Tag: Electronic Payment

Following a rapid economic growth, consumer-facing industries have quietly grown into a significant economic force in Africa's most populous nation. Over the last decade, the Nigerian telecommunications and banking industries have experienced rapid expansion, serving rising demand and a fast growing middle class. A typical Nigerian consumer nowadays demands a modern, fast and, most importantly, safe shopping experience which is enabled by a dependable payment system. In the broadest sense of the term, payment system is a set of systems enabling transfer and circulation of funds. To perform its role successfully, the payment system must fulfill three prerequisites. One is that the...

Nigerian payments company Paystack has raised Series A funding from global payments leaders Stripe, Visa, and Tencent In little over two years, Paystack has grown to power tens of thousands of businesses of all sizes, and already processes more than 15% of all online payments in Nigeria—Africa’s largest economy. The funding will be used to fuel Paystack’s continental expansion, build out their payments infrastructure, and grow their engineering team. LAGOS, AUGUST 28, 2018 - Paystack, a Nigeria-based startup providing payments tools to businesses in Africa, has raised $8 million in Series A funding. The round was led by...

Engaging in the CBD business can be a lucrative venture. In 2017 the legal sales of CBD products and medical Marijuana hit the $10 billion mark. However, most of the banks still treat the CBD businesses as high-risk businesses and therefore do not offer payment processing solutions for them. The few banks that offer the services do so with a lot of restrictions and exorbitant charges to the businesses. Without a merchant account, the business would not be able to receive online payments through cards making it difficult to run the business. Many third-party payment processors that deal with high-risk businesses...

Nigerian startups CredPal and Zowasel win in the Merchant Payments and Financial Inclusion challenges respectively Lagos, Nigeria; 25 July 2018: Visa (NYSE:V), the world’s leader in digital payments, announced Nigerian startups CredPal and Zowasel as winners in the Merchant Payments and Financial Inclusion challenges of its first ever Sub Saharan Africa (SSA) Everywhere Initiative, a global program aimed at startups and designed to encourage the development of the next big thing in payments. The winning solutions beat 10 other contenders selected from 238 submissions to emerge as champions. The SSA program was structured around three real life business challenges: Merchant Payments...

Since its birth in 2012, Jumia has graduated from being just an e-commerce shopping platform to one of the biggest and best processor of payments (see: JumiaPay), flight and ticketing platform (Jumia Travel), food service and restaurant discovery platform (Jumia Food), party drinks and supply (Jumia Party), and recently, the launch of a platform that allows payments of gadgets in installments (Jumia Flex). Interestingly, Jumia wants to do even more across Africa. Earlier this year, Jumia introduced "Jumia One" — an application that conglomerates and unites all of its services (and more) onto one easily accessible platform. The JumiaOne app is...

Jumia is, unarguably, the biggest online e-commerce shopping platform in the whole of Africa. And it doesn't seem the company is ready to vacate that spot for any new or old rival or competition. Ever since the company's inception (as AIG — Africa Internet Group) in Lagos, Nigeria in 2012, Jumia has achieved a quite a lot: expanded operations to over 23 countries in Africa, has over 3,000 workers on its payroll, and have birthed many news services — the Jumia Flex gadget installment payment plan being the latest. One of the company's product that has also led to the significant...

The modern world is the world of computers and the world of automation. Everything from schools to banks to businesses has now been automated in every function. These organizations have taken a step forward into technological advancement. Perhaps the greatest change that the retail market has seen throughout this decade is the use of automated billing systems. These can be found at all the major brand outlets and superstores such as Walmart and Levi’s and even at small businesses and shops that need to automate their Shop Sales in order to improve their efficiency and business transactions’ transparency. One of the ways...

The western world developed much faster than the rest of the planet. That saw a lot of technological advancements that was lost on the other parts of the world. With the advent of the internet though, that gap was bridged in some ways. Then, a new problem arose – transacting financially, and doing so seamlessly. Even though there are a lot of payment gateways (PayPal, Skrill, Neteller et al), only a few of them could be used by those on the other end of the seas from the founding countries. Falling into that category a lot, the launch of Paystack came to...

Sending and receiving money has always been problematic in the past but now, the table has turned. PayPal has appeared as a miracle and an easy way out for sending and receiving money. Transferring money has never been this easy! Sending money anywhere on the globe is now just one-click away. Do you want to know the amazing features of PayPal? Here we are going to enlighten you with the seven smartest features of PayPal that can make you a fan of this amazing thing and make your life way easier and stress-free. 1. Deals in a number of currencies Stressed about...

Leading retail banking giant, Diamond Bank Plc, has raised higher the bar in the delivery of unique financial services that suits customers changing lifestyles and needs. In partnership with Women’s World Banking with support from Financial Sector Deepening Africa (FSD Africa) funded by UK aid from the UK government, Diamond Bank worked with Gamsole, Commonwealth (formerly D2D Fund) and Microsoft to open another window of money management opportunities for youth. The simplified digital financial platform will enable youths to plan their financial future, save, chat, and update their financial knowledge while playing games. The financial service known as Dreamville, does not...