Digital lending marketplace Numou launches in the UAE to empower SMEs
Numou, a subsidiary of ADGM, the capital’s leading international financial centre, has officially launched a groundbreaking digital lending marketplace, with the goal of transforming the financing landscape for small and medium-sized enterprises (SMEs) in the UAE. This state-of-the-art platform provides a seamless, fully digital application process, empowering businesses to access a diverse range of financial products while connecting them directly with lenders suited to their unique needs.
With SMEs constituting an impressive 94% of all companies in the UAE and contributing approximately 40% to the national GDP, their role in the economy is vital. Yet, despite their significance, securing adequate and timely financing remains a persistent challenge for many SMEs. Recent data from the UAE Central Bank highlights the issue, showing that loans to SMEs account for just 9.5% of the total cumulative financial facilities extended to the commercial and industrial sectors.
Recognizing this gap, Numou has introduced a digital platform designed to address these challenges head-on by simplifying the lending process, increasing transparency, and enabling competition among lenders to drive better outcomes for SMEs.
What Numou Offers
For SMEs:
- Streamlined Application Process: Businesses submit a single, standardized online application that meets the varying requirements of multiple lenders. This eliminates the need for repeated paperwork and physical visits to branches, significantly saving time and effort.
- Enhanced Transparency: The platform provides visibility into lenders’ interest rates, loan terms, and turnaround times, empowering SMEs to make informed decisions that best suit their financing needs.
- Cost and Time Efficiency: By fostering competition among lenders, Numou not only reduces loan processing times but also helps businesses secure more favorable rates and terms.
For Financial Institutions:
- Efficient Credit Assessment: Lenders receive well-organized, standardized applications that streamline their internal credit assessment processes. This minimizes the need for redundant data validation, accelerating approval timelines.
- Partnership Opportunities: Numou collaborates with lenders to explore innovative financial solutions tailored for SMEs, fostering a shared commitment to economic growth and business development.
Strategic Lending Partnerships
Numou will launch at Abu Dhabi Finance Week (ADFW) with multiple initial lending partners offering innovative lending products, including government-backed institutions and private financial innovators. Key partners include the Khalifa Fund for Enterprise Development, as well as private credit providers such as Credible-X, Klubworks, and NymCard Payment Technologies.
To further enhance its offerings, Numou is actively expanding its network to include digital and traditional banks, ensuring SMEs have access to a broader range of financing options and innovative products. This growing network reflects Numou’s mission to deliver a one-stop solution for SME financing in the UAE.
Leadership’s Vision
Commenting on the launch, Khalifa Al Zaabi, General Manager of Numou, said, “Numou is more than just a digital lending platform – it’s a transformative tool for SMEs to unlock their full potential. By bringing together a comprehensive suite of lending options on a single platform, we’re enabling businesses to access the capital they need to grow faster and more efficiently. Numou is also a testament to Abu Dhabi’s commitment to supporting the SME sector. It complements various initiatives aimed at enhancing SME access to funding, market opportunities, capacity-building programs, and overall ease of doing business.”
Commitment to Future Growth
In the coming months, the platform plans to broaden its offerings with the introduction of supply chain financing (factoring) and in the future to extend to equity financing. These additions will provide SMEs with even greater flexibility and access to capital, ensuring they can tackle new challenges and seize emerging opportunities.
These future developments align closely with the UAE’s broader vision of fostering a dynamic, diversified economy, where SMEs play a pivotal role in sustainable growth and innovation. By expanding its suite of financial products, Numou aims to solidify its position as the go-to platform for SME financing, supporting businesses at every stage of their journey.
Empowering the SME Ecosystem
At its core, Numou is driven by a commitment to empowering the UAE’s SME ecosystem. By simplifying access to financing and driving economic growth, Numou is positioning itself as a key enabler in the UAE’s journey toward a resilient and diversified economy.
