Paystack’s payment volume has significantly and rapidly grew. For instance, it was widely reported that the company hit N1 trillion in a single month (July 2024) for the first time in Nigeria, processing millions of transactions across Africa (Nigeria, Ghana, Kenya, etc.), handling major volumes of online payments, and seeing huge growth in bank transfers (over 50% of Nigerian transactions in 2023).

The milestone underscores how the 2020 acquisition, one of the most high-profile fintech deals in Africa at the time, has reshaped Paystack’s scale, reach, and business fundamentals.

From Early-Stage Scale to Infrastructure Giant

At the time of its acquisition by Stripe in 2020, Paystack was widely regarded as one of Africa’s fastest-growing payment startups, serving tens of thousands of businesses across Nigeria and Ghana.

While the company did not publicly disclose its transaction volumes then, industry estimates and ecosystem data suggest Paystack was already processing several billions of dollars annually in payments.

A 12x increase since that period implies that Paystack is now handling tens of billions of dollars in payment volume, placing it firmly among Africa’s largest payment infrastructure providers by throughput.

The company says this rapid scale-up has been achieved without sacrificing reliability, compliance, or product quality, a discipline that has now translated into profitability at the group level.

Stripe’s Role in Accelerating Growth

Stripe’s acquisition of Paystack in 2020 was seen as a strategic bet on Africa’s digital economy and Paystack’s ability to build world-class financial infrastructure tailored to the continent.

Since then, Paystack has expanded beyond its early West African base and is now licensed and operational in Nigeria, Ghana, Kenya, Côte d’Ivoire, and South Africa, with regulatory approvals secured for Egypt and Rwanda. Together, these markets account for roughly 46% of Africa’s GDP.

The company attributes its growth to a product-first expansion strategy, prioritising deep local compliance, merchant experience, and reliability over rapid but shallow market entry.

Holding Company Signals Bigger Ambitions

Riding on its profitability milestone, Paystack has announced the launch of The Stack Group (TSG), a new parent holding company that will aggregate a growing family of technology-driven brands.

Founding shareholders of TSG include Stripe, Shola Akinlade, Paystack’s founder and CEO, and existing Paystack employees.

Agreements establishing TSG as the parent company were signed in October 2025, subject to regulatory approvals.

The move signals a shift from being a single-product payments company to a multi-brand technology group addressing broader challenges faced by African businesses.

At launch, TSG includes:

• Paystack – focused on merchant payments
• Zap – focused on consumer payments
• Paystack Microfinance Bank (MFB) – focused on banking and credit infrastructure
• TSG Labs – focused on emerging technologies and new product development

Deepening the Financial Stack

A key pillar of Paystack’s post-acquisition evolution has been its move deeper into financial infrastructure. The recent launch of Paystack Microfinance Bank (MFB) in Nigeria allows the group to internalise critical banking rails and provide credit and account services to more than 300,000 Nigerian merchants.

According to the company, this integration enables compliant, end-to-end money movement solutions, a crucial requirement for scaling payments across Africa’s fragmented financial systems.

Commenting on the announcement, Shola Akinlade, founder and CEO of Paystack, said the launch of TSG reflects a broader vision shaped by nearly a decade of working with African businesses.

“The launch of TSG signals a larger scope of ambition for us and sets the tone for the next decade of our company. Having worked with thousands of companies across the continent since 2016, it is clear that there are significant opportunities to support businesses beyond payments.”

The announcement comes as Paystack prepares to celebrate its 10-year anniversary in January 2026, marking its evolution from a Lagos-based startup into a profitable, pan-African fintech group backed by one of the world’s most influential payments companies.

• TSG launches as the parent holding company to a family of complementary brands – including Paystack, Paystack MFB, Zap and TSG Labs (a new venture studio/incubator)
• The group reports profitability following >12x payment volume growth since acquisition by global payments giant Stripe 5 years ago; the announcement coincides with Paystack’s 10-year anniversary in January 2026
• The agreements establishing TSG as the parent holding company were signed in October 2025 and are pending the requisite regulatory approvals 
• TSG Labs will also develop products beyond fintech, including AI-led offerings 

Paystack, a company solving payments problems for ambitious businesses in Africa, has announced the launch of The Stack Group (TSG), a parent holding company that will aggregate the tech-focused family of brands connected with Paystack.

