Nomba secures $3 million facility to expand African trade payments
Nomba has obtained a $3 million debt loan from CardinalStone Finance Company Limited to boost cross-border payment infrastructure in the Democratic Republic of Congo.
Nomba, a digital banking platform based in Nigeria, secured a $3 million debt facility with CardinalStone Finance Company Limited. The funding targets expansion of cross-border payment infrastructure within the Democratic Republic of Congo. This region serves as a strategic hub for trade between Central Africa and Asian markets. The agreement provides Nomba with additional US dollar liquidity via banking relationships in Hong Kong and Singapore.
Nomba stated it spent 18 months building this new infrastructure to help businesses move money across borders. Current challenges in the sector include limited foreign currency access, slow settlement times, and fragmented payment systems. The DRC operations now handle over $480 million in monthly cross-border volumes within its Canadian-licensed money service business. Management plans to grow this monthly transaction volume beyond $1 billion.
The company intends to use the DRC as a gateway into Central and East Africa. Future expansion targets include Zambia and Uganda. Nomba is preparing to raise between $20 million and $50 million in additional financing during the coming months.
