Petaza moves to deepen the market reach with ₦ 20bn commercial paper approval

Nigeria’s Securities and Exchange Commission (SEC) has given the Petaza permit for fintech companies to start a campaign ₦ 20 billion commercial papers (CP), which is a significant step in the Capital Increase Plan.

To increase its liquidity and help the aspirations of expansion throughout Africa, the permit allows the Payaza to provide short -term debt instruments to capital market participants who meet the requirements.

According to a statement from Payaza, CP issuance will be used to increase product offerings, payment infrastructure scale, and meet the increasing demand for digital financial services.

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“This is an important step in our mission to empower business with smooth and safe payment solutions,” said company spokesman Seyi Ebenezer. “Institutional investor support through this CP program will allow us to accelerate growth and provide more value to our clients.”

Ebenezer revealed that the money will be collected in two installments as series 3 and series 4 of its commercial paper programs, allowing it to get capital as needed.

“The publishing approach in some of these stages is the core benefits of our overall ₦ 50 billion program. This allows us to strategically access capital as needed, optimize our market conditions and specific funding requirements, rather than trying one large increase. This flexible structure has been proven successful with the publishing of our previous 1 and 2 series,” he added.

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