The announcement comes barely few days the acquisition Ladder Microfinance Bank which gives the fintech, owned by Stripe, direct control over deposits and lending, areas where small businesses usually face challenges.

TSG Founding shareholders include Stripe, Shola Akinlade, founder and CEO of Paystack, and existing Paystack employees.

The agreements establishing TSG as the parent holding company were signed in October 2025, and are subject to the requisite regulatory approvals.

Since its acquisition by Stripe in 2020, Paystack has grown its payment volume by 12x and is licensed and operational in Côte d’Ivoire, Ghana, Kenya, Nigeria, and South Africa, with regulatory approvals for Egypt and Rwanda, representing ~46% of Africa’s GDP.

This product-first approach to pan-African growth has since led to Paystack becoming profitable at the group level, the company announces today.  

Today’s news follows the recent launch of Paystack MFB in Nigeria. Functioning as a standalone bank, Paystack MFB allows the group to internalise core financial rails and provide the banking and credit infrastructure required by over 300,000 Nigerian merchants.

These capabilities enable the development of elegant, compliant, and much-needed end-to-end money-movement solutions and will continue to power the company’s mission of building technology solutions for Africa, to power African ambition.

Providing a corporate umbrella for a family of complementary brands that innovate in different domains, TSG companies will be united by shared values and deep knowledge of building technology products to solve Africa-specific challenges, while remaining operationally independent. At the outset, TSG will include:

• Paystack –  innovates within merchant payments
• Zap – innovates within consumer payments
• Paystack Microfinance Bank – innovates within banking
• TSG Labs – innovates with emerging technologies and builds new products both within and beyond financial technology

Shola Akinlade, CEO and Paystack Founder, says,

“The launch of TSG signals a larger scope of ambition for us and sets the tone for the next decade of our company. Having worked with thousands of companies across the continent since 2016, it is clear that there are significant opportunities to support businesses beyond payments, and TSG enables us to address the challenges African companies face.  Thank you to the Stripe team for their continued belief in Africa’s potential, and our ability to create transformative technology companies for the continent, and beyond.”

The announcement comes as Paystack celebrates its 10-year anniversary in January 2026.

Less than 48 hours after unveiling what it said results from 23 months of meticulous development, the fintech giant is being called out for allegedly stepping on toes. Specifically, the toes of Zap Africa, a smaller but earlier player in the same space.

Let’s cut straight to it: there’s already a company called Zap Africa (@getzapnow) operating in the fintech space. They’ve been around, building steadily for about three years. They own the domain, they claim to have the name trademarked, and now they’re publicly accusing Paystack of brand infringement.

“We’ve been building Zap for 3 years now, intentionally and with full ownership. The name is trademarked. The product is live. The community is real,” Moore DH, co-founder of Zap Africa, wrote on X.

His co-founder, Tobi Asu-Johnson, was just as direct: “Our name is trademarked and we’re on it. Zap’s legal team will be reaching out to Paystack shortly. Huge shoutout to everyone who brought this to our attention.”

That’s not the kind of language startups throw around lightly — especially when it involves legal teams and trademark enforcement.

But the internet wasn’t just watching; it was digging. Within hours, users found the existing Zap Africa platform, questioned the due diligence of Paystack’s research team, and generally took turns roasting the oversight. One user put it plainly: “They saw it. They just didn’t take them serious.”

It’s a serious take, but users raised an important point: how does a company backed by Stripe, with the kind of resources and talent Paystack has, roll out a product without catching that a namesake already exists in the same region — and industry?

“After 23 months of meticulous product review and design, one can’t help but wonder… how did Paystack overlook another payment platform, Zap?” asked Morris Monye. “Was it a simple oversight, or did they deliberately choose to ignore it? The plot thickens!”

This is now a test of how big tech companies treat smaller ones in the space, with one X user stating, “It’s giving ‘copy copy’.”

So where does this leave Paystack? Quiet, for now. No statement. No clarification. No public acknowledgement of the storm online. But we are following up.

While the dust hasn’t settled, it is obvious that names matter. Ownership matters. And in an industry built on trust and identity, this has gone beyond a branding blunder, to a credibility challenge.

