Addressing inefficiencies in Africa's digital payment solutions

With the growth in digital payments across Africa, Nomba's CEO Yinka Adewale is on a mission to address inefficiencies in payment processes for businesses on the continent. The recently acquired 30-million-dollar Pre-Series B funding round is set to bolster their efforts in revolutionizing payment solutions tailored to the specific needs of businesses. Adewale joined CNBC Africa to shed light on the scale of inefficiencies in current payment systems, Nomba's value proposition in the market space, and the strategic deployment of the new funding. Inefficiencies in payment processes have long plagued businesses in Africa, leading to operational challenges and hindering growth. Adewale emphasized the disconnect between payment solutions and day-to-day operations, highlighting the critical role cash flow plays in sustaining businesses. Nomba's suite of solutions, including invoicing, aims to streamline payment acceptance and provide better visibility and analytics for business owners, empowering them to make informed decisions. Nomba's unique value proposition lies in serving retail businesses with multi-locations by offering an omni-channel experience for accepting various payment methods. By consolidating payment options onto a single platform, Nomba reduces the need for multiple solutions and simplifies payment tracking and reconciliation. This efficiency-driven approach sets Nomba apart in the market, catering to the evolving needs of businesses seeking seamless payment solutions. The infusion of the $30 million pre-Series B funding round is set to catalyze Nomba's expansion efforts and product development. Adewale underlined the importance of investing in talent to scale the business effectively, addressing a key challenge faced by many technology companies. With a focus on hiring talented individuals and enhancing product offerings, Nomba aims to bolster its presence in the Nigerian market and explore opportunities in other international markets. Looking ahead, Adewale envisions a future where technology solutions are tailored to specific business verticals, addressing the unique pain points of each sector. By listening to customer feedback and building bespoke solutions, Nomba aims to stay ahead of the curve and deliver value to a diverse range of businesses. As Nomba continues its growth trajectory, Adewale remains committed to building a global payments company from Nigeria, leveraging technology to drive innovation and efficiency in the payments landscape. In tackling the challenge of talent retention, Adewale highlighted the importance of diversifying talent pools and mentoring younger professionals across industries. By tapping into Nigeria's skilled workforce and fostering a culture of continuous learning and development, Nomba aims to overcome talent shortages and sustain its growth in the competitive payments industry. As Africa's digital payment ecosystem continues to evolve, Nomba's strategic vision and commitment to excellence position it as a key player in revolutionizing payment solutions for businesses across the continent. With a focus on efficiency, innovation, and talent development, Nomba is poised to shape the future of payments in Africa and beyond.