Payaza Secures Major SEC Approval for ₦20 Billion Commercial Paper Programme
Nigerian fintech innovator, Payaza, has achieved a significant milestone, receiving approval from the Securities and Exchange Commission (SEC) of Nigeria to raise an additional ₦20 billion. This substantial capital injection falls under its existing ₦50 billion commercial paper programme, marking a pivotal moment for the company in the dynamic African payments landscape. This latest green light from the SEC follows a similar endorsement from the FMDQ Exchange in December 2024, underscoring the confidence of key financial regulators in Payaza’s operations and strategic trajectory.
Strategic Funding Fuels Payaza’s African Vision
Seyi Ebenezer, a key figure at Payaza, emphasized the profound importance of this SEC approval. In a statement to Techpoint Africa, he articulated, “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.” This endorsement highlights not only the company’s current standing but also its potential to significantly impact the continent’s financial ecosystem.
The newly approved funds, totaling ₦20 billion, will be accessed strategically in two distinct tranches, designated as Series 3 and Series 4, within the overarching ₦50 billion commercial paper programme. Ebenezer clarified this approach, stating, “This approach of issuing in multiple tranches is a core benefit of our overall ₦50 billion programme. It allows us to strategically access capital as needed, optimising for market conditions and our specific funding requirements, rather than attempting one massive raise.” This flexible framework demonstrates Payaza’s prudent financial management, enabling it to adapt to market fluctuations and specific operational demands efficiently, thereby ensuring sustained growth and stability in its ambitious journey across the African payment sector.
This successful regulatory approval positions Payaza strongly for accelerated expansion and innovation within the competitive African fintech arena. By securing this substantial capital through a well-structured commercial paper programme, Payaza is poised to further enhance its payment solutions, expand its reach, and cement its role as a leading force shaping the future of digital transactions across the continent. This strategic move reinforces Payaza’s commitment to its long-term vision and its capability to execute on its growth objectives.
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