It’s the 21st century, but bank transfers can still be an exercise in frustration—delays, failed transactions, app logins, and the dreaded “network issues.” But what if transfers could be as smooth as sending a text message? What if you could move money across banks in seconds, without the usual stress?

That’s the question Paystack asked itself, and the answer is Zap—a product designed with ruthless focus on one thing: bank transfers that just work. No fluff, no distractions.

At “An Evening with Paystack,” the company unveiled Zap with a live Demo that gives you instant trust for the product.

“What would it take to start and finish a transfer within 30 seconds? What would it take for this to work every single time? And wouldn’t it be great if I could just link all my accounts so I don’t have to even log into my bank?” 

That was the thought process behind Zap, as Shola Akinlade, co-founder and CEO of Paystack explained. The goal? Speed, reliability, and seamlessness. Not a new bank, not a financial super-app—just a frictionless way to send money instantly.

Zap allows users to link multiple bank accounts in one place, removing the need to constantly switch apps. So groceries, splitting bills, or handling recurring payments is easier with Zap, ensuring money moves fast, without the usual banking gymnastics.

But interestingly, Zap isn’t just for Nigerians. Paystack has built it to work for non-residents and visitors as well. A user with a Bank of America account can send money to a Nigerian bank account via Apple Pay in seconds.

That’s a first in the Nigerian fintech space.

Beyond Zap, The Paystack Empire Expands

While Zap stole the spotlight, Paystack had a lot more to say about its progress. Over the past year, the company has doubled down on three things:

1. Infrastructure reliability
2. Helping businesses scale across Africa
3. Building tools that drive business growth

Here’s what that looks like in numbers:

• In Q4 2024 alone, Paystack’s API processed over 3 billion requests, with an uptime of 99.9927%—just 9.5 minutes of downtime in an entire quarter.
• Transaction speed has doubled, with API latency dropping from 446 milliseconds to 254 milliseconds—essentially responding in a quarter of a second.
• Bank transfers via Paystack Titan now surpass Visa, Mastercard, and Verve on its platform—98% of these transfers are confirmed within 10 seconds.
• For airlines (all local airlines in Nigeria now use Paystack), 92% of refunds are processed instantly.

That last metric is particularly commendable. Few payment companies globally can claim instant refunds as a standard.

Again, Paystack now holds payment licenses in Ghana, Kenya, South Africa, Egypt, and Rwanda, with more on the way.

Paystack Passkeys: You Can’t Steal My Password if I Don’t Have One

One of the biggest surprises of the night was Paystack Passkeys—a security upgrade that ditches passwords altogether.

Instead of remembering (and forgetting) complicated passwords, Paystack users can now log in using biometric authentication (Face ID, fingerprint, or device PIN). This means:

• No more phishing risks – Since there’s no password to steal, hackers have a harder time gaining access.
• Faster logins – No more typing long credentials or dealing with one-time passwords (OTPs) that sometimes don’t arrive.
• Stronger security – Passkeys use cryptographic authentication, making them far more secure than traditional passwords.

With this, Paystack is joining global giants like Google, Apple, and Microsoft in adopting passkeys as the future of online security.

The company’s vision has always been bigger than just processing payments. It is obsessed with helping businesses win, and 2024 saw several key upgrades:

1. Paystack Terminals: The Next Phase of In-Person Payments

With the introduction of Paystack Terminals, merchants can now accept payments via card, Apple Pay, Google Pay, and contactless methods seamlessly. This isn’t just another POS system—it’s deeply integrated into the Paystack ecosystem, ensuring businesses have real-time visibility on every sale.

2. Fraud Prevention, But Smarter

Fraud is a huge challenge in digital payments, but Paystack has been aggressive in tackling it. The company’s fraud detection system has evolved to predict and block fraudulent transactions with greater accuracy, reducing fraud losses for merchants.

3. Paystack Business Banking

A lesser-known but highly impactful update—businesses on Paystack can now manage their finances, payments, and reconciliations all in one place, making cash flow management significantly easier.

Paystack envisions becoming Africa’s most preferred fintech infrastructure provider. Payments, business tools, banking—everything is being interconnected, making it easier for businesses to scale across markets.

And this is just the beginning.

“Over the course of the year, we’ll be expanding Zap to more countries across Africa. The next time I show up in Kenya, for example, I’ll be able to pay someone on M-PESA via Zap,” Akinlade revealed.

