Nomba has secured a $3 million debt facility through CardinalStone Finance Company Limited to strengthen its cross-border payments operations from the Democratic Republic of Congo (DRC), with the funds expected to provide additional dollar liquidity for transactions between Africa and Asia.

The facility will enable the company to deploy more foreign exchange liquidity through its banking relationships in Hong Kong and Singapore, as it seeks to increase its capacity to settle trade transactions between Central Africa and Asian markets.

Nomba said its DRC operations had processed more than $480 million in cross-border payments monthly, including transactions through its Canadian-licensed money service business. The company is targeting monthly cross-border payment volumes of more than $1 billion.

The latest financing comes as businesses engaged in international trade continue to contend with challenges around currency access, payment settlement and the movement of funds across jurisdictions.

Nomba said it had spent the past 18 months developing its cross-border payments infrastructure, combining banking relationships and access to international payment channels with operations in local markets.

The company is also using its DRC operations as a base for expansion into Central and East Africa, with Zambia and Uganda identified as the next markets for its expansion.

Chief Executive Officer of Nomba, Yinka Adewale, said the facility would provide the company with additional capacity to support cross-border transactions and expand its payment corridors.

“African businesses are trading more with the rest of the world every year, but the infrastructure to support that trade is still catching up,” he said.

Adewale said the additional funding would provide more liquidity and support faster settlement, adding that the company planned to expand into new African markets and deepen payment links between Africa and its trading partners in Asia.

The company also disclosed plans to raise between $20 million and $50 million in additional funding in the coming months to support its cross-border payments activities.

According to Nomba, the group is profitable across its operations in Nigeria and the DRC, providing a basis for funding part of its expansion.

Managing Director of CardinalStone Finance, Ayoola Adeola, said the transaction reflected the company’s confidence in the growth prospects of cross-border payments and the role of financial infrastructure in connecting African businesses with international markets.

“We are pleased to have structured this $3 million debt facility to support Nomba’s expansion as it builds capacity across key Africa-Asia trade corridors,” Adeola said.