Paystack

Paystack was started in Lagos in 2015 by Shola Akinlade and Ezra Olubi and became one of Africa's best-known payment gateways. Stripe, which had led its 2018 funding round, bought it in October 2020 for a reported $200 million or more. Paystack still runs under its own brand, with its own dashboard and API.

It serves merchants registered in Nigeria, Ghana, South Africa, Kenya and Côte d'Ivoire. Cards, including Visa, Mastercard and Nigeria's Verve, work in every market. The other channels depend on the country: bank transfer and USSD in Nigeria, mobile money through MTN, Telecel (formerly Vodafone Cash) and AirtelTigo in Ghana, M-Pesa in Kenya, and Orange, MTN, Moov and Wave in Côte d'Ivoire. South African merchants can also take Apple Pay. Settlement is in local currency, and some Nigerian businesses can also take US dollars.

Pricing is published per country. In Nigeria, local payments cost 1.5% plus ₦100, with the flat fee waived under ₦2,500 and the total capped at ₦2,000. International cards cost 3.9% plus ₦100. Subscriptions, split payments for marketplaces, payment links, invoices and transfers out to bank accounts are built in, and plug-ins cover WooCommerce and other common platforms.

Paystack suits startups and established businesses selling to customers in its five markets, particularly in Nigeria, where it is most complete. Businesses outside those countries cannot open an account, and the channels on offer change sharply between markets, so check your country's page before you plan the checkout.