Nomba, the Nigerian fintech formerly known as Kudi, is making a strategic move into the Democratic Republic of Congo (DRC), one of Africa’s most cash-driven economies. The company’s entry point? Remittances—a sector that already sees significant money flows and offers a natural foundation for broader financial services.
Building the Foundation
Over the past year, Nomba has quietly established operations in the DRC, mapping out key remittance corridors from high-volume hubs such as China and Dubai. The company is actively recruiting local agents in Kinshasa and other regions to create a physical network for cash collection and distribution. This approach is designed to build trust in a market where banking penetration is extremely low and cash remains king.
Henry Bankole, Nomba’s Country Manager for the DRC, explains the rationale:
Remittances are where money already flows. By starting there, we can quickly earn transactional trust and build the rails we need for payments and credit.
Once the remittance infrastructure is in place, Nomba plans to introduce digital banking solutions, including payments, savings, and credit, to serve the country’s largely underserved population.
Why the DRC?
The DRC presents both challenges and opportunities:
- Over 80% of the population is unbanked, with limited access to formal financial services.
- The banking sector is small, concentrated, and heavily dollarized.
- Mobile money platforms like Vodacom, Orange, and Airtel dominate, but most users cash out immediately, limiting the potential for advanced fintech products.
By focusing on remittances and leveraging local agents, Nomba aims to position itself as a first mover in a space that remains relatively underdeveloped.
Success will depend on regulatory alignment. Nomba is working closely with the Central Bank of the DRC (BCC) to comply with KYC and anti-money-laundering requirements as it formalizes its presence.
A High-Risk, High-Reward Strategy
Nomba’s approach reflects a calculated bet:
- Start with existing cash flows (remittances).
- Build trust through physical networks.
- Gradually digitize financial access for millions of Congolese.
If successful, this expansion could mark a major step in bringing digital finance to one of Central Africa’s most cash-intensive markets.
