Nomba Secures $3M to Boost Cross-Border Payments

Nomba, a fintech startup headquartered in Lagos, has raised a $3 million debt facility through CardinalStone Finance Company Limited to expand its cross-border payments infrastructure. The announcement was made in a statement shared with Nairametrics on Thursday.

The funding will be utilized to scale operations out of the Democratic Republic of Congo, with a goal of achieving over $1 billion in monthly cross-border payment volume. This facility provides Nomba with additional US dollar liquidity to enhance its banking relationships in Hong Kong and Singapore, positioning its DRC operations as a settlement hub for trade between Central Africa and Asia.

Nomba's CEO, Yinka Adewale, stated that the facility allows for increased liquidity movement across more corridors with faster settlement speeds, indicating confidence in the company's infrastructure. CardinalStone Finance's MD, Ayoola Adeola, remarked that the transaction reflects confidence in the cross-border payments opportunity and Nomba's positioning.

Nomba aims to address the challenges in cross-border trade, which has been hindered by payment infrastructure issues.