Looking back
at 2023

Paystack gives ambitious teams and businesses in Africa the growth and payments tools they need to scale.

In 2023, we made several improvements to how we serve these makers.

Theme 01/10

In 2023, we

Grew our plugin, platform, and no-code integration ecosystem

We launched the Integrations Directory, a searchable database of plugins and no-code tools that allows both developers, as well as merchants with no coding experience, to quickly integrate with Paystack.

By The Numbers

Largest single transaction on Paystack in 2023

Africa’s digital economy grows larger every year. Here are the single biggest transactions made on Paystack in 2023, in Nigeria, South Africa, Kenya, and Ghana.

Nigeria

NGN 261,196,809

ChannelDirect Debit

IndustryFinancial Services

DateFebruary 21st, 2023

South Africa

ZAR 343,000

ChannelCard

IndustryWatches & Jewellery

DateMay 11th, 2023

Kenya

KSH 226,800

ChannelCard

IndustryGift Shop

DateJune 15th, 2023

Ghana

GHS 120,000

ChannelCard

IndustryHospitality

DateNovember 23rd, 2023

Feature Spotlight

Direct Debit

Direct Debit

We partnered with NIBSS to develop a fully digital solution for processing direct debits from customers’ bank accounts

Get early access

Gallery

Homecoming Offsite 2023

Scenes from our annual company offsite, where Stacks from all over the world converge in one location.

Stacks (Paystack employees) laughing at the 2023 Homecoming Offsite.Stacks (Paystack employees) in formal dinner attires at the 2023 Homecoming Dinner.Stacks (Paystack employees) in formal dinner attires at the 2023 Homecoming Dinner.Future Stacks (Interns) and the organizers of the internship program—Head of Design, Opemipo Aikomo, and CTO, Ezra Olubi—at the 2023 Homecoming Offsite.Stacks (Paystack employees) laughing uncontrollably at the 2023 Homecoming OffsiteStacks (Paystack employees) at the 2023 Homecoming Offsite.Stacks (Paystack employees) smiling and clapping as a fellow Stack models during the 2023 Homecoming Fashion Show.A panel of the Paystack CEO, Shola Akinlade interviewing the Wakanow CEO, Bayo Adedeji at the 2023 Homecoming Offsite.Stacks (Paystack employees) smiling and holding fan signs with the words “Yes you can” and “Yes!” at the 2023 Homecoming Tournament.
Stacks (Paystack employees) laughing at the 2023 Homecoming Offsite.
Stacks (Paystack employees) in formal dinner attires at the 2023 Homecoming Dinner.
Stacks (Paystack employees) in formal dinner attires at the 2023 Homecoming Dinner.
Future Stacks (Interns) and the organizers of the internship program—Head of Design, Opemipo Aikomo, and CTO, Ezra Olubi—at the 2023 Homecoming Offsite.
Stacks (Paystack employees) laughing uncontrollably at the 2023 Homecoming Offsite
Stacks (Paystack employees) at the 2023 Homecoming Offsite.
Stacks (Paystack employees) smiling and clapping as a fellow Stack models during the 2023 Homecoming Fashion Show.
A panel of the Paystack CEO, Shola Akinlade interviewing the Wakanow CEO, Bayo Adedeji at the 2023 Homecoming Offsite.
Stacks (Paystack employees) smiling and holding fan signs with the words “Yes you can” and “Yes!” at the 2023 Homecoming Tournament.
Stacks (Paystack employees) laughing at the 2023 Homecoming Offsite.
Stacks (Paystack employees) in formal dinner attires at the 2023 Homecoming Dinner.
Stacks (Paystack employees) in formal dinner attires at the 2023 Homecoming Dinner.
Future Stacks (Interns) and the organizers of the internship program—Head of Design, Opemipo Aikomo, and CTO, Ezra Olubi—at the 2023 Homecoming Offsite.
Stacks (Paystack employees) laughing uncontrollably at the 2023 Homecoming Offsite
Stacks (Paystack employees) at the 2023 Homecoming Offsite.
Stacks (Paystack employees) smiling and clapping as a fellow Stack models during the 2023 Homecoming Fashion Show.
A panel of the Paystack CEO, Shola Akinlade interviewing the Wakanow CEO, Bayo Adedeji at the 2023 Homecoming Offsite.
Stacks (Paystack employees) smiling and holding fan signs with the words “Yes you can” and “Yes!” at the 2023 Homecoming Tournament.

