Nigerian fintech company Payaza has received a significant regulatory green light from the Securities and Exchange Commission (SEC) to raise an additional ₦20 billion under its ongoing ₦50 billion commercial paper programme. This approval follows a similar endorsement from the FMDQ Exchange in December 2024, reinforcing investor confidence in the company’s financial strategy and operational strength.
The newly approved funds will be raised in two tranches—Series 3 and Series 4—allowing Payaza to access capital in a phased and flexible manner. This approach, according to CEO Seyi Ebenezer, is central to the company’s funding strategy:
This SEC approval is incredibly significant for us at Payaza. It’s a profound vote of confidence from the market in our business model, our financial health, and our strategic vision for the African payments landscape.
Ebenezer further explained that issuing in multiple tranches allows the company to optimize for market conditions and tailor funding to specific operational needs, rather than relying on a single, large capital raise. This structure has already proven effective in the company’s earlier Series 1 and 2 issuances.
Despite the approval being recent, Payaza reports strong investor interest and is confident in its ability to raise the targeted funds. This optimism is underpinned by the company’s successful repayment of ₦14.9 billion from its Series 1 issuance in June 2025—a milestone that highlights the viability of commercial paper as a funding route for Nigerian startups.
Ebenezer noted that this achievement was the result of years of groundwork to build trust and credibility in the Payaza brand, especially in a market where venture capital has traditionally dominated startup funding.
Founded in 2020, Payaza has rapidly positioned itself as a pan-African payment infrastructure provider, offering a suite of services including collections, disbursements, and white-label solutions. The company is known for its flexibility, reliability, and ability to facilitate seamless cross-border transactions for both individuals and businesses.
As investor appetite grows for non-equity funding structures, Payaza’s commercial paper programme stands out as a model for fintechs seeking scale without immediate equity dilution. The company’s ability to raise and repay significant capital through debt instruments reflects a maturing ecosystem and a shift toward diversified capital strategies in African tech.
Payaza plans to deploy the new capital toward:
- Expanding its payments infrastructure
- Scaling its product offerings
- Deepening its presence across African markets
This next phase of growth aims to solidify Payaza’s role as a key enabler of digital financial services across the continent.
