Nomba, the business banking and payments company that began in Nigeria, is opening a payments corridor between the Democratic Republic of Congo and Zambia, TechMoran reported on 21 October. The service runs through licensed local partners in Zambia.
Nomba already operates in the DRC, where businesses can collect and make payments in US dollars and Congolese francs. The new corridor lets those businesses pay Zambian suppliers in either currency, into bank accounts and mobile wallets.
Why this border
Trade between the two neighbours is growing fast, and the money has struggled to keep up. Businesses settling across the border lose working capital to delays and to foreign exchange constraints, TechMoran notes. A supplier in Zambia waiting on a Congolese buyer is exactly the kind of customer a business bank wants: regular, high-value and short of good options.
"The ambition to grow intra-African trade has outpaced the financial infrastructure needed to support it," said Nomba chief executive Yinka Adewale.
Where Nomba wants to go
- Founded in 2016, Nomba says it now processes more than $70 billion in annualised payments
- It is targeting monthly cross-border payment volumes above $1 billion as it enters more markets
- It plans to raise another funding round to pay for the expansion
- Beyond payments, it wants to offer businesses deposits, foreign exchange and credit
