Founded in 2023 by former Renmoney executives Mayowa Anibaba, Okeroghene Egbi, and Adija Uzodinma, Nigerian fintech Mida began as a targeted effort to solve rising loan default rates in digital lending. By combining their expertise across engineering, product management, and operations, the founders built an end-to-end platform that automates debt collection, borrower onboarding, and credit risk management.
Evolving from Software Tools to Full Recovery Infrastructure
Mida initially focused on software tools to streamline loan approvals. However, client demand quickly shifted toward recovering bad debt, prompting the founders to expand their offerings. To address the full debt lifecycle, Mida introduced Mida Omni for portfolio management and MidaX for digital skip-tracing and field agent tracking. By integrating AI-driven telecollection and automated data enrichment, the platform helped lenders manage risk without proportionately increasing operational costs.
Achieving Profitability and Regional Expansion
Over three years, Mida transitioned from a specialized collection service into a comprehensive credit infrastructure provider. The startup has managed over ₦100 billion ($73 million) in debt portfolios, recovered over ₦1 billion ($731,000) in bad debt, and achieved positive EBITDA. Moving forward, Mida aims to expand its AI capabilities and extend its footprint across Ghana and Kenya.
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