Nomba, a Nigerian fintech providing banking and payment services to businesses, has partnered with UK-based payment solution Volume to enable Nigerian merchants to collect British Pounds (GBP) directly from customers’ UK bank accounts.
The partnership integrates Nomba’s platform with Volume’s Open Banking-powered infrastructure, allowing bank-to-bank payments without relying on international card processors. Instead of entering card details, UK customers authorise payments directly through their banking applications using Britain’s Faster Payments system.
The development represents a shift in how Nigerian businesses can access international markets, particularly the United Kingdom, one of Nigeria’s most significant trade and diaspora corridors.
“We built Nomba to give African businesses world-class financial infrastructure,” said Yinka Adewale, Nomba CEO. “Partnering with Volume to enable direct GBP bank collections means our merchants no longer lose 6–7% of their revenue just because their customers are in a different country.”
How the Open Banking Integration Works
Open Banking in the United Kingdom enables banks, financial institutions, fintechs and technical service providers to collaborate securely, allowing consumers to authorise payments directly from their bank accounts. Rather than routing transactions through card networks, payments are initiated from the customer’s bank and settled through established domestic payment rails.
Under the new integration, a UK-based customer selecting a Nigerian merchant at checkout can choose the bank payment option. The transaction is authorised through their banking app and processed via the UK’s Faster Payments infrastructure. Volume processes the payment locally before Nomba settles the merchant instantly into a GBP wallet.
According to Nomba, the wallet is managed by an undisclosed UK-licensed electronic money institution. Merchants are not restricted to holding funds in pounds alone. They can retain balances in GBP, convert to Nigerian Naira (NGN) or US Dollars (USD), or move funds into other currencies depending on operational needs. The company stated that exchange rates are aligned with prevailing market trends to remain competitive.
The system is designed to complement rather than replace existing card-based channels.
Addressing Cost Inefficiencies in the UK–Nigeria Corridor
The UK remains home to the largest documented population of Nigerian-born individuals, and trade activity between the two countries continues to grow. In December 2025, total trade volume between the UK and Nigeria stood at £95.7 million ($128 million), covering e-commerce transactions, remittances, professional services, and subscription payments.
However, much of this cross-border activity is processed via global card networks or platforms such as Stripe, Flutterwave and Paystack, often attracting card processing and cross-border charges. For merchants operating on thin margins, fees of 6–7% can significantly erode revenue.
By connecting directly into the UK’s banking infrastructure, Nomba’s new corridor aims to reduce dependency on card rails and minimise associated transaction costs.
The move reflects a broader industry trend where fintechs are leveraging Open Banking frameworks to create faster, cheaper, and more transparent cross-border payment experiences.
Part of a Broader International Expansion
The UK corridor forms part of Nomba’s wider strategy to build international payment routes for African businesses. In November 2025, the fintech expanded into the Democratic Republic of Congo to serve underbanked populations.
In January 2026, it acquired a Canadian payment service provider to facilitate trade between Canada and Nigeria.
The partnership with Volume also positions Nomba to explore expansion across other European markets where Open Banking infrastructure is mature.
Nomba operates in a competitive ecosystem where African fintechs are racing to simplify cross-border commerce. While card networks remain dominant globally, Open Banking presents an alternative that reduces intermediaries and gives merchants more control over payment flows.
Experts say the success of Nomba’s UK integration will depend on merchant adoption, regulatory alignment, and customer trust in bank-initiated payments. Yet, by embedding itself into established UK banking rails, the fintech is positioning African businesses closer to the financial infrastructure that underpins one of their largest export markets.
Talking Points
Nomba’s integration with UK fintech Volume addresses a key barrier Nigerian businesses face: high costs and complexity in collecting international payments. By enabling direct GBP bank-to-bank transfers, merchants no longer need to rely solely on card networks, which often charge 6–7% fees.
This feature positions Nomba as a practical solution for SMEs and e-commerce businesses operating cross-border, allowing them to streamline payments, consolidate multiple accounts, and manage international revenue from a single dashboard.
At Techparley, we see how leveraging Open Banking infrastructure can accelerate financial inclusivity for African merchants, giving them access to global payment rails previously out of reach.
The system also empowers merchants with flexibility: funds can be held in GBP, converted to Naira or US Dollars, or transferred into other currencies depending on business needs, providing operational and financial efficiency.
As Nomba expands this corridor and explores additional markets in Europe and North America, the partnership with Volume could serve as a blueprint for reducing friction in international trade, helping African businesses compete globally with local-like payment experiences.
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