Nigerian fintech Nomba has secured a US$3 million debt facility as it looks to more than double its monthly cross border payment volumes from US$480 million to US$1 billion, with expansion into more African markets starting with the Democratic Republic of Congo (DRC).
The facility, obtained through CardinalStone Finance Company Limited, will provide Nomba with additional US dollar liquidity to expand its cross border payments infrastructure and support faster settlement between African businesses and their international trading partners.
The company plans to expand from the DRC into Zambia and Uganda as part of the next phase of its growth.
Building around cross border trade
Nomba’s latest expansion reflects the growing demand for payment infrastructure that can support businesses trading across African borders and with markets outside the continent.
The fintech currently processes more than US$480 million monthly across its DRC operations and Canadian licensed money service business.
With the new financing, Nomba wants to increase that figure to US$1 billion and beyond by expanding its network of payment corridors and increasing the liquidity available for international settlements.
The DRC is particularly important to the company’s strategy, serving as its base for settling trade between Central Africa and Asia.
Yinka Adewale, Co founder and CEO of Nomba, said the additional funding would give the company greater capacity to support African businesses engaged in international trade.
“African businesses are trading more with the rest of the world every year, but the infrastructure to support that trade is still catching up. This facility gives us more room to move—more liquidity, more corridors, faster settlement. It’s also a strong signal of confidence in what we’re building for the next generation of African businesses.”
He added:
“We plan to keep scaling our cross-border infrastructure this year, expanding into new African markets and deepening the payment links between Africa and its trading partners in Asia.”
Why liquidity matters
Cross border payment networks require sufficient liquidity to move money between different currencies and markets.
For fintechs operating in emerging markets, access to US dollar liquidity can be particularly important when facilitating international settlements for businesses.
Nomba said the new debt facility will support this part of its infrastructure, giving the company more room to process transactions across additional corridors while improving settlement speed.
Rather than using the financing to launch a standalone consumer product, the company is directing the capital towards expanding the infrastructure behind its cross border business.
From Kudi to a broader payments platform
Nomba was founded in 2017 by Yinka Adewale and Pelumi Aboluwarin and was previously known as Kudi.
The company has since evolved into an omnichannel payment service provider serving businesses through multiple payment channels.
Nomba raised US$30 million in a pre Series B funding round in 2023. The latest financing is structured as debt rather than equity, giving the company additional capital for expansion without announcing a new equity fundraising round.
Its current cross border operations have become an increasingly important part of the business as Nomba seeks to build payment connections between African markets and global trading partners.
Zambia and Uganda next
Following its expansion in the DRC, Nomba plans to enter Zambia and Uganda.
The move would extend its cross border infrastructure into additional markets in Southern and East Africa, while supporting its broader ambition of connecting African businesses to international markets.
For CardinalStone Finance, the transaction also reflects growing interest in the infrastructure supporting cross border commerce.
Ayoola Adeola, Managing Director of CardinalStone Finance, said:
“This transaction reflects our confidence in the growth opportunity presented by cross-border payments, and the role innovative financial infrastructure can play in connecting African businesses to global markets.”
A bigger payments corridor play
Nomba’s target of US$1 billion in monthly payment volume points to a broader shift in how African fintechs are approaching international payments.
Rather than focusing only on domestic payment services, more fintech companies are building infrastructure around the movement of money between African markets and major global trade corridors.
For Nomba, the immediate focus is on expanding liquidity, adding new corridors and improving settlement speeds.
If the company reaches its US$1 billion monthly target, it would represent more than twice the US$480 million it currently processes, underscoring the scale of its ambition in Africa’s increasingly competitive cross border payments market.
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