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Business Insider
15-07-2025
- Business
- Business Insider
Payaza's triple credit rating: A milestone for Nigerian fintech leadership
In a major boost for Nigeria's rapidly expanding fintech sector, Payaza, the pan-African financial infrastructure company, has received an investment-grade credit rating of Bbb from Agusto & Co., one of the continent's most respected credit rating agencies. This new rating marks the third independent endorsement of the company's financial strength and operational discipline within the last year, solidifying Payaza's position as one of the most credible and well-governed fintech firms to emerge from Africa. 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.
The Citizen
23-04-2025
- Business
- The Citizen
Tshwane's financial turnaround signals hope for sustainable recovery
The Tshwane metro has received a welcome vote of confidence from Global Credit Ratings (GCR), which has affirmed the metro's unsolicited long-term rating while revising its outlook from Stable to Positive. This follows sustained progress in the municipal fiscal management, particularly in tackling long-standing liquidity constraints. The revised outlook comes amid signs of recovery, marked by an operating surplus of R2.1-billion for the financial year ending June 30, 2024, up from R1.3-billion the previous year. GCR further noted an improvement in liquidity, with year-end cash balances doubling from R1-billion in 2023 to R2-billion in 2024. According to the GCR, much of this is credited to the reclassification of highly liquid investments and stricter spending controls. Deputy Mayor Eugene Modise welcomed the rating revision. He said it reflected the metro's commitment to transparent, disciplined governance. 'This improved outlook is not just a credit rating; it's a reflection of our commitment to rebuilding the financial health of our city,' Modise said. 'Through strategic debt reduction, improved billing, and firm expenditure controls, we are gradually restoring confidence in our administration.' The rating agency highlighted key contributing factors, including improved billing accuracy, moderate tariff increases, and stronger interest collection from outstanding debtors. Notably, the metro has also made strides in addressing its debt with Eskom, reducing the total from R6.7-billion in November 2024 to R5.6-billion by March 2025. Modise added that Tshwane's financial progress will directly benefit residents. 'A stronger financial foundation means we can better deliver on our promise of reliable services, responsive governance, and critical infrastructure investment,' he said. 'We remain focused on ensuring every rand is spent wisely and transparently.' GCR acknowledged ongoing challenges, such as the need for continued improvements in cash flow and long-term debt management. Modise said the positive shift in outlook opens up investment opportunities and improves the metro's fiscal credibility in the eyes of national and international stakeholders. 'A positive rating outlook also improves investor confidence, potentially drawing new funding and partnerships into the metro's development plans, particularly around service infrastructure and economic upliftment in underserved communities,' he said. Financial experts note that the metro's ability to secure a fully funded budget and adhere to repayment plans demonstrates a significant step toward long-term sustainability. 'These developments are not just about numbers,' said Modise. 'They are about restoring the greatness of our city through diligent service delivery, efficient resource management, and collaboration with the people of Tshwane.' Modise insisted that continued execution of its financial recovery strategy is essential. He said the focus will remain on maintaining liquidity stability, enhancing revenue collection, and improving service delivery through better governance. ALSO READ: Sinoville residents reclaim their street and battle illegal squatters Do you have more information about the story? Please send us an email to bennittb@ or phone us on 083 625 4114. For free breaking and community news, visit Rekord's websites: Rekord East For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
