Nomba raises $3m to expand cross-border payments

Moving money between African countries can be difficult for businesses. Different currencies, banking systems and payment rules can make a supplier payment take longer than expected. Nomba is putting more money into this part of its business. The Nigerian fintech has secured a $3 million debt facility from CardinalStone Finance Company to expand its cross-border payments business. Nomba currently processes more than $480 million in cross-border payments each month and wants to take that figure above $1 billion. The funding will help the company increase its US dollar liquidity and expand its cross-border payments infrastructure in the Democratic Republic of Congo (DRC). Nomba also plans to enter Zambia and Uganda.

Nomba is building outside Nigeria

Nomba has spent the past 18 months building its cross-border payments business. Its DRC operation has become an important part of that business. The company says its DRC operations, together with its Canadian-licensed money services business, now process more than $480 million in cross-border payments each month. Nomba also has banking relationships in Hong Kong and Singapore that support payments between Africa and Asia. For businesses, moving money across borders involves more than sending funds. A company may need to pay a supplier in dollars, receive money in another currency or settle a transaction through banks in different countries. Delays, limited access to foreign exchange and different banking requirements can all make the process harder. Nomba is building infrastructure around these transactions rather than only offering another way to make payments.

The DRC gives Nomba access to trade flows

Nomba is using the DRC as a base for payments between Central Africa and Asia. There is already significant trade between the DRC and China. Trade between the two countries reached $26.7 billion in 2025, with the DRC mainly exporting minerals such as copper and cobalt and importing manufactured goods. Nomba is not involved in moving those goods. Its role is on the payments side. Businesses involved in that trade still need to pay suppliers and receive money from buyers. That creates demand for payment services that can handle different currencies and banking systems. The DRC also gives Nomba a starting point for serving businesses that trade across Central Africa.

SMEs could benefit from easier payments

This is where the expansion could matter most for smaller businesses. Large companies often have established banking relationships and dedicated finance teams to handle international payments. Smaller businesses may not have the same options. An SME importing products from another African country may have to deal with foreign exchange, bank charges and payment delays before its supplier can release an order.

 A delayed payment can then become a stock problem. If the goods do not arrive on time, the business may lose sales while it waits for the transaction to clear. Nomba's additional dollar liquidity and new payment routes could give these businesses more options for moving money. The benefit is not simply being able to send money from one country to another. SMEs need payments to arrive in the right currency, through a route that works, and without costs eating too much into their margins.

 This becomes more important as smaller businesses start selling and buying across African markets rather than operating only in their home countries. If Nomba can make those transactions quicker and easier to manage, it could reduce one of the costs that comes with trading across borders. There are still practical limits. Every new market has its own currency, foreign exchange rules, banks and regulations. Nomba will need local relationships and the right approvals before it can offer the same service in each country.

Nomba wants to double its monthly volume

Nomba currently processes more than $480 million in cross-border payments every month. Its target is more than $1 billion. The $3 million facility will give the company more money to use when settling transactions and supporting its expansion. It is also worth noting that this is debt financing. Nomba will repay the facility rather than give CardinalStone an ownership stake in the company. The company has previously raised equity funding, including a $30 million Pre-Series B round in 2023. It has also said it plans to raise another $20 million to $50 million to support its wider expansion. Nomba says its Nigerian and DRC operations are profitable.

Zambia and Uganda are next

Nomba plans to expand into Zambia and Uganda as it adds more African payment routes. That expansion will test whether the company can repeat what it has built in the DRC across other markets. Each country comes with different banking systems, currencies and regulations. Nomba will have to build the local relationships needed to move and settle payments in each market. For SMEs, the value will depend on the basics: how much a transaction costs, how quickly it settles and how reliably the money gets where it needs to go. Nomba is betting that businesses trading across Africa will need more ways to handle these payments as regional trade grows. For now, it is targeting a significant increase in the amount it already processes, while expanding beyond the DRC into Zambia and Uganda.