Nomba, a Nigerian business-focused digital banking platform, has secured a $3 million debt facility through CardinalStone Finance Company Limited to expand its cross-border payments infrastructure and strengthen its operations in the Democratic Republic of Congo.
The funding will provide Nomba with additional US dollar liquidity through its banking relationships in Hong Kong and Singapore, as the company positions the DRC as a strategic hub for facilitating trade between Central Africa and Asian markets.
The facility comes as African businesses trade across borders but continue to face challenges including limited access to foreign currency, slow settlement times and fragmented payment infrastructure.
Nomba said it has spent the past 18 months building payment infrastructure designed to make it easier for businesses to move money across borders by combining banking relationships, global payment access and local market expertise.
The company is using its DRC operations as a gateway into Central and East Africa, with plans to expand into Zambia and Uganda.
Nomba currently processes more than $480 million in monthly cross-border payment volumes across its DRC operations and its Canadian-licensed money service business. The company is targeting more than $1 billion in monthly cross-border transaction volume as it expands its payment infrastructure.
It is also preparing to raise between $20 million and $50 million in additional financing in the coming months to support further expansion across key trade corridors.
According to Nomba, the…
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Read Full Article by Folake Balogun at businessday.ng
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