Zap is a huge one for both individuals and businesses. It strips away the inefficiencies of bank transfers, providing a faster, more reliable alternative that simply works.

For Paystack, however, this launch is about something much bigger—bolstering its part as the infrastructure layer powering Africa’s financial sector.

With a track record of high reliability, a growing suite of business tools, and now a consumer-facing product like Zap, Paystack is reiterating the fact that the sustainability of fintech in Africa will be built here, and they plan to lead it.

With this, Paystack will continually enhance payment solutions for businesses by prioritising direct bank transfers over traditional card-based transactions, which are often costlier for consumers and merchants alike.

The new “Pay by OPay” feature allows merchants to accept payments seamlessly through OPay’s app or web interface, complementing Paystack’s existing integrations with 24 Nigerian banks and other fintech platforms like PalmPay and Kuda. 

This development will also drive offerings for businesses to get more reliable and diverse payment options. Paystack CEO Shola Akinlade noted the importance of providing payment methods familiar to customers, reiterating OPay’s rise as a trusted payment platform during Nigeria’s 2023 cash crunch, which saw many consumers shift to fintech solutions due to banking disruptions.

The collaboration between Paystack and OPay also aims to deliver an exceptionally high transaction success rate, with Paystack claiming a 99.9999% reliability metric.

This aligns with the goal of OPay to leverage modern technology in delivering advanced financial services, as highlighted by its Managing Director, Dauda Gotring.

Paystack’s shift toward bank transfers as a primary payment method dates back to 2017 with the introduction of its “Pay with Bank Transfer” feature. 

This approach has seen exponential growth, with such transactions accounting for over 50% of its total processing volume in 2023, up from just 13% in 2021.

Additionally, Paystack recently partnered with the Nigeria Inter-Bank Settlement Scheme (NIBSS) to introduce direct debit functionality, further simplifying how customers of most Nigerian banks can make payments. 

The integration with OPay strengthens Paystack’s place in the fintech sector while enhancing payment flexibility for Nigerian businesses.

The partnership comes at a time when both companies are riding on market achievements. OPay, which launched in 2018, has expanded its services to include ride-hailing, digital banking, and food delivery, and is now valued at approximately $2 billion. 

Similarly, Paystack continues to deepen its roots in the African fintech sector while exploring more opportunities under Stripe’s ownership​

However, a growing number of professionals are choosing to stay and invest in local entrepreneurship ventures. They gain experience globally, then come back to build locally.

This change could be said to have been influenced by personal ambition, economic opportunity, and a deep desire to positively impact local communities. 

But why are more Nigerians embracing entrepreneurship over migration, and how is this choice impacting the country’s economic industry?

The Lure of Migration and Its Challenges

Historically, skilled Nigerians migrated to escape limitations in career progression, infrastructure, and standard of living. 

While the allure of developed nations is strong, many discover that living abroad is not without its challenges. Migrants often face cultural adjustment, high living costs, and complex legal systems. 

The struggle to integrate into new environments has caused many to reconsider their decisions, sometimes leading to disillusionment.

Net Migration to UK Fell 10% in 2023 [GRAPH]

The Rise of Local Entrepreneurship

In contrast, local entrepreneurship is becoming a more attractive option for skilled Nigerians, driven by multiple factors:

1. Economic Opportunities: Despite Nigeria’s challenges, its local markets continue to grow, offering lucrative business opportunities. Entrepreneurs are increasingly identifying and capitalizing on untapped niches that address local needs.
2. Social Impact: A strong desire to contribute to Nigeria’s development is another driver. Entrepreneurs see themselves as agents of change, creating jobs and enabling community development in ways that migration cannot achieve.
3. Innovation and Technology: Technological advancements have helped local entrepreneurs to compete on a global scale. The rise of digital platforms and tools has made it easier for businesses to start and grow without needing to leave Nigeria.

Several Nigerian entrepreneurs are examples of this change

Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave

Take Iyinoluwa Aboyeji, the co-founder of Andela and Flutterwave. Aboyeji chose to stay in Nigeria, where he has built platforms empowering African talent and businesses. 

His work with Andela, which focuses on training software developers, and Flutterwave, a payment solutions company, has greatly impacted the African tech space, with his current venture, Future Africa, which funds mission-driven innovators across the continent. 

