Nigerian fintech Nomba secures $3m debt facility for cross-border payments

Nigerian fintech startup Nomba has secured a $3 million debt facility to scale its cross-border payment services. The company aims to grow its monthly cross-border payment volume from $480 million to $1 billion. The expansion will commence in the Democratic Republic of Congo, followed by Zambia and Uganda.

Founded in 2017 and previously known as Kudi, Nomba has evolved into a profitable, omnichannel payment service provider. Through its operations in the DRC and its Canadian-licensed money service business, Nomba currently processes over $480 million monthly. The new funding is earmarked for expanding its cross-border payment infrastructure and increasing its US dollar liquidity to facilitate near-instantaneous transactions.

The debt facility was obtained from CardinalStone Finance Company Limited. These funds will be used to expand Nomba’s cross-border payment infrastructure originating from the DRC, a key hub for trade settlement between Central Africa and Asia. The company's target is to reach and surpass $1 billion in monthly transaction volume.

"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," said Yinka Adewale, co-founder of Nomba.

Nomba plans to continue scaling its cross-border infrastructure this year, expanding into new African markets and deepening payment links between Africa and its trading partners in Asia.