Nomba, a Lagos-based fintech powering payments and business tools for over 600,000 Nigerian merchants, has partnered with UK Open Banking platform Volume to allow businesses to receive British pounds (GBP) directly from UK bank accounts. The integration, announced in late February 2026 and gaining traction in March coverage, lets UK customers pay via their domestic banking app, Barclays, Monzo, HSBC, Lloyds, or any regulated UK bank, bypassing traditional card networks and slashing fees dramatically.
The mechanics are straightforward and merchant-friendly. When a UK buyer checks out on a Nomba-powered online store or invoice, they select “Pay with Bank Transfer” and authenticate through their own banking app using Open Banking rails. Funds settle almost instantly into the Nigerian merchant’s Nomba account in GBP (or converted to NGN at competitive rates), with no need for intermediaries like Stripe or PayPal that layer on cross-border surcharges, currency conversion fees, and chargeback reserves.
The fee savings are stark. Card-based international payments via Stripe or similar processors typically cost Nigerian merchants 6.4% to 7.4% per transaction once processing, cross-border, FX, and risk provisions are added. Volume’s Open Banking route drops the effective cost to around 1%, a reduction of up to 80%, eliminating what many call the “diaspora payment tax.” This makes it far more viable for Nigerian e-commerce sellers, freelancers, and small businesses to serve the large UK Nigerian diaspora and British customers without eroding margins.
Nomba already offers multi-currency wallets (NGN, USD, GBP, EUR) within its app, allowing merchants to hold, convert, and send funds across borders with low FX rates. The Volume partnership extends that by adding direct GBP inflows from UK banks, complementing existing features like POS terminals, online checkout, invoicing, payroll, and business analytics. Merchants can invoice like a local in the UK, present GBP bank details, and receive payments as if operating there, without the friction of wire transfers or high card fees.
The timing aligns with Nigeria’s push for global competitiveness. With remittances from the UK remaining a major inflow (Nigeria receives billions annually from diaspora communities), reducing collection costs unlocks more value for small businesses, exporters, and digital creators selling courses, services, or goods to British buyers. It also addresses pain points in cross-border e-commerce: high fees, slow settlements, and FX losses that often deter merchants from targeting international markets.
Nomba processes over ₦3 trillion monthly across its merchant base, making it one of Nigeria’s leading full-stack payment players. The Volume tie-up builds on recent expansions like Apple Pay integration (for contactless and online) and acquisitions (including a licensed Canadian PSP for CAD flows). Together, these moves position Nomba as a borderless banking alternative for Nigerian SMEs, helping them scale globally while keeping more of their earnings.
For Lagos entrepreneurs, many already serving diaspora customers via social media, WhatsApp, or online stores, this could mean higher take-home from UK sales, faster cash flow, and easier scaling without relying on expensive card processors. As Open Banking gains ground in Europe and Africa explores similar rails, partnerships like this signal a shift toward cheaper, direct international payments, quietly dismantling barriers that have long taxed African merchants.
