Seyi Ebenezer lower his tooth within the cut- and-thrust monetary world of Lagos, underneath the wing of the late Nigerian banking legend Herbert Wigwe. He labored in senior roles at Keystone Financial institution and Entry Financial institution in Nigeria, facilitating capital and debt offers of greater than $450m.
An accountant by commerce, Ebenezer turned fintech entrepreneur in 2021 with Lagos-based on-line cost gateway firm Payaza, which specialises in simplifying worldwide funds.
The corporate suffered a painful and costly start, having to attend many months for its working licences to return by means of whereas its capital depleted.
“It was very robust to start with, we struggled,” admitted Ebenezer.
“We needed to spend some huge cash on costly expertise whereas we weren’t able to promote. However inside one yr and 9 months we broke even.”
Payaza now employs 210 folks and operates in 21 international locations in Africa, the UAE, Canada, the UK and the US.
Right here, the founder and CEO talks to Chris Bishop about his enterprise and the way forward for the business.
African Enterprise: What’s Payaza doing in another way to compete in a really busy funds house?
Seyi Ebenezer: We’ve at all times believed that funds ought to meet folks the place they’re. Meaning giving each service provider, irrespective of their dimension or market, the flexibility to gather cash in the way in which that is sensible for his or her prospects. For some, that’s playing cards. For others, it’s financial institution transfers. In some markets, cellular cash and even open banking are extra pure. We don’t power a one-size-fits-all method, we adapt to every jurisdiction and let the service provider select what works greatest for his or her enterprise.
Past that, we’re additionally constructing with the lengthy recreation in thoughts. Robust governance is an enormous a part of how we function. In fintech, it’s tempting to chase velocity in any respect prices, however we’re centered on constructing an establishment that may stand the take a look at of time. Meaning adopting sound governance practices now, not later. We’re amongst the only a few fintechs in Africa being audited by one of many Massive 4. It’s very intentional.
We additionally see ourselves as greater than only a funds companion. For a lot of retailers, particularly SMEs, the digital financial system remains to be new. We wish to assist them take these first steps on-line. Whether or not it’s creating a web-based retailer, establishing ticketing for an occasion, or giving them the instruments to succeed in a wider viewers. Funds are simply the entry level; our purpose is to assist them develop.
What are your ideas on the evolution of the funds market in Africa and Nigeria?
The African funds story remains to be being written, and it’s evolving at completely different speeds relying available on the market. Open banking is unquestionably going to form the longer term – it’ll unlock extra innovation and higher companies for shoppers. E-commerce penetration will proceed to develop as extra folks come on-line, and cellular cash will hold increasing, particularly in Francophone Africa the place it already performs such an enormous position.
In Nigeria, financial institution transfers are deeply embedded in how folks transfer cash, and I don’t see that altering anytime quickly. What we’ll see as an alternative is extra layers of innovation on high; that’s, higher person experiences, and extra belief in digital transactions. There are nonetheless, sadly, a number of belief points particularly with the rise of AI. However with many inventions already within the pipeline, prospects would get much more snug.
How is expertise more likely to play a job on this evolution?
Know-how is the bridge that may join all of the transferring elements. Nevertheless it received’t occur in isolation – it’s going to take collaboration. Telcos will hold pushing cellular cash deeper into on a regular basis life. Banks will proceed modernising their infrastructure. Fee gateways like us will construct the rails that make all of it work seamlessly. And then you definitely’ll see innovation round key areas like settlements, reconciliation, and fraud prevention – these are the invisible however important elements of constructing the ecosystem work.
One of the best expertise in funds is usually the one the client by no means notices, when cash simply strikes shortly, reliably, and with out friction. That’s what we’re constructing in direction of.
What’s the regulatory image within the sector?
Regulation is tightening, and that’s not a foul factor. Funds now contact virtually each a part of the financial system, and if one thing goes mistaken, the ripple results will be large; for companies, for shoppers, even for governments. So, it’s pure that regulators wish to hold a more in-depth watch.
From our aspect, we see regulation as a companion, not a hurdle. Clear guidelines give confidence to the business and to the companies that depend on us. Our job is to remain compliant, keep clear, and work hand-in-hand with regulators to ensure innovation doesn’t outpace security.
What are your expectations for the way forward for Payaza and the way it may develop?
The way forward for Payaza is about connection. We wish to assist African companies not simply commerce inside their very own international locations, however attain throughout borders; whether or not that’s to a different a part of Africa or the remainder of the world. That would imply connecting a Nigerian provider to a buyer in Kenya, serving to a Ghanaian SME pay a companion in Dubai, or giving an African pupil overseas a straightforward technique to pay their tuition.
Progress for us received’t simply be about quantity, it’ll be about creating these bridges for companies to seek out shoppers, suppliers, expertise, and strategic companions, wherever they could be.
What new merchandise may Payaza supply sooner or later?
We’re pondering fastidiously concerning the gaps our retailers face past simply gathering funds. Entry to working capital is an enormous one. Many SMEs wrestle to get financing from conventional banks, regardless that they’re working viable companies. Sooner or later, we see ourselves collaborating with regulated lenders to supply working capital services to our retailers. That method, funds knowledge turns into greater than numbers but in addition a instrument for progress.
