Nigerian entrepreneur Seyi Ebenezer’s Payaza repays $13.9 million commercial paper

Payaza Africa, the Lagos-based digital payments company founded by Nigerian entrepreneur Seyi Ebenezer, has completed the repayment of $13.9 million under its $34.1 million commercial paper program.

The completion of its Series 3 and Series 4 Commercial Paper (CP) issuances marks an important step for the company and strengthens investor confidence in its financial management and long-term plans.

Payaza builds trust with investors

The N20.3 billion ($13.85 million) repayment is part of its N50 billion ($34.11 million) multi-tranche program covering N14.97 billion ($10.21 million) from Series 1 and N5.36 billion ($3.66 million) from Series 2, which were both issued in 2024.

The company used the proceeds to expand operations across Africa, enhance merchant services, and upgrade transaction technology. The full redemption of both tranches underscores its effective cash flow management and growing credibility among institutional investors in Nigeria’s debt market.

Nigeria’s fintech market shows maturity

The successful repayment marks an important moment for Nigeria’s fintech industry. While many young tech firms rely heavily on venture capital, Payaza has demonstrated that fintechs can responsibly access local debt markets to raise capital without diluting ownership.

This shift reflects a broader maturity within the sector, as investors begin to view well-managed fintechs alongside established corporates. The domestic commercial paper market itself has gained traction since 2022, attracting more non-bank and technology issuers seeking liquidity amid tighter credit conditions.

Payaza’s repayment highlights sound governance and financial discipline at a time when many firms are grappling with inflation, currency swings, and rising operating costs. Meeting repayment deadlines on schedule reassures investors that the company can sustain healthy cash flows and manage risk prudently.

Next step in growth

Payaza, which was started in 2020 and is fully licensed by the Central Bank of Nigeria, provides payment infrastructure and API-based solutions throughout Africa.  Its cross-border systems help merchants and businesses move money seamlessly, boosting trade within the continent’s fast-expanding digital economy.

With this repayment completed, Payaza is preparing for the next leg of its $34.1 million funding plan. The company wants to use the renewed trust of investors to reach more people in the market, work better with regulators, and improve its payment network in the region. 

Payaza is one of a small number of African fintechs that have successfully issued and repaid commercial papers. Its mix of innovation, accountability, and fiscal prudence makes it a model for the region's growing financial technology industry.