Nigerian fintech company Nomba has secured a $3 million debt facility as it seeks to significantly increase the volume of cross-border payments it processes across Africa.
The financing was obtained through CardinalStone Finance Company and will be used to strengthen Nomba’s payment infrastructure and support expansion into additional African markets.
Nomba currently processes more than $480 million in transactions each month through its operations in the Democratic Republic of Congo and its Canadian-licensed money service business.
The company wants to increase that figure to $1 billion a month.
The DRC will serve as an important base for the expansion, with Zambia and Uganda among the markets Nomba is targeting next.
The company was founded in 2017 by Yinka Adewale and Pelumi Aboluwarin and was initially known as Kudi before evolving into a broader payments business.
Its services are aimed at businesses and consumers requiring digital payment solutions across different markets.
Cross-border payments remain one of the major opportunities in Africa’s financial technology sector.
Businesses trading across borders often face challenges involving different currencies, settlement systems, regulations and payment networks.
Startups such as Nomba are attempting to simplify those transactions by building payment infrastructure that can connect businesses and financial systems across countries.
The company’s latest financing also comes after it raised $30 million in pre-Series B funding in 2023.
Its expansion reflects the increasing demand for payment systems capable of supporting trade within Africa and between Africa and other global markets.
As the African Continental Free Trade Area continues to encourage greater regional commerce, efficient cross-border payments could become increasingly important.
For Nomba, the next phase will be about turning its existing transaction volumes into a much larger regional payments network.