Lagos, Nigeria

01/09

Theme 02/10

In 2023, we

Expanded into more countries

Paystack became available to more businesses across Africa. We opened up Paystack to all merchants in Kenya, and announced our private beta in Côte d'Ivoire, Egypt, and Rwanda.

Feature Spotlight

Virtual Terminal

Virtual TerminalPaystack CatalystService Partner Directory

Accept blazing fast in-person payments at scale, and with ZERO hardware costs.

Find out how

Scale your tech startup with high-growth tools and resources such as discounts on tooling, expert fundraising feedback, priority technical consulting, and more.

Find out how

Find reliable African digital agencies who can help your business grow with software development, design, and marketing services.

Find out how

01/03

Theme 03/10

In 2023, we

Created Nigeria’s fastest, most delightful bank transfers experience

Merchants can accept reliable, blazing fast bank transfer payments, at scale with the new and improved Virtual Accounts.

By The Numbers

Most popular payment channels on Paystack in 2023

Buyers across Africa can vary widely in their preferred payment method. Paystack allows merchants collect payments easily from across several popular channels.

Here are the most popular payment channels (by transaction count) selected by buyers when presented with the Paystack Checkout.

Nigeria

Bank Transfer58%
Card36%
Internet Banking4%
Other2%

Ghana

Mobile Money98%
Card1.9%
Apple Pay0.1%

South Africa

Card93%
EFT4%
QR3%
Other0.1%

Kenya

Mobile Money79%
Card20%
Apple Pay1%

Theme 04/10

In 2023, we

Invested significantly in in-person payments

Paystack has long provided powerful tools for businesses selling online. In 2023, we invested significantly in providing even more tools to businesses selling in-person.

We launched Virtual Terminal, enabling merchants accept fast bank transfers at scale with ZERO hardware costs. We also made several improvements to Physical Terminal.

Service Partner of the Year
WBWR

Meet WBWR: Paystack's 2023 Service Partner of the Year

Cape Town, South Africa

WBWR
WBWR

Theme 05/10

In 2023, we

Improved the speed and reliability of merchant payouts

Paystack merchants in Nigeria, Kenya, and South Africa now get their money even more quickly in various currencies.

Nigerian merchants also now have the added convenience of accessing Payouts on Demand from the Dashboard.

Merchant Spotlight
mPharma

How mPharma cut delivery processing times by over 70% with Paystack

Ghana

How Terbodore Coffee Roasters delivers delicious convenience with Paystack

Cape Town, South Africa

How Mouka Foam modernized 60 years of business with Paystack

Nigeria

01/03

mPharma
mPharma

Theme 06/10

In 2023, we

Made collections even more frictionless

We’re always working to make payment collection even more frictionless and delightful.

We collaborated closely with NIBSS to create a fully digital way to process direct debits from customers' bank accounts, and our Saved Cards feature on Checkout makes paying on Paystack even faster.

By The Numbers

From Africa to the world

Online payments allow African merchants find their customers from all over the globe. In 2023, buyers from 136 countries outside Africa paid a Paystack merchant for goods and services.

country stats chart

Theme 07/10

In 2023, we

Built custom technology solutions for enterprise merchants

For enterprise merchants with complex business requirements, Paystack partners closely to build completely custom payment experiences from scratch.

In 2023, we supported a major ride-hailing company with a solution to driver payout issues, helped a global logistics leader reliably match payments to invoices, and helped an airline deliver uniquely delightful branded payment experiences.

Feature Spotlight

Payouts on Demand

Payouts on DemandZoho CommercePrivate beta in CIV, EGY, RWA

Businesses in Nigeria can access instant payouts at any time, even on weekends and public holidays.

Get your Payouts on Demand

Integrate with Paystack to collect seamless payments via multiple methods on your full-featured Zoho Commerce online store.

Get your Payouts on Demand

Paystack’s mission is to accelerate commerce across Africa, and we’re delighted to announce our expansion to three new markets: Côte d'Ivoire, Egypt, and Rwanda.

Get your Payouts on Demand

01/03

Theme 08/10

In 2023, we

Supported tech startups across Africa

Paystack powers growth for thousands of some of the most ambitious tech startups in Africa.

