Nomba raises $3 million to expand Africa-Asia payments

Nomba, a Nigerian fintech that provides payment and banking services to businesses, has raised $3 million in debt. The company will use the funding to expand its cross-border payments business across Africa. The facility was provided by CardinalStone Finance Company Limited, the financing arm of CardinalStone Group. Nomba said the funding will give it more US dollar liquidity through its banking relationships in Hong Kong and Singapore. The company plans to use that liquidity to handle more transactions across different currencies. It will also help Nomba settle payments between African businesses and their suppliers in Asia. The expansion comes as businesses across Africa continue to buy goods, equipment and raw materials from Asian markets, particularly China. For smaller businesses, making these payments can be difficult. They often have fewer banking options and less access to foreign currency than larger companies.

Why Nomba is focusing on the DRC

The Democratic Republic of Congo (DRC) is at the centre of Nomba's expansion. Nomba entered the DRC in 2025. It initially focused on remittances and used physical agents to handle money coming into the country. These inflows came from markets including China and Dubai. The company has since moved into business payments. Businesses in the DRC can use Nomba to collect payments online or through point-of-sale terminals. They can also accept card and mobile money payments. 

Nomba also allows these businesses to pay suppliers in Asia. There is already a sizeable trade relationship between the DRC and China. Trade between the two countries reached $26.7 billion in 2025. China imported $21.6 billion worth of goods from the DRC. It exported $5.1 billion worth of goods to the country. That trade involves businesses that need to move money in both directions. For example, a Congolese company importing equipment from China needs to collect money from its customers locally. It then needs to pay its supplier abroad. Nomba is trying to handle that part of the transaction. “This facility gives us more room to move — more liquidity, more corridors, faster settlement,” said Yinka Adewale, Nomba’s CEO.

What this means for small businesses

The biggest impact could be on small and medium-sized businesses that already trade across borders. These businesses often do not have the banking relationships available to larger companies. An SME importing products from China may have to go through several steps before a supplier gets paid. It needs to obtain the right currency. It then has to send the payment through a bank or other financial provider. 

The business must also wait for the transaction to settle. Each step can add cost or delay. More foreign currency liquidity could make this process easier for businesses using Nomba. Instead of arranging every part of an international payment themselves, they could use Nomba to handle more of the transaction. For an SME, the benefit is mainly practical. A business that depends on imported stock needs to know when its supplier will receive payment. A delay could affect when the supplier releases the goods.

That can then affect when the goods reach the business and when they can be sold. Faster settlement can also affect working capital. If a retailer is waiting for stock from China, a payment delay could mean the supplier does not release the goods on time. The retailer then has to wait longer before it can sell the products. It also has to wait longer to recover the money tied up in the purchase. The same issue applies to businesses importing machinery, spare parts, electronics and construction materials.

Currency access remains a problem

Foreign currency is another issue for smaller businesses. Large companies often have established relationships with commercial banks. Some also have teams that deal with international payments and foreign exchange. Smaller companies usually have fewer options. Nomba said the new debt facility will increase its access to US dollars through its banking relationships in Hong Kong and Singapore. This does not remove currency risk for businesses. It does, however, give Nomba more capacity to handle transactions that require dollars and other currencies. For SMEs, another option for paying overseas suppliers could also make a difference. Businesses can compare the costs and settlement times of different payment providers. They may not have to rely on a single banking channel for every international payment.

Nomba is testing more African corridors

The DRC is not the only market Nomba is looking at. The company has started testing a payment corridor between the DRC and Zambia. It also sees potential business-to-business payment demand between the DRC and countries such as Uganda, Kenya and Angola. Nomba said it plans to test individual payment routes before establishing larger operations in specific markets. This allows the company to see how much payment activity exists on each corridor before committing more resources. For SMEs, new payment corridors could make it easier to pay suppliers or receive money from customers in neighbouring countries. A business does not need to operate in several countries to use cross border payments. A Zambian company buying stock from a Congolese supplier still needs a way to pay for those goods. The same applies to an Angolan business buying equipment from another African market.

The company is already handling large volumes

Nomba said it currently processes more than $480 million in cross-border payments each month. The figure covers its DRC operations and its Canadian-licensed money service business. The company wants to increase that figure to $1 billion in monthly payment volume. To support the growth, Nomba plans to raise another $20 million to $50 million in debt in stages. The additional borrowing will give the company more capital to support transactions as it adds payment corridors. Nomba has moved some distance from its original Nigerian payments business. The company started by providing payment services to users and small businesses in Nigeria. It is now also building services around moving money between countries.

From Kudi.AI to business payments

Nomba was founded in 2017 as Kudi.AI .It started as an AI chatbot that helped users process payments. In 2018, the company moved into agency banking. It later developed into a payments and banking platform for businesses. In 2023, Nomba raised $30 million in a pre-Series B round. The funding valued the company at more than $150 million. The money supported its expansion into additional banking products for businesses. Nomba has also moved into lending. In April 2026, the company said its 18-month credit partnership with Globus Bank had disbursed up to $15.3 million to Nigerian businesses. Less than 1% of the loans were classified as non-performing, according to Nomba. The cross border payments business now adds another source of activity alongside its domestic payments and lending operations.

What SMEs will be watching

For small businesses, the value of Nomba's expansion will come down to cost and reliability. More payment corridors are useful if businesses can use them to pay suppliers without high fees or long settlement times. Foreign exchange costs will also matter. The same applies to businesses receiving money from customers outside their home markets. If payments can be collected and settled more easily, businesses may have more options when dealing with customers and suppliers in other countries. The expansion does not remove the other costs involved in international trade.

 Businesses still have to deal with exchange-rate movements, customs requirements, taxes and shipping costs. They also have to comply with regulations in the countries where they operate. Nomba's role is narrower. It is focused on making it easier for businesses to move money between countries. For now, the DRC is its main base for expanding into Central and East Africa. Its banking relationships in Hong Kong and Singapore also give it access to financial institutions in major Asian trading centres. If the payment corridors Nomba is testing generate enough business, more SMEs could have another option for paying suppliers and receiving money across borders. The immediate question is whether those payment routes can handle growing transaction volumes at a cost that makes sense for smaller businesses.