Nigerian fintech company Nomba has acquired a licensed Canadian payment provider, marking a strategic step to strengthen its cross-border payments infrastructure and expand its operations beyond Africa, the company announced on Thursday.
The acquisition enables Nomba to open Canadian dollar accounts for its business clients and accelerate payment flows between Canada and African markets, including faster settlements into the naira and other local currencies. The move is expected to reduce foreign exchange and transaction costs for companies engaged in cross-border trade, the fintech said.
“This acquisition is part of Nomba’s broader strategy to enhance trade and commercial ties between Africa and Canada,” a company spokesperson said. “By owning regulated infrastructure in Canada, we can offer more reliable, compliant, and faster international payment services, particularly for small and medium-sized enterprises (SMEs) that are driving cross-border commerce.”
Nomba, which has built a reputation for serving underbanked and small businesses in Africa, said the deal positions it to scale its cross-border offering and lays the foundation for further expansion into additional markets. The company is targeting Africa-linked trade flows as the core of its global payments network.
Analysts say the acquisition reflects growing interest from African fintechs in expanding payment corridors beyond the continent, leveraging technology to improve trade and investment. Cross-border transactions between Africa and Canada have historically faced high costs and delays due to fragmented banking infrastructure and foreign exchange challenges, making fintech solutions increasingly important for SMEs seeking faster, cheaper access to international markets.
More Read
“Opening regulated accounts in Canada allows Nomba to directly process transactions in local currency, bypassing some of the intermediaries that typically add time and costs to payments,” said Ifeanyi Okoye, a Lagos-based fintech analyst. “This can significantly enhance the reliability of payments, which is a key factor for businesses involved in import-export and other cross-border operations.”
The company did not disclose financial terms of the acquisition, but emphasized that the Canadian infrastructure complements Nomba’s existing African network, which spans several markets across West and East Africa. By integrating the newly acquired platform, Nomba expects to offer seamless payment services to its growing base of business users while meeting regulatory requirements in both Canada and Africa.
The expansion aligns with broader trends in fintech across the continent. African fintechs have increasingly sought to capture a share of the global remittance and trade finance markets, leveraging digital platforms to bridge gaps in traditional banking systems. According to the World Bank, remittances to sub-Saharan Africa are expected to reach $100 billion in 2026, highlighting the potential for platforms that can streamline international transactions.
More Read
Nomba said its strategy includes providing tailored solutions for SMEs, which account for the majority of employment and commerce across Africa, but often face challenges in accessing affordable international payments. The Canadian acquisition, it said, represents a milestone in creating an integrated financial ecosystem that supports Africa’s growing trade relationships with global partners.
“The acquisition strengthens our ability to serve businesses operating between Africa and Canada, offering them a reliable, fast, and cost-efficient solution for cross-border payments,” the spokesperson said. “It also forms a platform to extend our services into additional markets as we continue building a global network centered on Africa-linked trade flows.”
Industry observers note that such initiatives could also support wider economic integration, facilitating trade, investment, and financial inclusion for African SMEs. By combining local knowledge with global infrastructure, fintechs like Nomba are helping address structural barriers in international payments and positioning themselves as key enablers of Africa’s economic growth.
The Canadian market acquisition follows a series of similar moves by African fintechs seeking to expand globally, and signals growing confidence in the continent’s financial technology sector as a driver of regional and international trade.
