Since being acquired by the American Stripe in October 2020 for little over $200 million, Paystack ’s ambition has been to extend its expertise across the continent’s 54 nations, with the Ivory Coast being the second African hub — after South Africa — to be affected by this expansionist desire. The Nigerian fintech, wants to begin operations there this year, according to Henri Huet, the company’s growth manager.
“In 2021, we want to get into all African hubs: East Africa, North Africa and West Africa. That’s why we’re here in Abidjan to start with the Ivory Coast, ”he said.
Paystack is the first innovative fintech in the Federal Republic of Nigeria to get funding from Y Combinator, one of the world’s most efficient startup accelerators. Paystack’s aim is to enable merchants and enterprises accept online payments and transfer money. It was co-founded by Nigerian Shola Akinlade. She began her efforts in Nigeria in 2016, and they were a success. Henri Huet appreciates the fact that half of all online transactions in this country of more than 200 million people now go through Paystack, indicating that e-commerce prospects are expanding.
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The company moved to Ghana in 2018, and subsequently to South Africa in May 2021. Paystack is currently attempting to win the Ivorian market as part of its international growth.
“We are very excited about the Ivory Coast. It is a growing market: 7% of GDP on average over the last ten years,” explained Henri Huet, before asserting that this country — where 90% of e-commerce transactions are paid on delivery and in cash — has “great potential for online payments”.
Then he added:
“It means that the impact we can have on the market is really huge. We see growth, potential, we also see the beginnings of what happened in Nigeria five years ago; and it can all really speed up. “
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Paystack wants to impact online payment by providing more “fluid with fewer friction” solutions. “Consumers, on the other side, need to have greater faith in these solutions and be more willing to pay online,” Henri Huet said. Paystack’s history “may also comfort consumers that the payment they make online is safe and will not be an issue for them,” according to him.
Paystack has received funding from Visa and Tencent, a Chinese internet and mobile services firm that owns the WeChat messaging platform, in addition to Stripe.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer