How Seyi Ebenezer’s Payaza Settled a $13.9 Million Commercial Paper

Payaza Africa, a digital payments company founded by Nigerian entrepreneur Seyi Ebenezer, has successfully repaid $13.9 million under its $34.1 million commercial paper program, a move that shows the company’s strong financial discipline and growing credibility among investors.

The repayment covers the completion of Series 3 and Series 4 of its commercial paper issuances, which form part of its larger ₦50 billion ($34.1 million) multi-tranche program. 

The program had earlier seen ₦14.97 billion ($10.2 million) raised from Series 1 and ₦5.36 billion ($3.7 million) from Series 2 in 2024.

Strengthening investor trust

For a company that began just a few years ago, this repayment represents more than a financial milestone, it’s a signal of trust and accountability. 

Payaza used the proceeds from the program to grow its operations across Africa, improve merchant services, and upgrade its transaction technology.

By settling this obligation in full, Payaza has reassured investors of its ability to manage funds responsibly and maintain healthy cash flow despite economic challenges. It’s a statement that the company can meet its commitments while still pushing for expansion.

A sign of maturity in Nigeria’s fintech space

Payaza’s move also reflects a broader change in Nigeria’s fintech ecosystem. Many young tech firms depend on venture capital for growth, often giving up equity in return. But Payaza’s approach raising and repaying funds through the local debt market, shows that fintechs can build and sustain operations without diluting ownership.

This development highlights how Nigeria’s fintech sector is becoming more mature. The commercial paper market, which has gained traction since 2022, now attracts more technology companies looking for liquidity in a tough economic environment. 

Payaza’s success proves that disciplined financial management can earn fintechs a seat alongside traditional corporates in the debt market.

What you should know

Founded in 2020 and fully licensed by the Central Bank of Nigeria, Payaza provides payment infrastructure and API-based solutions that connect merchants and businesses across Africa. 

Its cross-border systems make it easier for companies to move money, trade, and grow in the continent’s expanding digital economy.

With this latest repayment completed, Payaza is now focused on the next phase of its $34.1 million funding plan. The company aims to strengthen partnerships with regulators, improve payment infrastructure, and extend its services to more African markets.