Ten months after receiving a Payment Service Provider Authorisation from the Central Bank of Kenya and launch of its Kenya private beta, Paystack is now live in Kenya.
According to the payments giant, it learnt a lot from over 700 businesses that signed up for the beta and adapted the product to the Kenyan business and regulatory environment.
Founded in 2015 by Akinlade and CTO Ezra Olubi, Paystack builds payment technology for businesses in Africa. It currently has operations in Ghana, Nigeria, Kenya, and South Africa with a team of 250 Stacks, building a growth engine for modern businesses across the continent. In 2020, American financial services and software company, Stripe, acquired Paystack for $200 million.
With the commencement of operations in Kenya, businesses now have access to the following Paystack tools:
- Accept payments online via multiple channels: Cards (Visa, Mastercard, American Express), M-PESA, and Apple Pay
- Get settled in KES and USD, into your preferred bank account or M-PESA wallet. The Split Payment feature also lets you take one customer payment, and create rules that automatically split that payment into multiple bank accounts or M-PESA wallets
- Accept payments through several e-commerce platforms such as Shopify, WooCommerce, Zoho, Wix, and many more. See the full list on the Paystack Integrations Directory
- Transfer money easily to M-PESA wallets. Some merchants use this feature to pay out salaries and vendors. Fintechs also use it to disburse funds to customers – for example, savings startups use this to pay out savings when customers request their funds.
- Collect recurring payments automatically and manage subscriptions
- Manage transaction disputes such as refunds and chargebacks from the Paystack Dashboard
- Monitor your business’ performance in real-time with the Paystack Dashboard and Mobile App. This reporting is valuable for accounting, reconciliation, and audits
- Define custom user permissions to give different members of your team access to specific parts of your transaction information
- Automated fraud detection and features such as Two Factor Authentication (2FA) and IP whitelisting which help keep your businesses and your customers safe
Diana Bett, CEO Purpink Gifts provides a testament statement to the innovative product offering created by Paystack:
“Paystack’s user-friendly payment solutions has increased our conversations, and enriched the experience of sending and receiving tokens of love with Purpink. We’re prod to partner with Paystack.”
The Payment company shared a list of improvements coming soon to Paystack in Kenya – Shorter payout timelines, Transfer to bank accounts and Pay with bank transfers.
