Nigerian entrepreneur Seyi Ebenezer’s Payaza secures SEC approval for $13 million commercial paper

Payaza Africa, the Lagos-based digital payments company founded by Nigerian entrepreneur Seyi Ebenezer, has received approval from Nigeria’s Securities and Exchange Commission (SEC) for its Series 3 and Series 4 Commercial Paper (CP) issuances under a N50 billion ($32.6 million) program.

The approvals, granted in July 2025, cover a combined N20 billion ($13 million) raise, which attracted a 10 percent oversubscription in a highly competitive capital market, signaling strong investor confidence in the company.

Payaza commercial issuance draws strong investor interest

The Series 3 notes were issued for 181 days at a 22.2 percent yield, while the Series 4 notes carry a 272-day tenor with a 25.5 percent yield. Both issuances saw significant institutional participation, with AVA Capital Partners serving as arranger and The New Practice (TNP) as legal adviser.

The notes hold multiple credit ratings—Bbb from Agusto & Co, A (long-term)/A1 (short-term) from DataPro, and BBB- (long-term)/A3 (short-term) from GCR—reflecting Payaza’s operational strength and disciplined approach to capital management.

Growth plans and market strategy

Funds raised from the commercial paper will be used to support Payaza’s expansion across Africa, enhance technology infrastructure, and grow its merchant network. Choosing commercial paper over traditional bank loans allows the company flexibility and more control over its funding strategy.

Seyi Ebenezer, Payaza’s CEO, described the issuance as a “market endorsement” of the company’s vision to become one of Africa’s most trusted payment providers. CFO Tochukwu Ekwonna added that the successful issuance validates the company’s approach to execution and strategic planning.

Strengthening position in African fintech

Since its founding in 2020, Payaza has secured several high-value payment licenses, expanded its merchant base, and processed record transaction volumes. Its innovations in API-driven payments and cross-border remittances have set industry benchmarks, while investments in compliance and security have earned international certifications.

For Ebenezer, the commercial paper program is central to Payaza’s strategy. By raising N20 billion under its N50 billion ($32.6 million) programme, the company is focusing on disciplined capital management and innovative financing solutions to support growth across Africa.

For Nigeria’s fintech sector, Payaza’s development marks a turning point. With this latest capital raise, Payaza is poised to accelerate growth and strengthen its position as a leading player in Africa’s fast-evolving fintech market.