Payaza Africa Limited on Friday obtained FMDQ Exchange approval for a N50 billion commercial paper program.
It boosts liquidity and helps the company increase operations, a key growth strategy step.
The vision behind Payaza
Payaza, founded by visionary entrepreneur Tunde Ogunmola, wants to improve African financial services for the unbanked and underbanked.
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Ogunmola’s commitment to financial inclusion is evident in the company’s mission to provide accessible financial services to all.
“Our goal is to create a platform that empowers individuals and businesses alike,” he stated during the announcement. This ethos resonates throughout Payaza’s operations, driving their pursuit of excellence in service delivery.
The N50 billion commercial paper program is expected to provide Payaza with the necessary liquidity to diversify its offerings and enhance operational efficiency.
Ogunmola said, “This approval is not just a financial boost; it’s a testament to our team’s hard work and dedication.” The funds will be utilised for various initiatives, including technology upgrades and expanding their service reach across Nigeria.
Market impact and prospects
The approval from FMDQ Exchange comes at a strategic time for Payaza as it seeks to solidify its position in the competitive fintech landscape.
With an investment-grade rating from Global Credit Rating (GCR), the company is poised for robust growth. Analysts believe this commercial paper issuance will attract more investors, further validating Payaza’s business model and operational strategies.
Industry experts have lauded this development, emphasising its potential impact on the broader financial ecosystem. “Payaza’s success could inspire other fintech companies in Nigeria and beyond to pursue similar funding avenues,” noted a financial analyst from Nairametrics.
The approval also reflects growing confidence in Nigeria’s fintech sector, gaining momentum over recent years.
This program also supports the Nigerian government’s digital financial solutions, making it easier to obtain important services.
As Ogunmola highlighted, “We are committed to driving change in the financial sector by leveraging technology and innovation.”
With this new funding avenue, Payaza is set to enhance its product offerings and expand its customer base significantly. The company plans to roll out additional features that simplify user transactions while ensuring security and reliability.