Payaza Africa has secured a credit upgrade from Global Credit Ratings (GCR), moving from BBB– to BBB, in a development that strengthens the Nigerian fintech company’s investment-grade standing and boosts its credibility among domestic and international investors.
GCR, an affiliate of Moody’s, announced the upgrade following what it described as evidence of stronger financial discipline, improved liquidity management, and consistent performance under Payaza’s N50 billion Commercial Paper Programme. The upgrade places Payaza in a select group of African fintech companies with multi-agency investment-grade ratings. The firm is already rated by DataPro and Agusto & Co., both of which also classify the company as investment grade.
In December 2024, Payaza issued two tranches under its Commercial Paper Programme. The first tranche of N14.97 billion was redeemed ahead of its June 2025 maturity, while the second tranche of N5.36 billion, which matured in September 2025, was also repaid ahead of schedule. According to GCR, the early redemptions—funded entirely through internally generated revenue—signalled strong cash-flow sustainability, prudent liquidity management and robust internal controls. In a market where restructurings and rollovers are common, the agency said Payaza’s performance demonstrated financial discipline not typically associated with young, technology-driven companies.
Founded in Lagos, Payaza has grown into a financial infrastructure provider operating in 21 countries. Its platform supports SMEs, digital startups, traditional merchants, and diaspora-owned businesses through payment collections, cross-border disbursements, and embedded finance solutions.
The company undertook a rebrand in 2024 to reflect its shift from regional payments to global infrastructure services—a transition that has since been reinforced by its strengthened credit profile.
The firm’s Chief Executive Officer, Seyi Ebenezer described the upgrade as a validation of both the company’s governance standards and the strength of Nigeria’s fintech ecosystem. He said the GCR upgrade affirms Nigeria’s ability to produce globally relevant, financially sound fintech operators.
Analysts say the upgrade challenges longstanding perceptions that African fintech companies are inherently high-risk. It also signals that performance-driven, well-governed fintech institutions are emerging across the continent.
A stronger rating is expected to improve Payaza’s access to capital, reduce borrowing costs and strengthen its appeal to international partners and regulators. Sector observers note that the development underscores the maturing nature of Nigeria’s financial and technology landscape, where firms are increasingly judged not only on innovation but on operational resilience and financial credibility.
Despite the upgrade, GCR cautioned that Payaza remains exposed to macroeconomic and regulatory risks across its operating markets. However, it noted that the company is better positioned than many peers to manage these pressures. Industry experts say Payaza’s trajectory could help shift conversations about African tech companies away from valuation-driven narratives toward metrics rooted in financial discipline, risk management and long-term stability.
