Designed to enable businesses collect funds in naira or stablecoins and send payouts to the United Kingdom, Europe, Canada, the Democratic Republic of Congo and Nigeria, the new system handles foreign exchange conversion instantly and locks in rates at the point of transaction.

For years, operators in this space have had to manage cash on two fronts. They collect in naira, then look for foreign currency elsewhere, while also keeping reserves ready for payouts. That process ties down capital and slows transactions.

Nomba says its new API removes that limitation by merging collection, conversion and disbursement into one flow. Once funds enter the system, either in naira or stablecoins such as USDT or USDC, conversion happens immediately and the payout begins without delay.

“Running a cross-border payments business from Nigeria has meant managing frozen liquidity on two fronts at the same time,” said Yinka Adewale, CEO, Nomba.

“Operators collect naira, then go source foreign currency, all while their customers are waiting. We built this API to collapse that operational complexity into a single transaction flow, and to give operators who want to remove naira exposure entirely the option to fund in stablecoins.”

Outlining how the payout routes work, the company noted that transfers to the UK go through Faster Payments, with settlement taking between one and three hours.

In Europe, SEPA transfers are completed in under one hour, while Canada supports Interac for instant transfers alongside bank payments. In the Democratic Republic of Congo, users can send money through mobile money or bank transfers, both processed instantly. Nigeria, meanwhile, is the base corridor.

Another feature is a five-minute exchange rate lock. This ensures the rate a customer sees at the start of a transaction stays the same at settlement, reducing disputes and unexpected losses.

The launch comes at a time when cross-border payments in Africa are expensive. On average, sending $200 costs about 7.9%, one of the highest rates globally. At the same time, stablecoins are gaining ground.

They now account for a large share of crypto transactions in sub-Saharan Africa, with Nigeria alone handling billions of dollars in volume over the past year.

On the regulatory aspect, Nigeria’s tax policies treat foreign exchange conversions, service fees and digital charges as taxable events since the start of 2026. This is forcing payment companies to build systems that can handle compliance automatically.

Nomba, which started in 2016 as Kudi, has moved from agency banking into payment infrastructure. In 2025, it processed N122 billion across 1.85 million transactions. Its virtual accounts now account for most of its API activity.

With the new Global Payout API, Nomba is targeting a long-standing problem in the market, cutting out the need to hold funds in multiple currencies at once. The company is ensuring payment firms can move faster and operate with less capital tied up.

The deal covers a Canadian Payment Service Provider and Money Services Business. With it, Nomba can hold and move Canadian dollars locally and settle those funds directly into naira and other African currencies. 

The setup is built for business payments, not personal remittances.

Trade between Africa and Canada already runs through sectors such as oil and gas services, commodities, consumer goods, professional services and technology. 

Payments in that corridor have mostly passed through correspondent banks, usually taking days and coming with high charges and clouded exchange rates.

Nomba says the new structure removes several of those steps. Businesses can open local CAD accounts in Canada, settle directly into African currencies, and receive funds the same day. The company says foreign exchange and transaction costs can drop by as much as 40 to 60%.

“Cross-border trade payments for African businesses are still built on infrastructure that was never designed for speed or transparency,” said Yinka Adewale, chief executive of Nomba. “Owning regulated infrastructure allows us to remove layers of complexity and give businesses predictable, reliable rails they can build on.”

The company is pitching the service to exporters, importers, professional firms and multinationals trading between Africa and North America. It is not targeting consumer remittance flows.

One early user is a Nigerian oil and gas services firm that bills Canadian clients regularly. Before switching, payments took three to five working days and required manual reconciliation. 

With Nomba, the company now uses a dedicated Canadian dollar account and receives funds the same day, which it can use immediately for wages, suppliers or local investment.

“For businesses, reliability matters more than novelty,” Adewale said. “They want payments to settle when expected and funds to be usable immediately. That’s what owning the rails makes possible.”

The acquisition was completed in the second quarter of 2025. Nomba is putting about $2m into the Canadian entity to strengthen systems and expand capacity. In January 2026 alone, it processed $3.4m through the Canadian setup.

“Now that we’ve demonstrated consistent same-day settlement and rock-solid reliability, we’re opening access more broadly,” Adewale said.

“From a regulatory standpoint, all FX operations run through our Canadian entity, which means businesses are accessing fully licensed, compliant cross-border banking infrastructure.”

Canada is the first in a series of overseas markets where Nomba plans to own regulated payment infrastructure. The company already handles trillions of naira each year across payments and business banking in Africa.

In November 2025, it launched operations in the Democratic Republic of the Congo after a year of groundwork. It holds a Messenger Financier licence and an Aggregator licence from the Central Bank of Congo, allowing it to move money in and out of the country. 

Payments there run through banks including Rawbank, Equity BCDC and TMB, as well as mobile money services such as M-Pesa, Airtel Money and Orange Money.

Nomba says the Congo launch, like Canada, was about proper management of payments infrastructure rather than market size. Canadian companies source minerals and other commodities from the region, but payments have often been slow and fragmented.

In holding licences in both Canada and parts of Africa, the company says it can offer local-currency accounts, transparent pricing and same-day settlement on both sides.

