Payaza pays up: Fulfills ₦14.9bn obligation, and signals growing maturity in African finance
The paper, issued in December 2024 with a face value of ₦14,971,880,511.74, formed part of a short-term funding strategy to support the company's rapid expansion across the continent. What sets Payaza apart is not merely the repayment itself, but how it was done: entirely from operating cash flows, without the need for refinancing or rollovers.
According to Seyi Ebenezer, the Chief Executive Officer of Payaza Africa, 'This is a validation of our model. We raised capital with a clear purpose, deployed it carefully, and delivered without compromise.'
For a sector often criticised for being long on vision and short on fiscal discipline, Payaza's performance offers something rare: evidence of financial maturity. The timing is also notable. Just weeks earlier, DataPro, a Nigerian credit-rating agency, awarded the firm an upgraded investment-grade rating of 'A' (long-term) and 'A1' (short-term) —a level generally reserved for firms with a strong capacity to meet their financial commitments. Speaking on this development, Tochukwu Ekwonna, Payaza's chief financial officer summarises the import of Payaza's recent achievements. In his words, 'Credit ratings are useful, but they are just opinions. What we've done is turn that opinion into fact.'
For investors—both local and foreign—such performance may help distinguish the serious players from the noise. Nigeria's fintech sector, like others on the continent, has attracted billions in venture capital in recent years. But questions remain about whether those investments are flowing into sustainable businesses, or into hype.
By settling its obligations from internal revenues, Payaza has offered a different story—one of operational self-sufficiency rather than perpetual capital dependency. The move not only reduces the company's leverage but also strengthens its appeal to traditional lenders and institutional investors. 'This kind of delivery separates serious fintechs from the rest,' says Ngozi Akande, an independent analyst based in Lagos. 'It shows that Africa's fintech sector is entering a new, more credible phase.'
Payaza is already preparing for the next stage of its strategy, which includes product innovation, deeper presence in key African markets, and infrastructure partnerships. As global investors continue to scan Africa for viable financial players, Payaza's recent moves may offer a quiet but persuasive signal: Africa's fintech moment is not just about bold ideas—it is increasingly about delivery.

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