Aboyeji believed in Nigeria’s ability to solve its own challenges and he remained focused on directly contributing to building the infrastructure and ecosystem necessary for sustainable growth.

Funke Opeke, CEO, MainOne

Similarly, Funke Opeke, who returned from the US to found MainOne, has helped in improving West Africa’s internet infrastructure. 

MainOne is a leading provider of telecom services and network solutions in the region, and under Opeke’s leadership, it has bridged huge gaps in digital access. 

After a successful career in the United States, Opeke returned to Nigeria driven by a desire to address the country’s urgent need for better internet infrastructure. Her vision for reducing the digital divide continues to drive her entrepreneurship goal and focus.

Olugbenga Agboola, co-founder of Flutterwave

Olugbenga Agboola, co-founder of Flutterwave, has simplified payments for businesses across Africa, helping them grow and operate efficiently. 

Flutterwave has become an essential pillar of the African fintech sector. Agboola remains in Africa because of his zeal to create solutions targeting the challenges faced by African businesses. With this, he ensures that Flutterwave continues to meet the dynamic needs of its users.

Temie Giwa-Tubosun, founder of LifeBank

Temie Giwa-Tubosun, founder of LifeBank, uses technology to connect hospitals with essential medical supplies, effectively saving lives. 

Her inspiration for LifeBank came from her personal experiences with the healthcare system in Nigeria, and her mission is to improve healthcare delivery in her home country. Giwa-Tubosun is deeply determined to use her platform to address healthcare challenges in Nigeria.

Shola Akinlade, co-founder of Paystack

Shola Akinlade, co-founder of Paystack, has simplified payments for businesses across Africa, allowing them to scale and thrive. 

Paystack’s acquisition by Stripe accentuated its global impact. Akinlade believes in the prospects of African businesses to compete globally. He has helped in building the infrastructure that supports the growth of businesses.

Odunayo Eweniyi, co-founder of PiggyVest

Odunayo Eweniyi, co-founder of PiggyVest, has made a huge impact in promoting financial inclusion and literacy in Nigeria. 

PiggyVest helps Nigerians to save and invest money, enabling them to adequately control their finances. Eweniyi’s decision to stay in Nigeria is driven by her vision to build people with the right mindset and her belief that local entrepreneurship can drive economic development.

Tayo Oviosu, founder of Paga

Tayo Oviosu, founder of Paga, has made financial services accessible to millions of Nigerians through mobile payments. Paga has become indispensable in the Nigerian fintech sector, bolstering how people handle financial transactions. 

Oviosu’s decision to stay in Nigeria allows him to remain close to his customers and better understand their needs, ensuring that Paga continues to deliver solutions that make financial services accessible to all.

The Patriots Who Build with Blistered Hands: Any Hope in Sight?

There is no gainsaying that the success of businesses in Nigeria has a profound impact on the economy and society. They contribute around 60% to the GDP, which equals approximately $295 billion annually, and are responsible for over 80% of jobs, whilst employing more than 52 million Nigerians (National Bureau of Statistics, 2024).

The  Foreign Direct Investment (FDI) reached $3.8 billion in 2023, with significant investments in telecommunications, oil, and renewable energy (UNCTAD, 2024).

Thus business activities continue to drive infrastructure improvements and urbanization, while the fintech sector has further transformed financial transactions, with digital payments reaching $670 billion in 2023 (Central Bank of Nigeria, 2024). 

Despite substantial CSR investments and economic contributions, challenges such as regional disparities and environmental issues remain prevalent (Nigerian Business Coalition for Sustainable Development, 2024; Environmental Rights Action, 2024).

An alarming statistics from the Nigeria Medical Association (NMA) indicate that over 1,000 doctors leave Nigeria annually for better working conditions and opportunities abroad, with popular destinations including the UK, the US, Canada, and Australia. 

Moreover, the media has been awash with reports of a massive exodus of engineers, technology experts, academics, researchers, and other professionals seeking opportunities in countries with thriving tech and engineering sectors. Despite this, there are still many who believe their contributions could help realize the Nigeria of our dreams.

It is important to state from the outset that the decision to stay in Nigeria or leave the country may be based on personal, professional, economic, social, and political reasons. This choice should not be judged as either good or bad. 

