Nomba Wants Nigerian Merchants to Collect Pounds Directly From UK Banks

Why It Matters

By cutting costly card‑processing fees and providing local‑like payment experiences, the solution boosts profitability for African sellers and deepens trade ties between Nigeria and the UK.

Key Takeaways

• Nomba‑Volume link enables direct GBP bank transfers, cutting 6‑7% fees.
• Merchants receive instant settlements into multi‑currency wallets.
• Early adopters processed £5,500 from 115 UK buyers in two months.
• Solution leverages UK Faster Payments, bypassing card networks.
• Part of Nomba’s strategy to build global African payment corridors.

Pulse Analysis

Open Banking in the United Kingdom has reshaped how fintechs access bank‑to‑bank transfers, offering a low‑cost alternative to legacy card networks. For African businesses, the high fees and latency of traditional cross‑border processors have been a persistent barrier to scaling overseas sales. Nomba’s partnership with Volume taps into this ecosystem, allowing Nigerian merchants to present UK customers with a familiar checkout experience that authorises payments directly from their banking apps, rather than through Stripe or Paystack. This not only reduces transaction costs but also aligns with the growing demand for seamless, local‑like payment flows.

The technical workflow is straightforward: a UK buyer selects the Volume option at checkout, the payment is routed through the Faster Payments system, and funds are held in a GBP wallet managed by a UK‑licensed e‑money institution. Nomba then settles the merchant instantly, offering the flexibility to hold, convert, or withdraw funds in pounds, naira, or dollars. Early results are promising—BeautyByDaz Nigeria moved more than £5,500 from 115 UK customers within two months, consolidating multiple payment providers into a single dashboard. By eliminating the 6‑7% card‑processing surcharge, merchants can preserve margins and reinvest savings into growth.

Strategically, this corridor is a cornerstone of Nomba’s broader ambition to create a network of African‑centric international payment routes. Following expansions into the Democratic Republic of Congo and a Canadian acquisition, the UK link positions Nomba to scale across Europe and potentially integrate emerging rails such as stablecoins. For the African fintech landscape, the model demonstrates how leveraging Open Banking and local settlement infrastructure can democratise global commerce, making cross‑border transactions feel as frictionless as domestic ones.