Rating Release 

Agusto & Co hereby upgrades the ratings assigned to Payaza Africa Limited (“Payaza”, “PAL” or “the Company”) to “A-” (long-term) and “A1” (short-term) with a stable outlook 

The ratings expire on 30 June 2027.

Agusto & Co hereby upgrades the ratings assigned to Payaza Africa Limited (“Payaza”, “PAL” or “the Company”) to “A-” (long-term) and “A1” (short-term). The assigned ratings reflect the Company’s sustained growth in revenue and profitability, supported by rapid expansion across international markets, a diversified product suite and its ability to leverage its strengthening brand profile and commercial positioning to secure more favourable terms with partners. This is in addition to Payaza’s healthy cash flow and liquidity position as well as its low leverage. The ratings also consider the scalability and interoperability of Payaza’s payout infrastructure, which currently supports over 40 currencies, enabling seamless cross-border transactions and facilitating rapid deployment across multiple jurisdictions. This capability, combined with the Company’s partnerships with global card networks such as Mastercard and Visa, enhances its international reach and strengthens acceptance across global payment corridors. We also note favourably the Company’s ongoing process to list on the Nasdaq Capital Market, which is expected to enhance transparency and governance standards, with potential positive implications for investor confidence, customer trust and access to strategic partnerships. Nonetheless, the assigned ratings are constrained by concerns over the inherent exposure of digital payment platforms to fraud and other illicit activities, regulatory uncertainty arising from evolving policy direction and the involvement of multiple oversight bodies, as well as increasing competitive intensity within Nigeria’s payments ecosystem.

Payaza Africa Limited is a privately held payments technology company incorporated in 2022, with its primary headquarters in Lagos, Nigeria, and a secondary presence in the United States. The Company offers a suite of digital payment solutions designed to facilitate both domestic and cross-border transactions for businesses and individuals. Its core offerings include bulk/instant payouts and collections. Within its broad offerings, Payaza has developed specialised solutions such as Strides (focused on tuition payments for African students abroad), EventPorte (a ticketing and event management solution) and Payaza Give (a platform supporting gifting and crowdfunding activities). Following expansion into New Zealand and Poland in 2025, the Company’s operations now span 26 countries across Africa, Europe, the Middle East and North America.