This is because, over the past two years, the Nigerian diaspora has made significant contributions to the economy, primarily through remittances, investments, and the transfer of skills and knowledge.

According to the World Bank and the Central Bank of Nigeria (CBN), remittances from Nigerians living abroad were estimated at around $20 billion in 2022. This substantial increase underscores the growing importance of remittances to Nigeria’s economy. 

For 2024, remittances are projected to be between $22 billion and $24 billion, reflecting a continued rise driven by the growing number of Nigerians abroad and advancements in financial technology.

For entrepreneurs who choose to stay, and build businesses over emigration,  they might have benefited largely from hindsight, insight, and strategic analysis. In Nigeria,  key entrepreneurial opportunities lie in technology and fintech, which attract significant investment and create jobs. 

The same can also be said of  Agriculture which is contributing 25% to GDP and supporting millions, presents other opportunities. 

In Nigeria also, Renewable energy, with projected investments of $2 billion by 2025, aims to address energy deficits and generate jobs. The healthcare sector, valued at over $5 billion, can reduce import dependency and improve health. 

E-commerce and retail can drive consumer spending and modernization, while education and edtech can enhance learning and create employment.

Additionally, Nigeria’s real estate offers opportunities for urban development, and tourism and hospitality support local businesses. The fashion industry generates significant revenue, and entertainment contributes not less than $7 billion annually. 

Each sector drives economic growth and job creation. Drawing parallels with H.W. Brands’ classic “The Men Who Built America,” which explores the lives and legacies of key industrialists like Andrew Carnegie, John D. Rockefeller, J.P. Morgan, Cornelius Vanderbilt, and Henry Ford, who transformed America through their innovations and philanthropy, it is clear that entrepreneurship, despite challenges, has the potential for significant impact.

However, when considering the chains of challenges faced by entrepreneurs in Nigeria, the question arises: is their patriotism worth it? While it can not be jettisoned that entrepreneurs play an important role in building the economy, the prevailing socio-economic and political climate in Nigeria can be said to be harsh, discouraging, and potentially stifling business success. 

According to Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of Economy, over 800 companies folded due to market instability, unfulfilled promises, breaches of contracts, foreign exchange market issues, and general economic instability. 

We opined that many of these challenges are avoidable with people-centred policies and well-thought-out actions, reflecting failures in leadership and governance.

Adding to these challenges are escalating interest rates, security issues, and unplanned subsidy removal, which leave entrepreneurs at a disadvantage. Alhaji Dangote’s refinery dubbed the “6th Wonder of the World,” serves as a reference point for the potential impact of well-managed projects.

In light of the questions posed by one of Jesus Christ’s apostles, “We have left everything to follow you! What then will there be for us?” It is essential to ask what the future holds for entrepreneurs who choose to build businesses amid challenging conditions. 

For us, we are of the opinion that the government needs to enhance entrepreneurship in Nigeria by improving access to funding, addressing the fact that only 8% of startups receive venture capital, and improving infrastructure, as Nigeria’s electricity meets only 45% of demand and internet penetration is at 50%. 

Furthermore, simplifying the business registration process, which currently averages 19 days, and providing tax incentives can also alleviate challenges.

With over 40% youth unemployment, supporting skill development is essential. Expanding market access, given that only 1% of SMEs export, and encouraging innovation with R&D investments (currently 0.5% of GDP) are vital. 

Also of importance is the promotion of public-private partnerships and celebration of entrepreneurship, which can further strengthen the ecosystem, potentially increasing its contribution to GDP, which was approximately 20% in 2022.   

Founded in 2021 by Femi Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck makes swift deliveries within an average of 30 minutes. Aluko’s experience in Dubai, where he encountered exceptional customer service and prompt deliveries, was the inspiration for launching the company.

Despite entering a market already occupied by established players like Jumia Food and Bolt Food, Chowdeck has achieved commendable growth. 

The company attributes this success partly to its focus on profitability from the outset. Unlike competitors who relied heavily on discounts, Chowdeck prioritizes sustainable business practices by minimizing discounts and offering them strategically on behalf of partner restaurants.

“We figured out the right economic model for our delivery business,” said Aluko, a former engineer at Stripe subsidiary Paystack. “We target the right customers who prioritize convenience and are willing to pay for fast deliveries, rather than trying to capture everyone with unsustainable discounts.”

