(Ecofin Agency) - The company is pursuing its ambition to accelerate commerce across Africa. The new initiative will further digital inclusion efforts on the continent.

Paystack, a leading fintech in Africa, has launched its first-ever consumer product. CEO Sola Akinlade (pictured) revealed the new offering on March 24 during an event marking a new chapter for the company after nine years of focusing exclusively on business-to-business (B2B) solutions.

The new product -Zap- is designed to streamline bank transfers, enabling users to link their existing traditional bank accounts. According to its owners, the app allows users to complete transactions “in seconds through a clean, intuitive interface that keeps things simple.”

This move is part of Paystack’s broader goal to accelerate commerce across Africa. Launched in 2015, the company has already entered countries like Ghana, Kenya, South Africa, Côte d'Ivoire, Egypt, and Rwanda, alongside Nigeria, where it mainly operates. The company says that over 200,000 businesses in Nigeria use Paystack. Now, it seeks to integrate individual consumers into its services, broadening its customer base beyond businesses.

The timing is also strategic. The B2C fintech market in Africa is booming. In Nigeria, the company’s core market, the segment is growing rapidly, driven by increasing smartphone penetration, digital growth, and a push for financial inclusion. By 2024, nearly 50% of Nigerians own smartphones, according to the Nigerian Communications Commission (NCC), providing a favorable environment for Paystack. The growing smartphone penetration is reshaping how consumers engage with financial services, especially through mobile channels.

The B2C segment, particularly digital payments, is central to this transformation. DataCube Research estimates that Nigeria’s fintech market will reach around $276.03 billion by 2032, increasing at a compound annual growth rate (CAGR) of 25.6%. Digital payments alone are expected to account for about $219.69 billion, making it the dominant segment.

Paystack’s new offer only supports traditional bank accounts, as microfinance bank accounts are not yet integrated.  Also, the company is entering a competitive market, where fintechs like Moniepoint, PalmPay, OPay, and Kuda already operate. However, it bets on its strong reputation and support from Stripe, its parent company, to stand out.

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