• Targets $1bn monthly cross-border payment volumes
• Plans additional $20m-$50m raise to fund regional expansion
• Zambia, Uganda next markets as DRC becomes Central Africa gateway
Nomba, the African digital banking platform focused on businesses, is positioning the Democratic Republic of Congo as a gateway for Africa-Asia trade after securing a $3 million debt facility from CardinalStone Finance Company to expand its cross-border payments infrastructure.
The financing will provide additional US dollar liquidity through Nomba’s banking relationships in Hong Kong and Singapore, enabling its DRC operations to support trade settlements between Central Africa and Asian markets.
Nomba currently processes more than $480 million in monthly cross-border payments through its DRC operations and a Canadian-licensed money service business. It is targeting monthly volumes of more than $1 billion as it expands its network of payment corridors.
The company is also preparing to raise between $20 million and $50 million in additional funding in the coming months to accelerate the expansion.
The latest debt financing therefore represents the first step in a broader capital push aimed at increasing Nomba’s capacity to move money across African and Asian markets, rather than simply funding its existing operations.
Nomba’s strategy places the DRC at the centre of its regional expansion, using the country’s position in Central Africa to connect businesses with international markets.
The company plans to enter Zambia and Uganda next while deepening its existing connections between African markets and Asia.
The expansion reflects a growing opportunity in Africa’s cross-border payments market, where businesses continue to contend with foreign-exchange shortages, fragmented banking systems, multiple currencies and lengthy settlement processes.
Nomba said the new facility would strengthen its ability to provide faster settlement and improve access to foreign currency for businesses engaged in international trade.
Yinka Adewale, chief executive of Nomba, said the company was building infrastructure to support the growing volume of trade between African businesses and global markets.
“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.
$1bn monthly target
Nomba’s expansion comes with an ambitious increase in transaction volumes.
Having already crossed the $480 million monthly mark, the company wants to more than double its cross-border payment flows to above $1 billion per month.
Achieving that target will require substantially greater liquidity and access to international banking infrastructure, particularly as Nomba adds new African markets and trade corridors.
The planned $20 million-$50 million fundraising is expected to provide additional capital for expanding the network and supporting higher transaction volumes.
Nomba said it is profitable across its group operations, including Nigeria and the DRC, providing a base from which to finance its expansion as it enters additional markets.
The CardinalStone transaction also highlights the growing interest of African financial institutions in financing payment infrastructure that facilitates international trade.
As African companies expand their commercial relationships beyond their home markets, specialist payment providers are increasingly filling gaps between domestic banking systems and international financial rails.
Ayoola Adeola, managing director of CardinalStone Finance, said the transaction reflected the lender’s confidence in the growth prospects of cross-border payments and the importance of financial infrastructure in connecting African businesses with global markets.
According to analysts, the success of the strategy will ultimately depend on whether Nomba can convert growing demand for international payments into a scalable business while maintaining liquidity, regulatory access and competitive transaction costs across multiple markets.
With monthly cross-border volumes already approaching half a billion dollars and a target of more than $1 billion, the company is betting that the next phase of African fintech growth will be driven less by domestic payments and more by the infrastructure required to move African trade across borders.