The exits of Jumia Food and Bolt Food from the Nigerian market in late 2023 further enhanced Chowdeck’s user base, which has nearly doubled in the past six months.

Chowdeck emphasizes convenience as its key selling point. The platform utilizes geotagging to optimize delivery routes and offers varying vehicle options like bicycles and motorbikes. Additionally, strict timeframes are enforced on both vendors and riders to ensure prompt service.

Beyond food deliveries, Chowdeck has expanded its services to include grocery and pharmacy deliveries through partnerships with supermarkets like ShopRite and pharmacies. This multi-vertical approach has seen Chowdeck’s annual gross merchandise value (GMV) surpass ₦7 billion ($5.8 million) in 2023. The company currently operates in eight Nigerian cities, with Lagos generating 80% of its business.

The newly acquired capital will enable Chowdeck to improve operational efficiency and expand to more Nigerian cities. The company also plans to invest in enhancing the experience for its customers, vendors, and especially its delivery riders, whose earnings currently exceed three to five times the national minimum wage.

“We saw the potential impact we could have on the delivery landscape in Nigeria, particularly around rider earnings,” said Aluko. “Many of our riders consistently earn between ₦100,000-200,000 ($83-$170) monthly.”

Chowdeck’s seed round attracted investors, including Y Combinator, Goodwater Capital, and prominent founders like Simon Borrero and Juan Pablo Ortega of Rappi, and Shola Akinlade and Ezra Olubi of Paystack.

It is worth noting that seven highly accomplished and distinguished Nigerians have been able to secure their positions on a list that is considered to be one of the most prestigious lists in the world. 

The list spans various categories such as Politics and Public Service, Business, Science and Academia, Environmental, Creative, Media, and Sports, which further highlights the diverse range of talents and skills that these Nigerians possess. 

The fact that these individuals were able to make it on this list is a pointer to their hard work, dedication, and exceptional achievements in their respective fields.

Akinwumi Adesina 

Akinwumi Adesina is a highly respected Nigerian economist who has made a huge impact in the field of agricultural economics and rural development. He currently serves as the President of the African Development Bank (AfDB), a position he has held since 2015. Prior to this, he was Nigeria’s Minister of Agriculture and Rural Development, where he implemented key policies that helped to transform the country’s agricultural sector. 

Adesina has also held several high-profile positions in international organisations, including the Rockefeller Foundation and the Alliance for a Green Revolution in Africa (AGRA). He is widely recognised for his expertise in agricultural development, having received numerous awards and honors for his contributions to the field.

Ngozi Okonjo-Iweala

Ngozi Okonjo-Iweala is a highly accomplished Nigerian economist who is currently serving as the Director-General of the World Trade Organization (WTO). She has had an illustrious career in public service, having previously served as the Finance Minister of Nigeria on two separate occasions, from 2003 to 2006 and from 2011 to 2015. Prior to that, Okonjo-Iweala spent 25 years at the World Bank, where she held various key positions, including Vice President and Corporate Secretary. 

Throughout her career, Okonjo-Iweala has made commendable contributions to the fields of economic development and international finance. She has been a leading voice on issues such as poverty reduction, debt relief, and trade. She has been recognised for her expertise by numerous organisations and institutions around the world. In 2005, she was named one of Time Magazine’s 100 most influential people in the world, and in 2014, she was awarded the prestigious David Rockefeller Bridging Leadership Award. Okonjo-Iweala is widely regarded as one of the most influential and accomplished women in the world of international economics and finance.

Bola Tinubu

Bola Tinubu, who currently serves as the President of Nigeria, is a highly respected politician who was once the Governor of Lagos State. He is widely recognised as one of the most influential figures in Nigerian politics, and his contributions to the country’s ruling party, the All Progressives Congress (APC), have earned him a reputation as a political powerhouse. 

Tinubu’s political career spans over two decades and has seen him occupy several prominent positions in both the public and private sectors. His commitment to the development of Nigeria and his tireless efforts to promote good governance have made him a highly respected figure both in Nigeria and beyond.

Olugbenga Agboola

Olugbenga Agboola is a highly successful and well-known Nigerian entrepreneur who has made a name for himself as the co-founder and CEO of Flutterwave, a global payments technology company that has revolutionized the way people send and receive money all around the world. 

