Nigeria’s Paystack has announced that it just hit 1 billion Naira ($3.2 million) in monthly transaction volume. The announcement was made via a series of tweets by the company’s Co-founder and CTO, Ezra Olubi and through a blog post where there was a breakdown of the journey to ₦1bn.
According to the blog post, “the Paystack team hit a major milestone: Nigerian customers are now using Paystack to pay over 1 billion Naira (~$3 million) to Nigerian merchants, every month, entirely online.”
The company revealed that it chose to share its numbers publicly to celebrate its wins (both big and small) and to encourage a culture of greater transparency and mutual accountability within the Nigerian startup community.
See the timeline that shows the road to their ₦1 billion/month transaction volume:
Expressing their excitement, the team noted, “we’re a tiny team with big dreams. 12 months ago there were about 5 people working at Paystack. Today we’re 18 people strong (and growing!), but the problem of payments in Nigeria is so daunting, that the bad days can sometimes outnumber the good. We consider it an important part of company culture to celebrate the wins.”
A payment of ₦6,000 made in Ikoyi, Lagos, using a GTBank Mastercard Debit Card was the transaction that got the company its N10bn milestone. The next milestone, according to the team is ₦10 billion monthly transaction volume.