Nigerian fintech Paystack has announced that it is expanding its operations to South Africa.
Paystack has made a name for itself in the Nigerian tech space by powering businesses with its payments API (Application Programming Interface), helping them process payments easily.
The company, which was founded in 2015 by Shola Akinlade (CEO) and Ezra Olubi (CTO), has been operational in Nigeria and Ghana but is now extending its reach to one of Africa’s largest markets.
Shola Akinlade said about the expansion, “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.”
A report by TechCrunch tells that Paystack’s south African expansion began with a six-month pilot phase that likely started a month after Stripe’s acquisition.
During this phase, the company has worked with different businesses and has grown a local team to handle on-the-ground operations.
Backed by US-based Stripe, Paystack plans to leverage Africa’s growing online commerce sector.
Currently, Africa accounts for less than 3 percent of global eCommerce activities, and payments are just one part of several deep challenges that eCommerce faces in the continent.