With his keen business acumen and innovative thinking, he has helped to position Flutterwave as a leader in the African fintech industry, where he is widely respected and admired for his contributions to the field. His dedication to his work and his commitment to making a positive impact on the world have earned him a reputation as one of the most influential and inspiring figures in the business world today.

Professor Benedict Okey Oramah 

Professor Benedict Okey Oramah is a highly acclaimed Nigerian economist who has made great contributions to the field of economics. He is currently serving as the President of the African Export-Import Bank (Afreximbank), a major financial institution that promotes and finances trade within and outside Africa. 

With over 30 years of experience in economic policy, research, consulting, and banking, Prof. Oramah is widely regarded as an expert in African trade and development. He has authored several articles and books on trade and finance, and has received numerous awards for his outstanding contributions to the development of Africa’s economy.

Aliko Dangote

Aliko Dangote, born on April 10, 1957, is a Nigerian business magnate, investor, and philanthropist, and is currently the chairman of Dangote Group. The company is one of the largest conglomerates in Africa and has interests in various fields including cement, sugar, salt, flour, and more. 

Dangote’s company is also involved in real estate, telecommunications, and oil and gas exploration. He is one of the wealthiest individuals in Africa with a net worth of $9.5 billion as of January 1, 2024. Dangote is a prominent figure in the global business community, with several honors and awards to his name, including the Forbes Africa Person of the Year award in 2014, the Clinton Global Citizen award in 2015, and the Bloomberg 50 in 2017.

Shola Akinlade

Shola Akinlade is a highly respected Nigerian entrepreneur, who has been key in the Nigerian tech startup ecosystem. As the co-founder and CEO of Paystack, a leading online payment platform in Nigeria, he has played an indispensable role in bolstering the way online payments are made in the country. 

Under his leadership, Paystack has become one of the most successful and fastest-growing tech startups in Nigeria, attracting huge investment and recognition from both local and international organisations. With his impressive track record and deep understanding of the Nigerian tech scene, Shola Akinlade is widely regarded as one of the most influential figures in the country’s growing tech industry.

Despite purchasing the club after several years of losses, Akintunde, at the age of 38, now owns the majority stake in two football investments, Sporting Lagos in Nigeria and Aarhus Fremad in Denmark.

The move consolidates Akinlade’s efforts in Nigeria to use grassroots football for community development and social change.

The club is currently leading the Danish second division by six points.

“We have looked at the date correctly, and yes – it is good enough Aarhus Fremad has closed an agreement today, which means a new owner in the club,” the club said in a statement on Tuesday. We are very excited about the collaboration and can’t wait to see what the future holds.”

Earnipay was launched last month after being in beta since September 2021. The startup plans to offer its on-demand salary solution to 200,000 employees by the end of 2022 and will leverage the seed funding to target large enterprises, shifting its focus regionally.

The round was led by early-stage venture capital firm Canaan and included investors such as XYZ Ventures, Village Global, Musha Ventures, Voltron Capital, Ventures Platform and Paystack CEO Shola Akinlade.

Earnipay is building an earned wage access platform and integrates with companies’ existing payroll or HRM systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app.

Employees’ salaries are prorated daily and companies can set limits for the percentage of salaries employees can withdraw each month. For instance, if an employee earns ₦300,000 monthly, they can get ₦10,000 daily (for 30 days) or ₦15,000 (if the employer sets the system to count only workdays; 20 in this case).

Earnipay makes these payments on behalf of the company, especially those whose cash flow may be affected should they finance the earned wage payments themselves. At the end of each month, these companies reimburse Earnipay. But for others who can afford to, Earnipay sets up a reconciliation account on top of employees’ salary accounts with scheduled automatic reimbursements.

The startup’s revenues come from charging employees a fee for accessing a part of their salary early. For withdrawals between ₦2,000($4) and ₦10,000 ($20), Earnipay collects a ₦250 ($0.5) fee. For ₦10,000 to ₦50,000 ($100) withdrawals, the charge increases to ₦500 ($1).

Since operating in beta, Earnipay has served over 20 businesses, outsourcing firms and HR solution providers in Nigeria. Some of its clients include Eden Life and Thrive Agric, whose thousands of employees have used the app to access their salary over 1,000 times, said the company.