Mida’s Ascent in Nigeria’s Digital Lending Landscape

Mida, a startup addressing loan recovery challenges for digital lenders in Nigeria, has rapidly evolved from its initial concept to become a comprehensive platform serving the entire lender ecosystem.

The company was founded in November 2023 by Mayowa Anibaba, Okeroghene Egbi, and Adija Uzodinma—former colleagues at Renmoney who independently identified the same critical gap: lenders’ inability to efficiently recover overdue loans despite streamlined onboarding processes. They officially launched after raising $50,000 from family and friends.

Early Days as a Side Project

Before Mida had a formal name, Anibaba began building its core technology as a side project around July 2023 while consulting for other lending businesses. This initial work focused on improving low recovery rates—a problem he found was far more widespread than anticipated.

From Software to Services

After launching with Mida Collect, which helped lenders manage collections and reduce missed repayments, the company expanded its offerings based on customer feedback. The founders realized that digital lending institutions needed comprehensive solutions beyond just technology:

• March 2024: Launched Mida Omni—an enterprise platform integrating digital collections, call center operations, portfolio segmentation, and reporting.
• May 2024: Introduced MidaX to enable recovery agents with tools for visit planning, borrower location through digital skip tracing, activity recording, and real-time updates.

This evolution transformed Mida from a pure technology startup into a provider of both software and recovery services—addressing the full spectrum of lender needs.