Back in October 2020, Stripe, an Irish-American financial services company, acquired Paystack, an online payment startup based in Nigeria, signaling big changes underway in Africa.

Paystack lets businesses, organizations, and individuals collect money online and offline, which is not widely available in Africa. Although Stack isn’t offered in any African countries yet, the acquisition will give the company access to over a billion people as Paystack continues to grow in Nigeria, with over 60,000 Nigerian businesses already using its services.

The biggest offering this acquisition will provide is the potential to integrate millions of unbanked people in Africa who prefer to stay away from the complicated processes of some online payment solutions. Thus, utilizing mobile money, a relatively simple technology available to many Africans, is crucial. Paystack operates both online and offline, addressing some of the issues that come with payment solutions, like Internet access. The real genius of what Paystack has done is linking the web and mobile money, standing ready to reap the benefits from its new parent company.

This is a significant boost for African entrepreneurs as well and is also proof that the real solutions to the continent’s problems lie within. Shola Akinlade and Ezra Olubi, Paystack’s founders, have shown that anything is possible in the tech world and have brought together an impressive team of local talent to build the dream. Moreover, for other developers seeking similar solutions, the $200 million worth Stripe is also a reminder that hard work pays off. Stripe has bought itself access to Paystack’s technology and reach, but its biggest prize may be the future of Africa’s tech industry.

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