In 2023 we announced Paystack Catalyst — a collection of high-growth tools and resources to help African tech startups scale.

Gallery

Community Events

We loved meeting hundreds of ambitious makers from all over the continent at self-hosted and sponsored events.

Group picture of attendees at the Ecommerce Bootcamp in South Africa.Paystack’s Media Associate - Toba Adedurin listening to a fellow panelist during a panel conversation about “The Business of Being a Creative” during the 2023 Africa NXT Conference in Lagos, Nigeria.Attendees smiling at the CTO Roundtable in Nigeria.Paystack’s Head of Revenue - Hayley Hopwood shaking hands with an attendee at the Paystack Aviation Luncheon in Lagos, Nigeria.Stacks (Paystack employees) at the Kwahu Summit in Ghana.Stacks speaking to attendees at a Paystack Booth during the African Tech Summit in Kenya.
Group picture of attendees at the Ecommerce Bootcamp in South Africa.
Paystack’s Media Associate - Toba Adedurin listening to a fellow panelist during a panel conversation about “The Business of Being a Creative” during the 2023 Africa NXT Conference in Lagos, Nigeria.
Attendees smiling at the CTO Roundtable in Nigeria.
Paystack’s Head of Revenue - Hayley Hopwood shaking hands with an attendee at the Paystack Aviation Luncheon in Lagos, Nigeria.
Stacks (Paystack employees) at the Kwahu Summit in Ghana.
Stacks speaking to attendees at a Paystack Booth during the African Tech Summit in Kenya.
Group picture of attendees at the Ecommerce Bootcamp in South Africa.
Paystack’s Media Associate - Toba Adedurin listening to a fellow panelist during a panel conversation about “The Business of Being a Creative” during the 2023 Africa NXT Conference in Lagos, Nigeria.
Attendees smiling at the CTO Roundtable in Nigeria.
Paystack’s Head of Revenue - Hayley Hopwood shaking hands with an attendee at the Paystack Aviation Luncheon in Lagos, Nigeria.
Stacks (Paystack employees) at the Kwahu Summit in Ghana.
Stacks speaking to attendees at a Paystack Booth during the African Tech Summit in Kenya.

Ecommerce Bootcamp - South Africa

01/06

Theme 09/10

In 2023, we

Partnered closely with business service agencies in Africa

We launched the Service Partner Program to work more closely with digital agencies looking to build elegant, reliable payment experiences for clients.

We also launched the Service Partner Directory - a searchable database for merchants looking for service providers in software development, design, marketing, and more.

Feature Spotlight

Virtual Accounts

Virtual AccountsService Partner ProgramWe’re live in Kenya

Accept reliable, blazing fast bank transfer payments, at scale.

Learn more

Are you a digital agency that supports businesses in Africa? Partner with Paystack to deliver great payment experiences for clients, and grow your business with referrals.

Learn more

Paystack is out of private beta, and available to all businesses in Kenya!

Learn more

01/03

Theme 10/10

In 2023, we

Made several improvements to the invisible infrastructure at the core of Paystack

When a customer clicks “pay” online, several partners must come together to ensure that the payment succeeds.

In 2023, Paystack made several investments across our core infrastructure to improve reliability, security, and speed.

Thank you to the many partners and friends whose feedback helped us solve big challenges for merchants and buyers in 2023. Now, on to 2024. Is there something you’d like to see Paystack improve, or a problem you’d like us to solve for your business? Let us know!

What would you like to see from Paystack in 2024?

Send me occasional Paystack updates and announcements

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Business

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Engineering & Design

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Growth

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Product

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  • Ayobami O.
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  • Ahmed S.
  • Vikaran U.

Revenue

  • Loretta A.
  • Ayotunde A.
  • Osaro A.
  • Bolaji A.
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  • Oladapo A.
  • Deji A.
  • Joel B.
  • Mechiel C.
  • Iyobosa E.
  • Valerie E.
  • Ejiro E.
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  • Yanis S.
  • Oluwafemi S.
  • Hazel S.

Colophon

Everything good is a team sport. Thank you to all the incredible Stacks who made Paystack possible in 2023 ❤️

Shola Akinlade

CEO / Co-founder, Paystack

2023 In Review

Index

2023 Sketchbook

National Flower Stamps

by O.A. Mariam・March 2023

01/38