PODCAST | Paystack’s plan to dominate SA payments tech

Payments technology success in the SA is the focus in this edition of Business Day Spotlight. 

Host Mudiwa Gavaza is joined by Joel Bronkowski, country lead SA at Paystack. 

Financial technology (fintech) continues to be a major draw for investors to Africa. Paystack, in particular, has done well in this regard. It is a Nigerian financial technology company that offers payment processing services to businesses. 

One of Y Combinator’s first investments in Africa, Paystack is one of Africa’s most prominent start-ups, particularly in fintech. In 2020, Irish-American fintech giant Stripe acquired Paystack for $200m. Since then, the Lagos based firm has continued to expand into new markets, including Ghana and SA.

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Bronkowski says the company’s mission is to assist African merchants in accelerating their growth, a task that necessitates investigating numerous aspects. The company sees opportunity in providing merchants who sell both online and in-person with an omnichannel experience. 

He explains that in a market as mature and competitive as SA, success has been hard, with collections being popular with its customer base. Its clients include Underarmour and Birkenstock, as well as start-ups such as Rentoza.

Bronkowski outlines Paystack’s business model; strategy for growth in the SA market; evolution of fintech in the region, and where the company sees opportunity in the sector. 

• Business Day Spotlight is a TimesLIVE Production.