“Africa to Canada is live,” Adewale said. “Africa to the rest of the world is next. Our focus is building global-standard business banking infrastructure that allows African companies to operate locally while being structurally ready to trade anywhere.”

The funding round was led by Flourish Ventures, with participation from Visa Ventures, TLCom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and individual investors.

Founded in 2020, HoneyCoin has built a stablecoin-powered payment platform that enables businesses and individuals to move money across borders in hours rather than days. 

The company connects directly with banks, mobile money networks, and global payment partners, aiming to lower settlement costs while improving transaction speed.

The Nairobi-based startup processes over $150 million in monthly transactions and serves millions of end users across 45+ countries. Its infrastructure supports payment collection, real-time money transfers via stablecoins and traditional rails, and issuance of bank accounts, debit cards, and wallets. Clients include high-growth businesses and fintechs such as Cedar Money, TerraPay, and Jiji.

“HoneyCoin is tackling real-world challenges in cross-border payments and financial access across Africa,” said Cuy Sheffield, head of Crypto at Visa. “It’s a strong example of how stablecoins can unlock more efficient and inclusive payment solutions in emerging markets.”

Founder and CEO David Nandwa said the company has been profitable for two years and intends to use the new capital to secure additional licences, expand into Mozambique, Zambia, Rwanda, and Francophone Africa, and launch new products. 

These will include a Visa-backed stablecoin debit card, a cross-border liquidity solution for corporates in partnership with Interswitch, and a banking-as-a-service platform in Ghana, Malawi, and Tanzania.

Efayomi Carr, principal at Flourish Ventures, noted: “We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision. Since then, he’s built a licensed, profitable, and high-growth infrastructure platform powering nearly 300 financial institutions and processing billions in transactions annually.

“This follow-on investment reflects our deep confidence in HoneyCoin’s results to date and potential to lead the next generation of compliant, blockchain-enabled finance across Africa.”

HoneyCoin holds multiple licences, including in Canada, the US, Europe, and key African jurisdictions, with direct partnerships with banks, mobile operators, and payment providers. The company claims its B2B settlement volumes are growing 16% month-on-month, while consumer activity through its Peer app is rising by 5% monthly.

According to Nandwa, “Our mission is to build the operating system for money; how it’s moved, held, and collected, regardless of medium or geography—just like Apple redefined computing. This raise enables us to lead that transformation, across Africa and other global markets.”

The new platform, launched in Lagos on Tuesday, is designed to replace legacy systems and consolidate digital payment processes across banks, fintechs, government agencies, and other players within the financial ecosystem. 

Unlike NIBSS Instant Payments (NIP) which was built 14 years ago, the National Payment Stack is a multipurpose, real-time payment framework built from the ground up to meet current and emerging demands.

At the unveiling, NIBSS Managing Director Premier Oiwoh stressed that “It’s a transition to the future. With NPS, we didn’t just build another instant payment solution, we laid the foundation for Nigeria’s financial future,” he said.

The NPS is structured to support both bulk and single payments through one integrated rail. It also incorporates advanced messaging using ISO 20022, a global standard that improves transaction transparency, efficiency, and automation. 

Among other features, the system enables:

• Real-time transfers with instant settlement
• Request-to-Pay and Direct Debit features
• KYC verification through BVN, RC Number, or TIN
• Multi-currency functionality and potential for cross-border payments
• A sandbox environment for fintechs to integrate within 48 hours
• Enhanced fraud management and risk scoring

According to Oiwoh, “The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but speaks to our unique payment realities. From Request-to-Pay to real-time settlements, automated reconciliation, and advanced dispute management, NPS is designed to deliver smarter, faster, and more transparent payment experiences for all.”

One of the key priorities of the NPS is to strengthen digital and financial inclusion in Nigeria, a goal that aligns with the Central Bank’s financial system stability strategy. 

In enabling secure and low-cost payments, especially in underserved areas, NIBSS says the system will help the country expand its financial reach while strengthening trust across the ecosystem.

Deputy Governor of Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, Philip Ikeazor, described the development as a “transformative milestone.” He was represented at the launch by the CBN’s Director of Payment System Policy, Musa Jimoh.

“The NPS lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape,” Jimoh said.

The Lagos State Government, a key supporter of fintech development in Nigeria, welcomed the initiative. Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff Samuel Egube, noted that the partnership between government, banks, and the private sector was critical for growth.

“This kind of strategic partnership adjusts what Nigeria and Africa need to flourish in our ever-evolving digital landscape. As the commercial heart of Nigeria, Lagos is excited to support innovations that make doing business easier, safer, more transparent, and more inclusive,” Egube said.

Created in 1993 and jointly owned by the Central Bank and licensed deposit money banks, NIBSS has consistently taken on projects to modernise Nigeria’s financial infrastructure, including the AfriGO domestic card scheme and instant POS settlement systems.

The launch of the NPS, however, is seen as its biggest move yet, one that could eventually become a model for indigenous digital public infrastructure across Africa.

With Nigeria looking to build a $1 trillion economy within the next eight years, NIBSS appears to be laying the rails, quite literally, for a payment sector that can support that vision.