Nigeria: Paystack Officially Launches in Kenya

Paystack, a leading payment technology provider in Africa, has officially launched its operations in Kenya, marking a significant milestone ten months after receiving Payment Service Provider Authorization from the Central Bank of Kenya. This expansion follows the successful private beta testing phase tailored to the Kenyan business landscape, during which Paystack collaborated with over 700 businesses to refine its offerings and align with regulatory requirements.

Founded in 2015 by Akinlade and CTO Ezra Olubi, Paystack specializes in developing payment technology solutions for businesses across Africa. The company currently maintains a presence in Ghana, Nigeria, Kenya, and South Africa, boasting a dedicated team of 250 professionals working diligently to support modern businesses’ growth throughout the continent. In 2020, Paystack gained global recognition when it was acquired by the American financial services and software giant Stripe for $200 million.

With Paystack’s official launch in Kenya, businesses operating in the country now have access to a wide range of powerful tools and features, including:

1. Payment Acceptance: The ability to accept payments online through various channels, including major credit cards (Visa, Mastercard, American Express), M-PESA, and Apple Pay.
2. Settlement Options: Businesses can receive settlements in Kenyan Shillings (KES) or United States Dollars (USD) directly into their preferred bank accounts or M-PESA wallets. The “Split Payment” feature enables the automatic distribution of a single customer payment to multiple bank accounts or M-PESA wallets.
3. E-commerce Integration: Seamless payment acceptance on numerous e-commerce platforms, including Shopify, WooCommerce, Zoho, Wix, and more, as listed in the Paystack Integrations Directory.
4. Money Transfers: Simplified money transfers to M-PESA wallets, utilized by merchants for various purposes such as salary payments and vendor settlements. Fintech companies also leverage this feature to disburse funds to their customers, such as savings startups facilitating withdrawals.
5. Recurring Payments: The ability to collect recurring payments automatically and efficiently manage subscriptions.
6. Transaction Management: Robust tools for handling transaction disputes, including refunds and chargebacks, accessible through the Paystack Dashboard.
7. Real-time Monitoring: Real-time performance monitoring of businesses facilitated by the Paystack Dashboard and Mobile App, offering valuable insights for accounting, reconciliation, and audit purposes.
8. User Permissions: Customizable user permission settings to grant team members access to specific transaction-related information.
9. Security Measures: Automated fraud detection mechanisms and security features like Two-Factor Authentication (2FA) and IP whitelisting, enhancing the safety of both businesses and customers.

Diana Bett, CEO of Purpink Gifts, shared her positive experience with Paystack’s innovative payment solutions: “Paystack’s user-friendly payment solutions have enhanced our customer interactions and enriched the experience of sending and receiving tokens of love with Purpink. We are proud to partner with Paystack.”

Additionally, Paystack announced several upcoming enhancements tailored for the Kenyan market, including shorter payout timelines, enhanced bank transfer capabilities, and the introduction of “Pay with Bank Transfers” functionality, further advancing its commitment to serving businesses and customers in Kenya.