Payaza Targets ₦20bn Raise After SEC Approval

Pan-African payments company Payaza has received approval from Nigeria’s Securities and Exchange Commission (SEC) to raise ₦20 billion under its commercial paper programme. This move is part of a larger ₦50 billion issuance strategy aimed at securing non-equity funding as the company scales operations across Africa.

The fresh approval follows an earlier greenlight from FMDQ Exchange in December 2024. Now, Payaza is set to proceed with Series 3 and 4 of its offering — a continuation of a strategy that blends strategic timing with capital flexibility.

“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,” said Seyi Ebenezer, the company’s founder, in a statement.

A Flexible Approach That’s Winning Investor Trust

Payaza is confident about investor appetite, stating it has already seen interest despite the official approval being recent. The startup believes its decision to raise funds in multiple tranches offers a smarter path to scale — one that aligns with changing market conditions and internal priorities.

“This approach of issuing in multiple tranches is a core benefit of our overall ₦50 billion programme,” Ebenezer noted. “It allows us to strategically access capital as needed, rather than attempting one massive raise.”

This confidence is not unfounded. In June, Payaza successfully repaid ₦14.9 billion from its earlier Series 1 issuance — a feat many startups in the region are yet to match. That milestone reflects the company’s commitment to financial discipline and market credibility, particularly in a landscape where venture capital (VC) is no longer the only route to funding.

Launched in 2020, Payaza is positioning itself as a cross-border payment infrastructure provider. It offers everything from collections and disbursements to white-label solutions for businesses, helping customers navigate the complexities of African financial ecosystems.