As Africa continues to be the mobile and innovation hub of the globe, a Nigerian fintech is using the moment to reshape how South Africans see digital innovation from the continent’s largest economy.
Paystack, founded in Lagos in 2015 and acquired by global payments company Stripe in 2020, is making steady inroads in South Africa’s fintech space. While there still is slight caution of Nigerian companies among many South Africans, Paystack prides itself as a secure, reliable and growth-oriented platform that can help merchants get paid faster and more easily, online or in person.
The company now operates across Nigeria, Ghana, Kenya, Côte d’Ivoire and South Africa, where it hopes to establish a reputation as a trusted payments provider for entrepreneurs and enterprises alike.
With local teams in both Cape Town and Johannesburg, the ISO-certified company has made local credibility a top priority. Its acquisition by Stripe – one of the world’s most prominent payments companies – has helped improve awareness, but the company knows reputation is earned on the ground. This understanding is evident in its commitment to hire and operate locally, which stems from wanting to deeply understand the needs of South Africans and global businesses entering the country, providing local engineering solutions and support.
The company is working to raise awareness of its services in South Africa, particularly for businesses in e-commerce, tech, and hospitality. Business owners have shared positive feedback on their experience, with SA merchants citing ease of use, fast onboarding and helpful support as key reasons for switching from other payment providers.
Bridging borders with payments
Digital payments are one of the biggest barriers to trade between African countries. By providing a unified platform that works across borders, Paystack is making it easier for businesses to grow regionally.
Paystack’s offering in South Africa supports multiple payment channels, including bank transfers, debit orders, card payments, Snapscan, Apple Pay and QR codes, allowing businesses to sell to customers in different countries without switching platforms.
By making it easier to move money across borders, Paystack supports one of the key goals of the African Continental Free Trade Area – removing friction from doing business across the continent.
Paystack’s goal is to reduce the administrative burden on merchants looking to expand beyond national borders. This includes a focus on currency conversion and settlement features that aim to do just that.
Joel Bronkowski, country lead for Paystack, says the company’s future lies in enabling access to the digital economy. That means supporting small to large enterprises and entrepreneurs, improving inclusion and helping shape the next wave of African tech innovation.
The company has previously hosted an Ecommerce Bootcamp in Cape Town, the Winelands and Johannesburg, aimed at helping retailers and SMEs in South Africa prepare for peak retail seasons.
“The best part of our job is coming alongside incredible businesses across Africa and the globe to solve their payments challenges and enable them to be successful. We get to be on the forefront of people doing remarkable things and this makes us incredibly excited and bullish about the growth in Africa,” says Bronkowski.
