Digital Platform Revolutionises SME Financing in UAE
Numou, a subsidiary of Abu Dhabi Global Market (ADGM), has announced the expansion of its lending partner network, further strengthening its position as a pioneering digital lending marketplace for small and medium-sized enterprises (SMEs) in the UAE.
Strategic Collaborations
Numou has partnered with prominent institutions, including the Khalifa Fund for Enterprise Development, Credible-X, Klubworks, and NymCard Payment Technologies. These collaborations aim to transform SME financing by offering streamlined access to diverse financial products through a fully digital application process tailored to businesses’ unique needs.
SME Financing Challenges
Despite SMEs comprising 94% of UAE companies and contributing 40% to the national GDP, only 9.5% of loans extended to commercial and industrial sectors go to SMEs, according to UAE Central Bank data. Numou addresses this gap by:
- Streamlined Processes: Offering a standardised online application for multiple lenders, eliminating repetitive paperwork and physical branch visits.
- Enhanced Transparency: Providing detailed insights into lenders’ interest rates, terms, and timelines.
- Cost Efficiency: Fostering lender competition to secure favourable loan terms for businesses.
Benefits for Lenders
Numou also supports financial institutions by delivering:
- Efficient Credit Assessments: Standardised applications simplify internal reviews and reduce approval timelines.
- Collaborative Partnerships: Opportunities to develop tailored solutions for SME growth and economic development.
Expert Commentary
Arvind Ramamurthy, Chief Market Development Officer at ADGM, remarked:
“Numou exemplifies ADGM’s commitment to empowering SMEs as a cornerstone of Abu Dhabi’s economy. By leveraging innovation and collaboration, this platform simplifies access to critical financing, fostering sustainable growth and strengthening the UAE’s position as a global hub for business and investment.”
Khalifa Al Zaabi, General Manager of Numou, added:
“Numou is more than just a digital lending platform – it’s a transformative tool for SMEs to unlock their full potential. By integrating diverse lending options, we’re enabling businesses to grow faster and more efficiently.”
Future Developments
Numou plans to introduce supply chain financing (factoring) and equity financing in the coming months, offering SMEs greater access to capital and flexibility. This aligns with Abu Dhabi’s broader initiatives to enhance SME funding, market opportunities, and ease of doing business.
