Bank Raises $3m Facility through CardinalStone to Expand Cross-border Payments

Nomba, a digital bank focused on businesses, has secured a $3 million debt facility through CardinalStone Finance Company Limited. The facility will provide additional US dollar liquidity for deployment through its banking relationships in Hong Kong and Singapore, strengthening its operations in the Democratic Republic of Congo (DRC) as a base for faster settlement of trade between Central Africa and Asia. Nomba stated that the financing comes as cross-border trade continues to grow across Africa, despite challenges such as 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 its expansion.

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