Paystack, a major player in the payment technology space, has officially entered the Kenyan market. This move follows the approval of a Payment Service Provider Authorization by the Central Bank of Kenya and an extensive private testing phase involving more than 700 businesses.
Founded in 2015 by Akinlade and CTO Ezra Olubi, Paystack has rapidly grown to become a significant force in African payment technology. The company operates in Ghana, Nigeria, Kenya, and South Africa and employs a team of 250 professionals dedicated to facilitating modern business growth across the continent. In 2020, Paystack gained international recognition when it was acquired by the American financial services and software company Stripe for a substantial $200 million.
With its entry into the Kenyan market, Paystack now offers a range of tools and features to support businesses in the region. These include various payment options, efficient fund settlement choices, integration with e-commerce platforms, quick fund transfers, subscription management, transaction dispute resolution, real-time performance monitoring, customizable user permissions, and enhanced security features.
One noteworthy aspect of Paystack's expansion is the positive feedback it has received from Kenyan businesses. Diana Bett, CEO of Purpink Gifts, has praised Paystack's user-friendly payment solutions, noting their role in increasing conversions and enhancing the overall payment experience for her customers. She proudly highlighted her partnership with Paystack and its positive impact on her business.
Looking ahead, Paystack has plans for further improvements to its services in Kenya, including shorter payout times, simplified bank transfers, and the introduction of "Pay with bank transfers. These upgrades aim to streamline financial processes further and make Paystack's services more accessible to businesses in the region.
Paystack's expansion into Kenya represents a significant step forward in the world of digital payments in East Africa. With its comprehensive range of services and commitment to innovation, Paystack is well-placed to empower Kenyan businesses, simplify financial operations, and contribute to economic growth. As Paystack continues to adapt and evolve, the future of digital payments in Kenya looks very promising.
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