Ayodeji Ayenuwa
Nigerian fintech startup Paystack is expanding its operations to three new African markets – Egypt, Rwanda, and Côte d’Ivoire. This move follows the company’s receipt of licenses from the National Bank of Rwanda and the Central Bank of Egypt.
Additionally, Paystack has formed partnerships with leading financial institutions and mobile money operators in Côte d’Ivoire.
“We’re thankful to have now received authorization as a Payment Service Provider from the National Bank of Rwanda, and as a Payment Facilitator and Payment Service Provider from the Central Bank of Egypt. In Côte d’Ivoire, we have partnered with leading financial institutions and mobile money operators directly. These authorizations and partnerships allow us to operate in full compliance with local regulations,” Paystack stated.
The company’s mission is to accelerate commerce across Africa, and it currently operates in four countries: Ghana, Kenya, Nigeria, and South Africa. The expansion into Egypt, Rwanda, and Côte d’Ivoire brings the total number of markets Paystack serves to seven.
- ATTENTION: Techrectory gives ₦5,000 monthly to our top readers, CLICK HERE to become a winner.
As part of their expansion strategy, Paystack is launching early access programs in these new markets. These programs will involve collaboration with an initial group of businesses to refine the payment platform in each country, gather feedback, and ensure a fast, reliable, and delightful payment experience tailored to each region.
“We’ll work with an initial group of businesses to refine our platform in each of these countries, implement feedback, and ensure that we build a fast, reliable, and truly delightful payment experience for each respective market,” Paystack announced.
Businesses in these new markets can expect a comprehensive suite of payment services, including the ability to accept one-time and automated recurring card payments and collect payments through various local and global payment channels.
Paystack also offers settlement in local currencies, developer documentation for custom payment experiences, integration with popular plugins like Shopify, WooCommerce, and Wix, as well as no-code commerce tools that simplify the process of bringing ideas to market. Additionally, a Merchant App that allows businesses to monitor their operations on-the-go.
Paystack’s expansion into these new markets represents a deliberate, well-researched strategy. Amandine Lobelle, Paystack’s COO, explained, “Our expansion strategy is based on thorough research, considering factors such as GDP, card penetration, population size, and the strength of the startup and developer ecosystem. We focus on penetrating markets that serve as regional hubs and are strategically positioned to facilitate sub-regional growth.”
Techrectory with Agency Report.
