Numida, a Uganda-based fintech business, has closed a $2.3 million seed round led by pan-African payments company, MFS Africa, with participation from DRK Foundation, Equilibria Capital and the Segal Family Foundation alongside angel investors. With this new financing, Numida plans to expand aggressively in Uganda and pilot in a new market.

Some 130 million micro and small businesses in Africa need modern digital banking services, including nearly $1 trillion of credit. Although these ...