Nomba Secures $3M to Boost Africa-Asia Payment Network

On September 9, Nomba, an African digital bank focused on businesses, announced it secured a $3 million debt facility from CardinalStone Finance Company. This financing will enhance Nomba's cross-border payment infrastructure, strengthening financial links between African markets and Asia.

The funds will provide additional US dollar liquidity through Nomba's banking relationships in Hong Kong and Singapore, particularly benefiting its operations in the Democratic Republic of Congo (DRC). The company aims to support trade settlements between Central Africa and Asian markets, improving settlement speed and access to foreign currency for businesses engaged in international trade.

Currently, Nomba processes over $480 million in cross-border payments monthly through its DRC operations and a Canadian-licensed money service business. The company targets to increase monthly cross-border payment volumes to over $1 billion and plans to raise between $20 million and $50 million in additional funding for expansion.

Yinka Adewale, CEO of Nomba, emphasized the need for improved infrastructure to support the growing international trade of African businesses.