Commercial paper funding across Nigerian firms exceeded ₦ 1.5 trillion in 2025, driven by high liquidity and a 2024 Securities and Exchange Commission (SEC) rule change that expanded access for startups. Fintech led this shift, driven largely by companies with predictable cash flows and receivables they could securitize. This turn toward commercial paper has not come without risk. Currency devaluation, high interest rates, market consolidation, and rising shutdowns have weakened many startups’ ability to meet repayment schedules. Non-performing loans are projected to reach 6.9% in 2025, reflecting execution gaps rather than a lack of access to capital. Commercial papers, once used as short-term bridges that could be rolled over, have become costlier to maintain. MTN Nigeria, for instance, issued 11 CPs between 2023 and 2024, with yields rising from 10.41% to 29% in later series as rates tightened. Within this context, Finceptive offers a contrasting case. The eight-year-old supply chain finance infrastructure firm issued its debut ₦3 billion Series 1 commercial paper in May 2025. The issuance, authorised by FMDQ Exchange, attracted strong demand from institutional investors and was oversubscribed.According to the company, completing the repayment converted early investor confidence into a delivery record, a key benchmark in Nigeria’s capital market. The company repaid from cash generated through its core operations. Proceeds from the ₦3 billion issuance were deployed to trade and supply chain finance, providing liquidity to agriculture, technology, manufacturing, FMCG, oil and gas, and renewable energy providers. Finceptive’s model aligns financing and technology with real payment timelines, allowing businesses to unlock working capital and infrastructure from trade receivables and fund operations without distorting cash cycles. “This settlement confirms our ability to maintain seamless trade flows while upholding high fiduciary standards. By providing reliable access to working capital, we are reinforcing the infrastructure that supports the real economy,” said co-founder and chief operating officer Denike Akanbi. Co-Founder and Chief Executive Officer Ogochukwu Anerobi said the focus remains on capital structures that deliver predictable outcomes for investors while supporting businesses across African value chains. Following the successful redemption, Finceptive disclosed that it is scaling its operations across key African trade corridors as part of its pan-African expansion strategy. The company said the completed Series 1 cycle positions it for deeper engagement in Nigeria’s debt capital market and long-term support for industrial growth.
