Nomba and Globus Bank Say Their SME Loan Pilot Issued ₦21.3 Billion with sub-1% Defaults

In short

Nigerian fintech Nomba says an 18-month lending partnership with Globus Bank issued ₦21.3 billion in loans to small and medium-sized businesses.

The company says non-performing loans stayed below 1%, meaning less than 1% of the loan book is overdue and unlikely to be repaid.

What happened

Nomba says the pilot covered businesses in wholesale and retail, professional services, food and hospitality, oil and gas, and FMCG (fast-moving consumer goods like packaged food and toiletries).

CEO Yinka Adewale framed the result as a repayment story, not just a disbursement story. He said the key question in Nigeria is “how much has come back and why”, not only “how much have you deployed.”

SME credit in Nigeria is still tight. Banks often ask for heavy documentation, like audited accounts, and physical collateral, like property.

Nomba says it underwrote loans using real-time payment flows on its platform, which is the actual incoming and outgoing transaction data it can see as merchants process payments.

Why it matters

If the low default rate holds, this model could help unlock more working capital for Nigerian SMEs that cannot meet traditional bank requirements.

Using payment data for underwriting can reduce guesswork, since lenders see cash movement rather than relying only on past statements.

The harder part is scaling. As loan volumes rise, maintaining repayment discipline and handling debt recovery can get tougher, especially in a market where enforcement is slow and costly.

Investors and operators will watch whether Nomba can keep defaults low beyond a controlled pilot, while expanding into new sectors and borrower types.