[BUSINESS] · Nigeria, Congo - Kinshasa, Hong Kong SAR China, Singapore · 2 sources

started 4 days ago · updated 3 days ago

Part of situation: West African fintech and mobile money expansion (3 clusters)

Nomba secures $3m debt to expand cross-border payments

cross-border payments digital banking debt financing Africa-Asia trade fintech expansion

Nomba, a Nigerian digital banking platform, has secured a $3 million debt facility from CardinalStone Finance Company to expand its cross-border payments infrastructure. The company aims to increase its monthly cross-border payment volumes from the current $480 million to over $1 billion.

The financing will provide additional US dollar liquidity through Nomba’s banking relationships in Hong Kong and Singapore. This is intended to support trade settlements between Central Africa and Asian markets, using the Democratic Republic of Congo (DRC) as a strategic gateway.

Following this expansion, Nomba plans to enter new markets, including Zambia and Uganda, and is preparing to raise between $20 million and $50 million in additional funding to accelerate its regional growth.

Entities

Nomba

Sources

Nomba taps $3m debt to turn DRC into Africa-Asia payments hub [businessamlive.com]

3 days ago

Nomba Targets $1bn Monthly Cross-Border Payments After Securing $3m Loan [primanews.org]

4 days ago