Nomba Secures $3 Million Facility to Expand Africa–Asia Cross-Border Payments.

Nigerian fintech targets more than $1 billion in monthly transactions as African trade grows.

Nigerian fintech company Nomba has secured a $3 million debt facility from CardinalStone Finance Company Limited as it moves to expand its cross-border payments infrastructure across Africa and strengthen financial links between the continent and Asian markets.

The financing will provide Nomba with additional US dollar liquidity to support transactions through its banking relationships in Hong Kong and Singapore. The company is using its operations in the Democratic Republic of Congo as a base for settling trade between Central Africa and Asia.

The deal comes as African businesses increasingly engage in international trade but continue to face difficulties moving money across borders. Differences in currencies, banking systems, foreign exchange availability and settlement processes can make international transactions expensive and slow.

DRC becomes a strategic payment hub.

Nomba’s strategy places the Democratic Republic of Congo at the centre of its next phase of international expansion.

The company says its DRC operations, together with its Canadian-licensed money service business, currently process more than $480 million in cross-border payments every month. With the new financing, Nomba wants to increase monthly cross-border payment volumes to more than $1 billion.

The company also plans to expand beyond the DRC. Zambia and Uganda have been identified as the next markets in its expansion strategy, potentially giving Nomba a broader footprint across Central and East Africa.

This could position the fintech as an important intermediary for businesses trading between African markets and major commercial centres in Asia.

The bigger problem is Africa’s fragmented payment system.

Nomba’s expansion highlights a challenge that has affected African businesses for years: moving money across African borders remains considerably more complicated than conducting transactions within many individual national markets.

Businesses operating internationally often have to navigate multiple currencies, banking regulations, payment networks and foreign exchange systems.

For small and medium-sized businesses, these challenges can become particularly expensive. Delayed settlements can affect cash flow, while limited access to foreign currency can make it difficult to pay suppliers or receive international revenues.

Nomba is betting that businesses will increasingly demand payment infrastructure capable of operating across these different systems.

Africa–Asia trade creates a major opportunity.

The company’s focus on the Africa–Asia corridor is significant because Asian economies have become major trading partners for African countries.

Nomba says its DRC operation is designed to facilitate faster settlement between Central African businesses and Asian markets. Its banking relationships in Hong Kong and Singapore will provide access to additional dollar liquidity needed to support these transactions.

The opportunity extends beyond payments.

As African companies import machinery, electronics, raw materials and other goods from Asia while exporting commodities and other products, the demand for reliable financial infrastructure is likely to increase.

For fintech companies, the opportunity is therefore not simply to move money. It is to become part of the infrastructure supporting Africa’s participation in global trade.

Debt financing signals confidence in the business model.

The $3 million facility is also notable because it is debt financing rather than an equity investment.

For a growing fintech, debt can provide additional capital without requiring existing shareholders to surrender ownership stakes. In Nomba’s case, the financing is being directed toward liquidity and infrastructure that can support increased transaction volumes.

Nomba has previously attracted significant venture investment. In 2023, the company raised a $30 million pre-Series B round involving investors including Base10 Partners, Helios Digital Ventures, Shopify, Partech and Khosla Ventures.

The company has now indicated that it intends to raise another $20 million to $50 million in the coming months to support its broader cross-border payments expansion.

The next test will be scale.

Nomba’s immediate ambition is clear: move from more than $480 million in monthly cross-border payment volumes to more than $1 billion.

Achieving that target will require more than additional liquidity. The company will need reliable banking relationships, strong compliance systems, efficient foreign exchange arrangements and the ability to operate across different regulatory environments.

Its expansion into Zambia and Uganda will also test whether its model can be replicated successfully beyond the DRC.

A financial infrastructure opportunity for Africa.

Nomba’s latest financing reflects a broader shift in African business. The continent’s fintech story is gradually moving beyond mobile money and domestic payments toward infrastructure that enables African companies to participate more efficiently in regional and global commerce.

That transition could become increasingly important as African businesses trade more with one another and with partners outside the continent.

For Nomba, the $3 million facility is therefore more than another round of financing. It is a bet that the future of African commerce will depend on faster, more reliable and more connected payment networks.

If the company succeeds in scaling its monthly transaction volumes beyond $1 billion, it could demonstrate the commercial value of building financial infrastructure around Africa’s growing trade relationships rather than relying entirely on traditional cross-border banking systems.