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.
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.
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.