Standing out in Nigeria’s cut-throat fintech market

Seyi Ebenezer cut his teeth in the cut- and-thrust financial world of Lagos, under the wing of the late Nigerian banking legend Herbert Wigwe. He worked in senior roles at Keystone Bank and Access Bank in Nigeria, facilitating capital and debt deals of more than $450m.

An accountant by trade, he turned fintech entrepreneur in 2021 with Lagos-based online payment gateway company Payaza, which specialises in simplifying international payments.

The company suffered a painful and expensive birth, having to wait many months for its operating licences to come through while its capital depleted.

“It was very tough in the beginning, we struggled,” admitted Ebenezer. 

“We had to spend a lot of money on expensive technology while we were not ready to sell. But within one year and nine months we broke even.”

Payaza now employs 210 people and operates in 17 countries in Africa and in the UAE, Canada, the United Kingdom and the United States.

Here, the founder and CEO talks to Chris Bishop about his business and the future of the industry.   

African Business: What is Payaza doing differently to compete in a very busy payments space? 

Seyi Ebenezer: We’ve always believed that payments should meet people where they are. That means giving every merchant, no matter their size or market, the ability to collect money in the way that makes sense for their customers. For some, that’s cards. For others, it’s bank transfers. In some markets, mobile money or even open banking are more natural. We don’t force a one-size-fits-all approach, we adapt to each jurisdiction and let the merchant choose what works best for their business.

Beyond that, we’re also building with the long game in mind. Strong governance is a big part of how we operate. In fintech, it’s tempting to chase speed at all costs, but we’re focused on building an institution that can stand the test of time. That means adopting sound governance practices now, not later. We are amongst the very few fintechs in Africa being audited by one of the Big 4. It’s very intentional.  

We also see ourselves as more than just a payments partner. For many merchants, especially small and medium enterprises (SMEs), the digital economy is still new. We want to help them take those first steps online. Whether it’s creating an online store, setting up ticketing for an event, or giving them the tools to reach a wider audience. Payments are just the entry point; our goal is to help them grow.

What are your thoughts on the evolution of the payments market in Africa and Nigeria? 

The African payments story is still being written, and it’s evolving at different speeds depending on the market. Open banking is definitely going to shape the future  – it’ll unlock more innovation and better services for consumers. E-commerce penetration will continue to grow as more people come online, and mobile money will keep expanding, especially in Francophone Africa where it already plays such a huge role.

In Nigeria, bank transfers are deeply embedded in how people move money, and I don’t see that changing anytime soon. What we’ll see instead is more layers of innovation on top; that is, better user experiences, and more trust in digital transactions. There are still, sadly, lots of trust issues especially with the rise of AI. But with many innovations already in the pipeline, customers would get a lot more comfortable.

How is technology likely to play a role in this evolution?

Technology is the bridge that will connect all the moving parts. But it won’t happen in isolation – it’s going to take collaboration. Telcos will keep pushing mobile money deeper into everyday life. Banks will continue modernising their infrastructure. Payment gateways like us will build the rails that make all of it work seamlessly. And then you’ll see innovation around key areas like settlements, reconciliation, and fraud prevention – those are the invisible but critical parts of making the ecosystem work.

The best technology in payments is often the one the customer never notices, when money just moves quickly, reliably, and without friction. That’s what we’re building towards.

What is the regulatory picture in the sector? 

Regulation is tightening, and that’s not a bad thing. Payments now touch almost every part of the economy, and if something goes wrong, the ripple effects can be massive; for businesses, for consumers, even for governments. So, it’s natural that regulators want to keep a closer watch.

From our side, we see regulation as a partner, not a hurdle. Clear rules give confidence to the industry and to the businesses that rely on us. Our job is to stay compliant, stay transparent, and work hand-in-hand with regulators to make sure innovation doesn’t outpace safety.

What are your expectations for the future of Payaza and how it might grow?

The future of Payaza is about connection. We want to help African businesses not just trade within their own countries, but reach across borders; whether that’s to another part of Africa or the rest of the world. That could mean connecting a Nigerian supplier to a customer in Kenya, helping a Ghanaian SME pay a partner in Dubai, or giving an African student abroad an easy way to pay their tuition.

Growth for us won’t just be about volume, it’ll be about creating those bridges for businesses to find clients, suppliers, talent, and strategic partners, wherever they may be.

What new products might Payaza offer in the future? 

We’re thinking carefully about the gaps our merchants face beyond just collecting payments. Access to working capital is a big one. Many SMEs struggle to get financing from traditional banks, even though they’re running viable businesses. In the future, we see ourselves collaborating with regulated lenders to offer working capital facilities to our merchants. That way, payments data becomes more than numbers but also a tool for growth.