Paystack Launches in South Africa

Nigerian fintech startup Paystack a company that provides various payment gateways for businesses has been relatively quiet since it was bought by fintech giant Stripe last October. The deal, worth more than $200 million, caused shockwaves to the African tech ecosystem and offered some form of validation to work done by founders, startups, and investors alike. Today, Paystack, which is currently active in Nigeria and Ghana has announced the launch of its offering in South Africa.

The official launch follows a six-month pilot project conducted by Paystack in South Africa. South Africa becomes the third country to host the company after Nigeria and Ghana.

In a press statement, Shola Akinlade, CEO of Paystack comments on the launch of the startup in SA.

“South Africa is one of the continent’s most important markets, and our launch here is a significant milestone in our mission to accelerate commerce across Africa. We’re excited to continue building the financial infrastructure that empowers ambitious businesses in Africa, helps them scale and connects them to global markets.”

Payments across Africa using Paystack

The fintech claims that over 60 000 organisations across the African continent use Paystack software and that it powers more than half of all online payments made in Nigeria. The company handles payments for global brands such as MTN, Bolt, and Domino’s.

Founded in 2015 by Akinlade and CTO Ezra Olubi, the company offers custom payment experiences with high transaction success rates. The main aim of the fintech’s offering is to provide easy access to online payments and the management of online payments in Africa.

During its pilot run in South Africa, Paystack worked with several businesses. This included a variety of different types such as tech startups, eCommerce organisations, and freelance developers. One of the businesses was Cape Town agency Semantica Digital, which specialises in web development and online marketing.

Dirk Tolken, CMO of Semantica provides a testament statement to the innovative product offering created by Paystack.

“With the fast-paced and ever-changing digital landscape in eCommerce development, we need service from our partners that we can rely on to maintain the good relationships we have with our clients. Paystack gives us that kind of service.”

At the same time, Paystack grew a small local team to handle local operations.