Is Paddy legit?
Yes. Paddy is a real company building a payment-protection product for social commerce in Nigeria. But there is an important distinction: Paddy is a technology company, not a licensed financial institution, and it does not hold customer funds itself. Funds are held by Anchor's CBN-licensed partner bank, with Anchor providing the banking infrastructure, while Paddy runs the technology that manages the payment and dispute flow.
Who operates Paddy?
Paddy is a solo-founder-built product. The legal entity behind it is Credova Technologies Limited (RC 9786902). Paddy is the consumer-facing brand.
It is still an early-stage company, currently being built.
Is Paddy registered?
Yes. Paddy operates through Credova Technologies Limited (RC 9786902).
Who actually holds the money?
This is the part that matters most.
Paddy does not hold your money or have unilateral access to move it.
Customer funds are held in custody by Anchor's CBN-licensed partner bank. Anchor provides the banking infrastructure Paddy's payment flow runs on, and Paddy operates the technology and rules around payment, confirmation, review window and disputes.
The basic flow is:
- 1The buyer pays.
- 2The funds move into custody with Anchor's CBN-licensed partner bank.
- 3The seller does not receive the funds immediately.
- 4The buyer confirms that the order was received, or the review window expires.
- 5The funds are then released to the seller.
- 6If the buyer raises a valid dispute within the review window, a refund is triggered.
Paddy runs the technology and the rules around this process. Anchor's CBN-licensed partner bank holds the funds.
Where is Paddy right now?
Paddy has not officially launched yet. It's still being built.
— Rashad, building Paddy
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