…GH¢15m Fund launched to bridge financing gap
By Ebenezer Chike Adjei NJOKU
Small and medium-sized enterprises (SMEs) are becoming increasingly vital as shifting customer preferences, particularly the demand for better service and seamless transactions, continue to reshape market dynamics, Seyi Ebenezer, Group Chief Executive of Payaza, a pan-African payments company, has said.
However, despite their growing importance, many SMEs remain underfinanced, limiting their ability to expand, adopt new technologies, and compete effectively.
To address this gap, Payaza, a pan-African payments company, has launched a GH¢15 million SME Support Fund, providing businesses with the financial backing and digital tools needed to scale and thrive.
The initiative, unveiled at the SME Thrive Ghana event, which also served as the official launch of Payaza in Ghana, is designed to address challenges such as limited access to funding, inadequate digital infrastructure, and difficulties in scaling businesses across Africa.
“Many SMEs in Ghana struggle to access the capital they need to expand, innovate, and compete on a larger scale.
“The GH¢15 million SME Support Fund is designed to bridge this gap by providing businesses with the financial backing and digital tools necessary to thrive in an increasingly competitive market. Today, SMEs contribute about 70 percent to our GDP. SMEs constitute 92 percent of all businesses in Ghana. That is huge,” Mr. Ebenezer explained.
The fund is structured to support businesses that demonstrate financial activity over a three-month period. Payaza will assess transaction volumes and extend credit worth 25 percent of an SME’s revenue, with no collateral required. The company is partnering with local financial institutions to facilitate the process.
Digital tools support
Beyond financial support, Payaza is also focusing on digital transformation for SMEs. The company is offering to create custom websites for businesses at zero cost, addressing concerns about over-reliance on social media platforms for sales and customer engagement.
“For instance, if your business relies solely on social media platforms for sales, you are vulnerable to disruptions beyond your control. We will create a dedicated website for you at zero cost, giving you a more stable and scalable platform to grow your business,” Mr. Ebenezer said.
This initiative is part of Payaza’s broader strategy to help businesses transition from informal operations to structured digital enterprises with increased financial stability.
Regional expansion and corporate governance
Founded in 2021, Payaza has expanded rapidly across Africa and beyond. The company operates in 23 countries, including Ghana, Kenya, Nigeria, and Côte d’Ivoire, and has obtained regulatory licenses in key markets such as the United Arab Emirates (UAE), the United Kingdom (UK), and Canada.
“We are the first payment company in Africa that is licensed in the UAE,” Mr. Ebenezer noted, adding that Payaza processed over US$1 billion in 2023, a 9,000 percent growth over the previous year.
“This figure increased to US$20 billion in 2024 and the company projects US$10 billion in total processed volume (TPV) at the end of the first quarter of 2025. The company has so far onboarded 10,000 businesses since its inception, the Group CEO said.
The company also places a strong emphasis on corporate governance. It maintains a BBB credit rating, undergoes audits by Deloitte, and holds eight ISO certifications. “We are ESG compliant. As of last year, we were able to speak at the end of the mission on sustainable growth and wealth,” Mr. Ebenezer stated.
SMEs as the foundation of economic growth
Payaza’s expansion into Ghana comes as SMEs continue to drive economic activity in the country. With a total population of 34 million and a working population of 15 million, SMEs account for 70 percent of Ghana’s workforce.
Acknowledging the broader challenges facing entrepreneurs, Country Manager, Freddie Oduro noted: “Entrepreneurs face real challenges. Challenges like access to funds, inadequate technological tools, the right to connect, to scale the business across Africa.”
SME Thrive Ghana
Payaza’s SME Thrive Ghana event brought together industry leaders, financial institutions, and key stakeholders to discuss strategies for fostering innovation and collaboration within the SME sector. The company said it aims to use its financial and technological resources to help businesses expand beyond Ghana’s borders.
A long-term vision for SME growth
Looking ahead, Payaza plans to replicate its SME support model across multiple African markets. The company has already launched similar programmes in Kenya, Nigeria, Zambia, and Tanzania.
With its focus on financial inclusion, digital transformation, and cross-border scalability, Payaza’s entry into the Ghanaian market signals a renewed push for structured SME empowerment. “We want to be known for SME support that will take you from ground zero and then take you to where you should be,” Mr. Ebenezer stated.
