Nombank Targets SME Lending Growth with N250bn Transactions

Nombank is focusing on expanding its lending services to small and medium-sized enterprises (SMEs) as daily transaction volumes on its parent platform, Nomba, have reached N250 billion. Seun Osunkey, the CEO of Nombank, explained that the bank will leverage transaction data from the Nomba platform to provide faster access to credit products for SMEs, which are traditionally underserved by formal banking systems.

The daily transaction volume has significantly increased from N7 billion in May 2025 to approximately N250 billion in May 2026, indicating a rise in merchant adoption and confidence in the ecosystem. Nombank, which has acquired a microfinance bank license, aims to operate as a regulated institution capable of mobilizing deposits and extending credit directly to merchants.

Unlike traditional microfinance banks, Nombank relies on transaction data rather than extensive paperwork for credit assessments, allowing for near real-time evaluations of business performance. Osunkey noted that the Nigerian fintech landscape presents significant opportunities for expanding credit access to SMEs, despite existing challenges.