(Ecofin Agency) - Five months after its launch last May, the payment company Payday obtains its first financing, and presents its growth plans.

Nigerian fintech Payday, which offers payment solutions to businesses and individuals, has raised its first-ever funding. The company launched in May 2021 by Nigerian Favor Ori (pictured) has secured $1 million in pre-seed funding to build "the PayPal" of Africa.

Payday says it has handled more than $1.4 million in transactions within three weeks of its launch and has begun rolling out its services to foreign companies with operations in Africa. “Payday’s solution is extremely timely and it backs up Africa’s agenda of a single market. Making it seamless and easy to pay people in their local currency and through multiple checkout options is a strong boost for AfCFTA,” said Bosun Tijani, co-founder and managing director of Co-Creation Hub, one of Payday’s investors.

Nigeria has more than 200 fintechs. These companies generally attract the most investors and raise the highest amounts in the country. Payday’s entry into this segment will give it a new impetus.

Chamberline Moko