Paystack Hits 10 billion Naira Monthly Transaction

Earlier this week, Nigerian fintech start-up, Paga hit a Milestone of 10 Million Customers. Now, Paystack has followed suit as they recorded a ₦10 billion value in monthly transactions.

The company in a blog post said, customers are now paying over $27.5 million to Paystack merchants every month.

“We’re thrilled to announce that we’ve hit our next transaction milestone: customers are now using Paystack to pay over 10 billion naira (~$27.5 million) to Nigerian merchants, every month… It’s worth noting that this figure doesn’t include the transaction value we process in global currencies, and doesn’t reflect what we process through transfers.” The blog post said.

See Also: Paystack Raises $8m Series A Funding from Stripe, Visa, Tencent And Other Angel Investors

Paystack was developed in 2015 by Ezra Olubi and Shola Akinlade who identified a gap in how merchants receive payments from customers. With Paystack, users can pay with local and international cards, or directly from their bank accounts. It also supports localized payment channels, including mobile money, QR code, and USSD payments.

Recently, Paystack raised $8 million Series A funding from International Fintech Companies, Stripe, Visa, and Tencent following it’s major $1.3m seed funding in 2016.

Paystack was also named among the seven fastest growing fintech startups in the World by CB Insights, a tech market intelligence platform.

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