After a decade as the quiet backbone of Nigeria's online payments, Stripe-owned Paystack is making a shrewd and decisive pivot into banking, as part of a broader recent foray beyond business payments, while hoping its not too late to the party.
Its latest move the acquisition of Ladder Microfinance Bank, which has birthed a new separate company Paystack MFB-along with previous moves that saw it fold consumer play Zap into its stack and pick up assets like business banking startup Brass -communicates reinvention.
Industry analysts reckon Paystack, which has seen some shakeup recently with the controversial exit of co-founder/CTO Ezra Olubi, is keen to capture the higher-margin segments, including lending and deposits .
