Nomba Raises $3m Debt Facility Through CardinalStone to Expand Africa-Asia Cross-Border Payments

Sunday Ehigiator

Nomba, a digital bank focused on businesses, has secured a $3 million debt facility through CardinalStone Finance Company Limited to expand its cross-border payments infrastructure from the Democratic Republic of Congo (DRC).

The facility, according to the company, will provide additional US dollar liquidity for deployment through its banking relationships in Hong Kong and Singapore, strengthening its DRC operations as a base for faster settlement of trade between Central Africa and Asia. Nomba DRC Raises $3M Through CardinalStone.

Nomba said the financing comes as cross-border trade continues to grow across Africa, despite challenges including limited payment infrastructure, unreliable access to foreign currencies and lengthy settlement periods.

Over the past 18 months, the company said it had invested in infrastructure combining banking rails, global payment access and local market knowledge to enable businesses to move funds across borders more efficiently.

The fintech firm is using its DRC operations as a bridge into Central and East Africa, with Zambia and Uganda identified as its next expansion markets. Nomba DRC Raises $3M Through CardinalStone.

Nomba currently processes more than $480 million monthly in cross-border payments across its DRC operations and its Canadian-licensed money service business.

The company is targeting monthly cross-border payment volumes of more than $1 billion and plans to raise an additional $20 million to $50 million in the coming months to support the expansion of its cross-border payment infrastructure.

Nomba said it is profitable across the group, including its Nigerian and DRC operations, providing a base for financing its expansion. Nomba DRC Raises $3M Through CardinalStone.

Commenting on the transaction, Nomba’s Chief Executive Officer, Yinka Adewale, said the facility would provide the company with greater liquidity and enable it to expand payment corridors and accelerate settlement.

“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,” Adewale said.

He added that the transaction represented a vote of confidence in Nomba’s infrastructure as the company seeks to expand into new African markets and strengthen payment links between Africa and its Asian trading partners. Nomba DRC Raises $3M Through CardinalStone.

Also speaking, Managing Director of CardinalStone Finance, Ayoola Adeola, said the transaction reflected the company’s confidence in the growth potential of cross-border payments and the role of financial infrastructure in connecting African businesses to global markets.

“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.

He said CardinalStone was pleased to have structured the $3 million debt facility to support Nomba’s expansion across key Africa-Asia trade corridors. Nomba DRC Raises $3M Through CardinalStone.

Nomba describes itself as a digital bank built for businesses, providing payment collection, money management, banking services and cross-border fund transfers through a single platform.

CardinalStone Finance Company Limited, the financing arm of CardinalStone Group, provides working capital, corporate and project finance, as well as debt advisory services to corporate and individual clients.