Nigerian payments company Paystack announced on its X account that it had processed more than ₦1 trillion in transactions during July 2024, the first time the Lagos-based fintech had crossed that threshold within a single calendar month.
Paystack provides payment solutions to businesses of all sizes, ranging from small traders and start-ups to large enterprises, enabling them to accept payments online and through other digital channels. The company said the record transaction volume reflected strong growth in the payments being sent and received by businesses that use its platform.
STRIPE OWNERSHIP
Paystack has operated as part of the Stripe group since the US payments company completed its acquisition of the Nigerian fintech in 2020.
PAYSTACK'S STATEMENT
Paystack framed the milestone around its merchants, saying: "For the first time ever, businesses in Nigeria sent and received over 1 trillion naira with Paystack, in a single month (July 2024)."