Nigerian payments startup Nomba has secured a US$3 million debt facility to scale its cross-border business from US$480 million to US$1 billion monthly, starting with the Democratic Republic of Congo (DRC), followed by Zambia and Uganda.
Founded by Yinka Adewale and Pelumi Aboluwarin in 2017, and formerly known as Kudi, Nomba has evolved over the years into a profitable, omnichannel payment service provider.
Across its DRC operations and Canadian-licensed money service business, Nomba – which raised a US$30 million pre-Series B funding round in 2023 – processes more than US$480 million a month, and it is now aiming to scale that to US$1 billion and beyond after securing further capital.
The US$3 million debt facility, obtained through CardinalStone Finance Company Limited, will be used to expand Nomba’s cross-border payments infrastructure out of the DRC, its base for settling trade between Central Africa and Asia. The funding provides Nomba with greater USD liquidity needed to power its near-instant cross-border payment network.
“African businesses are trading more with the rest of the world every year, but the infrastructure to support that trade is still catching up. This facility gives us more room to move—more liquidity, more corridors, faster settlement. It’s also a strong signal of confidence in what we’re building for the next generation of African businesses,” said Adewale.
“We plan to keep scaling our cross-border infrastructure this year, expanding into new African markets and deepening the payment links between Africa and its trading partners in Asia.”
Ayoola Adeola, MD of CardinalStone Finance, said he was pleased to have structured the debt facility to support Nomba’s expansion.
“This transaction reflects our confidence in the growth opportunity presented by cross-border payments, and the role innovative financial infrastructure can play in connecting African businesses to global markets,” Adeola said.
