your life to. The journey is longer on the continent than in other places, and it will test you, but if your mission is authentic and your team is resilient, you’ll find your way through the noise and the setbacks.
