Payaza, a leading African financial services provider, has secured approval for a N50 billion Commercial Paper issuance from FMDQ Exchange. This landmark achievement is set to transform the company’s financial and operational landscape while positioning it as a key player in Africa’s rapidly growing fintech sector.
Mr. Tochukwu Ekwonna, Co-founder, Chief Financial Officer, and Chief Operating Officer of Payaza, highlighted the significance of the approval in an exclusive statement. According to him, the funding is a game-changer that will enable the company to expand its reach, enhance its infrastructure, and deliver innovative solutions tailored to the needs of Africans.
“This approval is more than a financial milestone—it is a vote of confidence in our vision to build an inclusive and sustainable financial ecosystem,” said Mr. Ekwonna. “From a financial standpoint, this program enhances our liquidity and provides us with the capacity to diversify our products and scale operations into underserved markets. It’s a significant step toward achieving our mission of empowering businesses and individuals through accessible and reliable financial services.”
On the operational front, Mr. Ekwonna explained that the funding would allow Payaza to invest in robust infrastructure and cutting-edge technology. “With this additional capital, we can enhance the efficiency of our systems, expand our capacity to serve customers, and ensure our services remain seamless and secure as we grow,” he stated.
The Commercial Paper program builds on Payaza’s recent successes, including an investment-grade rating from Global Credit Rating (GCR), an affiliate of Moody’s. This recognition reflects the company’s strong governance, operational efficiency, and financial resilience.
“This isn’t just about raising capital,” Mr. Ekwonna emphasized. “It’s about driving innovation and promoting financial inclusion across Africa. This funding allows us to reach underserved markets, offer customized solutions, and build opportunities that uplift communities. It’s a win for Payaza, our stakeholders, and, most importantly, the people and businesses we serve.”
Payaza is renowned for its groundbreaking digital payment platforms and tailored credit solutions designed to address the unique financial challenges in Africa. With the additional resources from the Commercial Paper program, the company aims to deepen its impact and strengthen its leadership in the fintech industry.
