Nomba secures $3m debt facility to expand Africa–Asia cross-border payments

Nomba, a Nigerian business-focused digital banking platform, has secured a $3 million debt facility through CardinalStone Finance Company Limited to expand its cross-border payments infrastructure and strengthen its operations in the Democratic Republic of Congo.

The funding will provide Nomba with additional US dollar liquidity through its banking relationships in Hong Kong and Singapore, as the company positions the DRC as a strategic hub for facilitating trade between Central Africa and Asian markets.

The facility comes as African businesses trade across borders but continue to face challenges including limited access to foreign currency, slow settlement times and fragmented payment infrastructure.

Nomba said it has spent the past 18 months building payment infrastructure designed to make it easier for businesses to move money across borders by combining banking relationships, global payment access and local market expertise.

The company is using its DRC operations as a gateway into Central and East Africa, with plans to expand into Zambia and Uganda.

Nomba currently processes more than $480 million in monthly cross-border payment volumes across its DRC operations and its Canadian-licensed money service business. The company is targeting more than $1 billion in monthly cross-border transaction volume as it expands its payment infrastructure.

It is also preparing to raise between $20 million and $50 million in additional financing in the coming months to support further expansion across key trade corridors.

According to Nomba, the wider group, including its operations in Nigeria and the DRC, is profitable, providing a foundation for its next phase of expansion.

Yinka Adewale, chief executive officer of Nomba, said the new facility would enable the company to expand liquidity and strengthen payment corridors connecting African businesses with international markets.

“African businesses are trading more with the rest of the world every year, but the infrastructure to support that trade is still catching up,” Adewale said.

“This facility gives us more room to move more liquidity, more corridors and faster settlement. It is also a strong signal of confidence in what we are building for the next generation of African businesses.”

Adewale said Nomba plans to continue scaling its cross-border infrastructure, expand into additional African markets and deepen payment links between Africa and its trading partners in Asia.

The company’s expansion reflects growing interest among African financial technology firms in building infrastructure that supports international trade rather than focusing solely on domestic payments.

While digital payments have expanded across Africa, cross-border transactions remain more complicated. Businesses often face delays in settlement, high transaction costs, limited foreign exchange liquidity and different regulatory requirements across markets.

Nomba is betting that stronger financial infrastructure can help address some of these challenges and make it easier for African businesses to pay suppliers, receive international payments and participate in global trade.

Ayoola Adeola, managing director of CardinalStone Finance, said the financing reflected confidence in the growth potential of cross-border payments and the role of financial infrastructure in connecting African businesses to global markets.

“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,” Adeola said.

“We are pleased to have structured this $3 million debt facility to support Nomba’s expansion as it builds capacity across key Africa–Asia trade corridors.”

The latest funding gives Nomba additional financial firepower as competition intensifies among African fintech companies seeking to capture a growing share of cross-border payments.

For Nomba, the DRC is expected to play an important role in that strategy, serving as a bridge between Central and East African markets and international trading partners.

With monthly cross-border payment volumes already exceeding $480 million and a target of more than $1 billion, Nomba is now betting that the next phase of Africa’s fintech growth will be driven by the infrastructure that helps businesses move money beyond their home markets.

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