Paystack now processes 50x more than Nigeria’s entire online economy did in 2016 -Shola Akinlade
Shola Akinlade, Paystack’s co-founder and CEO, reveals a dramatic growth trajectory as African digital payments surge
Paystack CEO Shola Akinlade disclosed that his company now processes more than 50 times what Nigeria’s entire online economy handled in 2016, highlighting the explosive growth of digital payments across Africa.
Speaking at the Next 3 Billion event on the sidelines of UNGA 80, Akinlade noted that the payment platform, founded in 2015, “rode the wave” of internet adoption across the continent. The payment processor currently operates in Nigeria, Ghana, South Africa, Kenya, and Côte d’Ivoire.
“We started Paystack in 2015 when people were just beginning to build internet businesses, and we rode that wave. You know, my favourite stat is that today, Paystack builds more than 50 times what Nigeria was doing online in 2016.
“So in 10 years, we’re doing more than 50 times what the country has done, and we’re just scratching the surface,” he said
The revelation is part of the conversation highlighting Africa’s rapid digital transformation, with Akinlade emphasising that despite this growth, “we’re just scratching the surface” of the continent’s digital commerce potential.
