Payaza's triple credit rating: A milestone for Nigerian fintech leadership
Prior to the Agusto & Co. announcement, Payaza had secured similar investment-grade ratings from Global Credit Ratings (GCR) —an affiliate of Moody's—and DataPro, Nigeria's leading indigenous rating agency. With the addition of Agusto & Co., Payaza becomes one of the very few African fintech companies to be triple-rated, a remarkable feat in a sector often characterised by aggressive growth models and limited financial transparency. This milestone is not just significant for Payaza as a corporate entity; it represents a broader turning point for African fintech. It signals that operators from the continent can meet, and even exceed, global standards in governance, compliance, and capital management.
Payaza's trajectory stands in stark contrast to the common startup narrative of excessive valuations and untested products. Originally launched in Lagos, the company has quietly expanded its operations to 21 countries, building infrastructure that supports everything from payment collections to cross-border disbursements and embedded finance APIs. Its customer base spans SMEs, traditional merchants, digital-first startups, and immigrant-owned enterprises.
In 2024, the company underwent a comprehensive rebrand, reflecting its transition from a regional payments processor to a global infrastructure player. But the real evidence of its transformation came not in brand aesthetics, but in numbers. Payaza secured approval from the FMDQ Exchange for the registration of a ₦50 billion (approx. $35 million) via a commercial paper programme—the largest of its kind ever granted to a fintech in Nigeria. This was not capital raised for survival or hype-driven growth.
In a move that further underscored its credibility, Payaza issued the first and second series under the programme in December 2024 and repaid the first series- ₦14.97 billion- in full and ahead of schedule by June 2025, using internally generated revenue. The second tranche -₦5.36 billion-, which is due in September 2025 is also expected to follow this early repayment trend. Such a demonstration of financial maturity is exceedingly rare in the global fintech space, and almost unheard of in emerging markets. It validates what the ratings agencies have now confirmed: that Payaza is not just a tech firm, but a financial institution with a track record of responsible stewardship.
Speaking on what this achievement mean for the Fintech industry in Africa, the Chief Executive Officer of Payaza Africa - Mr. Seyi Ebenezer, has this to say; ' The Agusto & Co. rating is a strong endorsement not only of Payaza's internal governance, but also of Nigeria's ability to produce globally relevant, financially sound fintech operators. For years, African startups have been viewed primarily through the lens of potential. Now, companies like Payaza are shifting that narrative from promise to performance'.
The triple-rating status provides Payaza with a unique level of access to institutional funding and multinational partnerships, positioning it well ahead of its peers both within and outside the continent. Payaza's story sends a strong message to regulators, investors, and policymakers alike: Africa is not just a recipient of fintech innovation—it is a producer of it. And in Payaza's case, it is producing innovation that is measured, scalable, and globally credible.
As Nigerian companies continue to expand across borders, stories like Payaza's serve as a model for how to build sustainable, compliant, and profitable ventures on the continent. The company's triple investment-grade status is not just a corporate win—it is a win for Nigerian enterprise, African financial innovation, and the global perception of what our companies can achieve when they are built on discipline, not just ambition.
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