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Nomba has secured a $3 million debt facility from CardinalStone Finance Company to expand its cross-border payment infrastructure.
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The funding will provide additional US dollar liquidity through banking relationships in Hong Kong and Singapore, supporting trade settlements between Africa and Asia.
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Nomba processes more than $480 million in monthly cross-border payments and plans to raise another $20 million to $50 million to support its expansion.
September 09, (THEWILL) — Nomba, an African digital bank focused on businesses, has secured a $3 million debt facility from CardinalStone Finance Company as it expands its cross-border payment infrastructure and strengthens financial links between African markets and Asia.
The financing will provide Nomba with additional US dollar liquidity through its banking relationships in Hong Kong and Singapore. The company said this would enable its Democratic Republic of Congo (DRC) operations to support trade settlements between Central Africa and Asian markets.
Nomba said the facility would improve settlement speed and access to foreign currency for businesses involved in international trade, where payment delays and fragmented banking systems can increase transaction costs.
Nomba Targets $1bn Monthly Payment Volume
The company currently processes more than $480 million in cross-border payments each month through its DRC operations and a Canadian-licensed money service business.
Nomba is targeting monthly cross-border payment volumes of more than $1 billion as it expands its network of payment corridors. It also plans to raise between $20 million and $50 million in additional funding in the coming months to support the expansion.
The company said it is profitable across its group operations, including Nigeria and the DRC, providing a financial base for its planned expansion into additional markets.
Yinka Adewale, Chief Executive Officer of Nomba, said the company was focused on building infrastructure that would make international payments easier for African businesses as trade with global markets increases.
“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.
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Zambia, Uganda Next Expansion Markets
Nomba plans to expand into additional African markets, with Zambia and Uganda identified as its next destinations, while deepening payment connections between Africa and Asia.
The company’s strategy is to enable businesses to collect payments, manage funds and settle international transactions through a single platform, reducing the complexity associated with operating across different currencies and banking systems.
The DRC is expected to remain an important part of the strategy, serving as a gateway into Central and East Africa while connecting businesses in the region with international markets.
CardinalStone Finance Managing Director Ayoola Adeola said the transaction reflected the lender’s confidence in the growth potential of cross-border payments and the importance of financial infrastructure in connecting African businesses to global markets.
Dollar Liquidity Remains Critical
The funding also highlights the importance of access to foreign currency and international banking relationships as African businesses increase their participation in global trade.
Companies operating across fragmented financial systems can face difficulties securing foreign currency and completing international settlements efficiently. Payment providers with access to multiple banking and settlement networks can therefore play a growing role in reducing those frictions.
For Nomba, the immediate challenge will be converting rising cross-border payment demand into a larger and sustainable business while maintaining adequate liquidity across its markets.
The planned $20 million to $50 million fundraising would provide additional capacity to build payment corridors, support larger transaction volumes and extend the company’s reach across Africa and Asia.
Its ability to secure dollar liquidity, maintain international banking access and scale efficiently will be central to the next phase of its expansion.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
