Nigerian fintech Payaza has secured approval from the Securities and Exchange Commission (SEC) of Nigeria to raise an additional ₦20 billion under its ₦50 billion commercial paper programme.

The green light from the SEC follows a similar approval from FMDQ Exchange in December 2024.

Speaking to Techpoint Africa, Payaza CEO Seyi Ebenezer described the approval as “incredibly significant,” adding that it represents a “profound vote of confidence from the market in our business model, our financial health, and our strategic vision for the African payments landscape.”

The capital will be raised in two tranches, classified as Series 3 and 4 of the programme.

According to Ebenezer, this staggered approach allows the company to access funds based on timing and market conditions.

“This approach of issuing in multiple tranches is a core benefit of our overall ₦50 billion programme,”

he said.

“It allows us to strategically access capital as needed, optimising for market conditions and our specific funding requirements, rather than attempting one massive raise.”

Although the approval was only recently granted, Payaza reports strong investor interest and remains confident in meeting its funding goals.

In June 2025, the company repaid ₦14.9 billion from its Series 1 issuance, highlighting that Nigerian startups can tap into debt capital markets beyond traditional venture funding.

Ebenezer noted that this outcome followed years of groundwork aimed at building trust in the brand.

Founded in 2020, Payaza provides payment infrastructure services across Africa, including collections, disbursements, and white-label solutions.

It has developed a presence in cross-border payments, positioning itself as a provider for both individuals and businesses on the continent.

As non-equity financing options gain traction, structures like Payaza’s commercial paper programme are becoming a more viable alternative for startups seeking growth without immediate equity dilution.

The company intends to use the new funds to expand infrastructure, scale its products, and extend its footprint across African markets.

Featured image credit: Edited by Fintech News Africa, based on image by thanyakij-12 via Freepik