Nigerian fintech provider Nomba formerly Kudi has secured $3 million in growth capital to accelerate the expansion of its cross-border payment infrastructure.
Digital banking platform Nomba has secured a $3 million debt facility from CardinalStone Finance Company Limited to strengthen its international payment operations using the Democratic Republic of Congo (DRC) as a key base for trade between Central Africa and Asia.
The funding provides Nomba with additional US dollar liquidity through its banking partnerships in Hong Kong and Singapore enabling faster trade settlements between African businesses and Asian markets.
African businesses engaged in international trade routinely face hurdles such as limited access to foreign exchange, slow transaction processing and fragmented payment systems.
Over the past 18 months, Nomba has developed payment infrastructure that combines international banking connections with local market expertise to help businesses move funds across borders efficiently.
Nomba Chief Executive Officer Yinka Adewale noted that while African businesses are increasing global trade, supporting financial infrastructure is still catching up. He explained that the new funding provides additional liquidity, opens new payment corridors and speeds up settlement times for international transactions.
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Nomba currently processes more than $480 million in monthly cross-border payments across its DRC operations and its Canadian-licensed money service business. The company is targeting monthly transaction volumes of over $1 billion as it expands.
Using its established footprint in the DRC, Nomba plans to expand its services into Central and East Africa, identifying Zambia and Uganda as its next target markets. To support its long-term expansion plans and deepen financial links with Asian trading partners, Nomba is preparing to raise an additional $20 million to $50 million in funding in the coming months.
CardinalStone Finance Managing Director Ayoola Adeola highlighted that the $3 million debt facility reflects strong confidence in cross-border payment growth and the critical role of innovative payment systems in linking African companies to international trade.
