The deal will see the Y Combinator alumnus provide Nigeria’s online retailers with storefronts, payment processing, and checkout apps allowing merchants to receive payments from customers using local and international payment methods.
According to Ezra Olubi, Paystack Co-founder and CTO: “Paystack’s mission is to transform and overhaul the interaction between business and consumers, and to build a payments product for Africa to act as a catalyst for the continent’s online economy. Like us, Shopify sees massive growth opportunities in Nigeria and the rest of Africa when it comes to online commerce, and the first step for unlocking the continent’s potential is to develop a safe, reliable payments infrastructure that is trusted by both merchants and customers. This launch is an exciting first step for the market”.
As a payment gateway, Paystack will enable Shopify merchants in Nigeria shoppers use virtually any payment method, including Mastercard, Visa, Verve or direct pay from their bank accounts allowing Nigerian merchants to accept all payment methods from anyone, anywhere in the world.
Nigerian businesses collected over USD$150B last year, most of which was done offline. Shopify’s partner program aims to create opportunities for developers, designers and consultants looking to help local businesses sell online.
“We’re thrilled with the opportunity in Nigeria and Paystack’s launch will further allow merchants in the area to benefit from Shopify,” said Joel Bronkowski, Strategic Partnerships, EMEA at Shopify.