Payaza, a Nigerian fintech company, announced the complete redemption of its Series 1 Commercial Paper worth ₦14.97 billion.
The company achieved this milestone using only its operating cash flows, without relying on rollovers or refinancing per a LinkedIn post by Seyi Ebenezer, CEO, Payaza.
A commercial paper is a short-term, unsecured debt instrument issued by corporations to raise funds quickly. Typically, it has a maturity period ranging from a few days to a year and is often used to finance immediate operational needs like payroll, inventory, or other short-term liabilities.
Investors, such as institutional buyers or high-net-worth individuals, purchase these papers at a discount, earning a return when the issuer repays the face value at maturity.
For Payaza, issuing this commercial paper allowed the company access capital efficiently, and redeeming it fully through cash flows demonstrates robust financial health.
“This is a clear validation of our business model, our clarity of purpose, and the unwavering discipline of our team. Above all, it’s the hand of God at work.” – Seyi Ebenezer, CEO, Payaza
The approval process for the company’s commercial paper will be typically rigorous, involving multiple regulatory and financial steps.
Payaza got issuance in December
In December, it was reported that Payaza secured approval for a ₦50 billion Commercial Paper issuance from FMDQ Exchange.
The Commercial Paper programme aimed to enhance the company’s liquidity, allowing the company scale operations, diversify its product offerings, and strengthen its market leadership across Africa.
Ebenezer said then that, “This approval reflects the confidence placed in our vision by key financial stakeholders. It marks a pivotal step in our journey to deliver innovative, accessible, and scalable financial solutions across Africa.
“With this opportunity, we are well-positioned to bolster liquidity, expand our services, and drive strategic investments that empower individuals and businesses to thrive in a dynamic economy.”
He wrote on LinkedIn: “We remain relentless in our pursuit of unlocking the immense potential of African businesses through the right payment solutions and partnerships. The milestones we’ve hit this year have laid a rock-solid foundation for even bigger breakthroughs in 2025 and beyond.“
In another LinkedIn post after the redemption, Philips Akinyele, Payaza’s Chief Technology Officer said:
“At Payaza, fiscal discipline and investor trust are at the heart of how we grow, and today, we’re proud to announce that we have fully redeemed our Series 1 Commercial Paper issuance of ₦14.97 billion.”
He added that the company secured an upgrade to an “‘A’ investment-grade rating by DataPro, reinforcing our credibility with institutional investors and stakeholders.”
Speaking on that development, Tochukwu Ekwonna, Payaza’s chief financial officer, highlighted the importance of the company’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.”
The CTO highlighted the company’s focus moving into the second half of the year, emphasising a commitment to combining strong fundamentals with scalable ambition while building Pan-African payment systems that work.
Payaza, founded to simplify payments for small and medium enterprises (SMEs), has grown steadily since its inception. Its platform offers tools for seamless transactions, invoicing, and financial management, addressing pain points for businesses across Nigeria.
Read also: Moniepoint, Flutterwave listed in Time100 2025 companies list
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