Payaza Africa has recorded a credit upgrade from Global Credit Ratings, moving from BBB– to BBB. The development strengthens the company’s investment-grade position and supports its standing among domestic and international investors.
Global Credit Ratings, an affiliate of Moody’s, issued the upgrade after its review of Payaza’s financial record and the performance of the company’s ₦50 billion Commercial Paper Programme. Payaza also holds investment-grade ratings from DataPro and Agusto & Co..
In December 2024, Payaza issued two tranches under the programme. The first tranche of ₦14.97 billion was redeemed before its June 2025 maturity. The second tranche of ₦5.36 billion, due in September 2025, was also repaid before schedule. GCR noted that the redemptions were funded through internally generated revenue. The agency stated that the outcome showed cash-flow stability, liquidity control and internal processes that align with the terms of the programme. It added that the results stood out in a market where restructurings and rollovers are common.
Founded in Lagos, Payaza operates as a financial infrastructure provider across 21 countries. Its platform supports SMEs, digital startups, traditional merchants and diaspora-focused businesses through payment collections, cross-border disbursements and embedded finance offerings. The company completed a rebrand in 2024 to shift from regional payments to global infrastructure services.
Chief Executive Officer Seyi Ebenezer said the upgrade serves as a signal of the company’s governance record and as a reflection of Nigeria’s fintech environment. He stated that the GCR move confirms that Nigeria can produce operators with global relevance and financial strength.
Industry analysts note that the upgrade challenges long-held views of African fintech companies as high-risk. They add that the development points to a rise in performance-driven and well-governed firms across the region. The new rating is expected to support Payaza’s access to capital, reduce borrowing costs and widen its engagement with international partners and regulators.
GCR stated that Payaza remains exposed to macroeconomic and regulatory pressures in its operating markets but holds a position that can support risk management. Observers note that the company’s progress may shift discussions around African technology companies toward financial discipline, risk control and long-term stability.
