Nigerian fintech Nomba has acquired a licensed Canadian payment service provider and money services business as part of a strategic move to strengthen cross-border payment infrastructure for African companies engaged in international trade.
The acquisition, completed in the second quarter of 2025, gives Nomba regulatory coverage in Canada, allowing it to process payments locally and connect Canadian dollar (CAD) flows directly into African markets without relying heavily on intermediary banking layers.
While the company did not disclose the value of the deal or the identity of the acquired firm, it confirmed plans to invest up to $2 million to upgrade infrastructure and scale operations within the Canadian entity.
Nomba said the new infrastructure is designed primarily for business-to-business (B2B) trade payments rather than consumer remittances, targeting what it describes as a persistent gap in cross-border financial services for African enterprises.
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Adewale noted that while fintech innovation has significantly improved consumer remittances, cross-border trade payments remain slow, opaque, and costly due to correspondent banking structures and regulatory bottlenecks.
Through the Canadian acquisition, Nomba says it can now offer African businesses local CAD accounts held within Canada, direct settlement from CAD into naira and other African currencies, near-real-time transaction settlement, and reduced dependence on multiple intermediary banks, lowering both cost and settlement time for trade-related payments.
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