Nigerian Fintech Startup Nomba Gains Momentum with New Funding

Nigerian payments innovator Nomba has secured a $3 million debt facility from CardinalStone Finance Company Limited. This capital infusion will fuel the company’s ambitious plan to double its monthly payment volume from $480 million to $1 billion.

From Kudi to Cross-Border Payments Leader

Founded in 2017 by Yinka Adewale and Pelumi Aboluwarin, Nomba initially operated as Kudi before evolving into a comprehensive omnichannel payment service provider. The company has demonstrated consistent growth and profitability while expanding its reach across multiple channels.

Strategic Expansion Across the Continent

The new funding will enable Nomba to extend its cross-border payment infrastructure beyond its current base in the Democratic Republic of Congo (DRC). Key target markets include Zambia, Uganda, and other African nations with growing trade volumes. With operations spanning both Africa and Canada, Nomba is uniquely positioned to facilitate secure and efficient payments across borders.

Meeting Growing Demand for Digital Trade Solutions

The company’s leadership emphasized the importance of this investment in addressing a critical infrastructure gap for African businesses engaging in global trade. “African companies are increasingly trading with partners worldwide, but payment systems haven’t kept pace,” explained Adewale. “This facility provides us with greater liquidity and flexibility to support that growth.”

With its focus on near-instant settlement times and expanding network of corridors, Nomba aims to become the preferred payments partner for businesses seeking seamless international transactions.