According to Amac News: This platform now includes strategic partnerships with prestigious institutions such as the Khalifa Fund for Entrepreneurship Development and private credit providers such as Credible-X, Klubworks and NymCard Payment Technologies.
Numou aims to revolutionize financing for small and medium enterprises (SMEs) in the UAE. The platform gives businesses access to a diverse range of financial products by providing a digital application process.
Considering that SMEs make up about 94% of all companies in the UAE and account for almost 40% of the national GDP, their role in the economy is vital.
However, adequate and timely financing remains a persistent challenge for many SMEs. Recent data from the Central Bank of the Emirates shows that loans granted to SMEs constitute only 9.5% of total financial facilities.
In order to respond to these challenges, Numou has introduced a digital platform that brings better results to SMEs by simplifying the lending process, increasing transparency and creating competition among lenders.
The platform provides benefits to SMEs that include a simplified application process, increased transparency on interest rates and loan terms, and time and cost efficiencies. Also, it provides financial institutions with facilities such as efficient credit evaluation and cooperation opportunities with lenders.