"The problem was much bigger than we anticipated it to be": Day 1-1000 of Mida

In a small corner of Lagos, where the city's frenetic energy meets the quiet determination of entrepreneurs, a trio of colleagues at Renmoney, a Nigerian digital microfinance bank, were quietly wrestling with a problem that would soon become their life's work. Mayowa Anibaba, Okeroghene Egbi, and Adija Uzodinma, all senior leaders in their respective roles, had been observing the same weakness in digital lending: the ease with which loans were issued, but the difficulty in recovering them. As they delved deeper, they began to see that this wasn't just a problem for their institution, but a widespread issue that plagued the entire digital lending ecosystem.

As Anibaba, who had started consulting for other lending businesses, spoke with lenders beyond Renmoney, he discovered that many were grappling with the same challenge: recovering overdue loans. The trio's realisation that the problem was much bigger than they had anticipated would ultimately lead them to leave Renmoney and launch Mida, a startup that builds software and recovery services for lenders.

Nigeria's digital lending market is estimated to be worth $2.1 billion, with the number of licensed digital lenders growing from 173 in April 2023 to 461 by August 2025. However, as more Nigerians borrowed through digital platforms, defaults also increased. The Central Bank of Nigeria's Q2 2025 Credit Conditions Survey reported rising default rates across both secured and unsecured lending. For Mida, the gap between issuing loans and recovering them represented a business opportunity.

In July 2023, four months before Mida formally launched, Anibaba began building what would become the company's minimum viable product (MVP) as a side project. He wanted to test whether the low recovery rates he had observed could be tackled differently. "I had been helping some other organisations that were trying to solve the same problem," he said. "Apart from the fact that we've been working internally to solve this problem, this problem was much bigger than we anticipated it to be."

Months later, while discussing a startup idea with Uzodinma, Egbi realised Anibaba had already begun building almost the same solution. Rather than pursue three separate ideas, they combined their strengths. Anibaba brought the product he had already developed, while Egbi and Uzodinma contributed commercial, product, and operational expertise. This collaboration would eventually give birth to Mida.

As Mida embarks on its journey, it faces a daunting task: solving a problem that has plagued the digital lending ecosystem for years. But with a solid product and a deep understanding of the challenges they're tackling, the trio is optimistic about their chances of success. As Anibaba noted, "This problem was much bigger than we anticipated it to be," but with Mida, they're ready to take on the challenge head-on.

As I reflect on the story of Mida's birth, I'm struck by the power of collaboration and the importance of identifying a genuine need in the market. The trio's decision to combine their strengths and tackle the problem of bad debt head-on is evidence of the entrepreneurial spirit that drives innovation in Africa. As Mida continues on its journey, I have no doubt that they will make a significant impact on the digital lending landscape in Nigeria and beyond.