Nigerian fintech Nomba has partnered with UK-based payment solution Volume to allow Nigerian businesses collect British Pound (GBP) payments directly from bank accounts in the United Kingdom.
The partnership leverages the Open Banking system, which enables banks, fintech companies, and financial institutions to securely connect and process payments directly between bank accounts.
How the Payment System Works
With the integration, Nigerian merchants can now receive bank-to-bank payments from customers using any of the UK’s major banks. Instead of entering card details, customers simply authorise payments through their banking apps.
The transaction runs through the UK’s Faster Payments Service, with Volume processing the payment locally before Nomba settles the funds into a GBP wallet for the merchant.
The wallet, managed by a UK-licensed electronic money institution, allows merchants to:
- Hold funds in GBP
- Convert balances into Naira (NGN) or US Dollars (USD)
- Move funds across currencies depending on business needs
Exchange rates are set in line with prevailing market rates to remain competitive.
Reducing Cross-Border Payment Costs
According to Yinka Adewale, the goal is to reduce the high costs many African merchants face when accepting international payments.
“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,” Adewale said.
Traditionally, Nigerian businesses selling to UK customers rely heavily on international card networks or payment platforms such as Stripe, Flutterwave, and Paystack, which often include cross-border card processing fees.
The new system offers an alternative by connecting merchants directly to the UK banking infrastructure.
Growing Nigeria–UK Payment Corridor
The move reflects increasing commercial ties between Nigeria and the United Kingdom, which hosts the largest documented population of Nigerian-born residents.
In December 2025, trade between the two countries reached £95.7 million ($128 million), covering activities such as:
- E-commerce transactions
- Remittances
- Subscription payments
- Professional services
Much of this cross-border activity still relies on global card networks.
Early Merchant Adoption
One of the first businesses using the platform is BeautyByDaz Nigeria, a Lagos-based beauty company selling to customers in Nigeria and the UK.
Founder Zaynab Odusote said the platform simplifies international payments.
“Before Nomba, I was juggling Stripe for my UK customers, a separate POS provider for my Lagos store, and a different bank account for transfers. Now everything is in one place.”
The company processed over £5,500 ($7,360) from 115 UK customers within its first 60 days on the platform.
Part of a Broader Global Expansion
The UK payment corridor is part of Nomba’s broader international strategy.
In November 2025, the company expanded into the Democratic Republic of Congo to support unbanked populations. In January 2026, it also acquired a Canadian payment service provider to strengthen payment flows between Canada and Nigeria.
Adewale said the company’s long-term vision is to make cross-border payments feel as simple as domestic transactions.
“The broader vision is making international transactions feel local on both ends… If you’re an African business selling globally, getting paid should feel no different from a local transaction.”
