Payaza Secures ₦20 Billion for Expansion After SEC Approval
Payaza, a leading pan-African payment infrastructure provider, has received a significant boost with Nigeria's Securities and Exchange Commission (SEC) approving its ₦20 billion commercial paper programme. This approval, along with a similar nod from FMDQ Exchange in December 2024, positions Payaza to expand its reach and offerings across African countries.
Founded in 2020, Payaza aims to facilitate seamless transactions for individuals and businesses across the continent. The company plans to deploy the fresh capital from its commercial real estate programme toward expanding its infrastructure, scaling product offerings, and deepening its reach. The funds will be raised in two tranches, as Series 3 and 4 of the programme, allowing Payaza to access capital strategically.
Payaza's representative, Seyi Ebenezer, hailed the SEC approval as a significant vote of confidence in the company's business model, financial health, and strategic vision. This approval follows Payaza's successful repayment of ₦14.9 billion in a Series 1 commercial paper issuance in June, demonstrating its ability to raise capital beyond traditional VC channels. Payaza's growth mirrors that of iKhokha, a South African fintech acquired by Standard Bank for 93 million US dollars in June 2023.
With the SEC approval, Payaza is set to raise ₦20 billion under its ₦50 billion commercial paper programme. This will enable the company to expand its infrastructure, scale its products, and deepen its reach across African countries, further cementing its position as a pan-African payment infrastructure provider.
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