Nigerian fintech Nomba is making a calculated play for the Democratic Republic of Congo (DRC), focusing first on remittances as its entry point into a largely cash-based economy. Over the past year, the company has quietly built operations in the DRC, targeting one of Africa’s most underserved markets where the majority of people lack bank accounts.
Nomba’s expansion strategy hinges on a simple but powerful insight: remittances already flow into the DRC in significant volume, especially from major source markets like China and Dubai. Rather than launching a full suite of fintech products immediately, Nomba is recruiting local cash agents to handle incoming money flows. By operating through trusted physical agents, the fintech aims to build transactional trust with everyday Congolese users while laying the rails for broader payment and credit services in the future.
Why the DRC Makes Strategic Sense
Nomba’s choice of the DRC is deeply strategic. Over 80 percent of Congolese people reportedly remain unbanked, and the banking sector in the country holds a relatively small pool of deposits. Meanwhile, mobile money players like Vodacom, Orange, and Airtel serve millions of users but many people immediately convert their mobile money into cash because they rely on physical cash for daily life.
In this context, Nomba’s remittance-led approach offers a way to bridge cash reliance and digital financial services. According to Henry Bankole, Nomba’s country manager in the DRC, the company views remittances as its on-ramp. By gaining users’ trust through remittance transfers, Nomba hopes to later introduce more advanced services like payments and credit using the same network of agents.
Challenges of Trust and Liquidity
Despite the opportunity, Nomba faces deep-rooted challenges. Trust forms a central obstacle: in the DRC, many people still prefer in-person interactions over purely digital onboarding, especially in financial matters. To address this, Nomba emphasizes its agent-based model, where agents can provide face-to-face support, helping users feel more confident sending and receiving funds.
Liquidity also poses a key risk. Agents must maintain sufficient float (cash on hand) to manage customer inflows, and slow bank settlement times can frustrate both agents and users.
Regulatory Landscape and Compliance
Operating in the DRC means navigating a complex regulatory environment. Nomba is aligning with the Central Bank of the DRC (BCC) and adhering to anti-money-laundering (AML) rules and strong KYC (know-your-customer) policies. The company also partners with local banks to ensure regulatory compliance while building a sustainable financial infrastructure.
The Long-Term Vision
Nomba aims to use its remittance operations in the DRC as a launchpad for broader expansion. As it scales its agent network, it plans to layer on services like payments and credit, targeting both individuals and businesses. The company believes that its user experience, tailored to the DRC’s market realities, will help it compete effectively against traditional banks and mobile money providers. Bankole notes that although many players operate in the DRC, Nomba sees a “blue ocean” opportunity with remittances and digital financial services that go beyond cash-in/cash-out.
Nomba’s DRC strategy reflects its broader mission: to provide financial services to underserved populations. If successful, it could reshape fintech access in Central Africa, proving that a remittance-first approach can unlock paths to deeper financial inclusion.
