The Nigerian government is waging war on its technology industry.
A global surge in initial public offerings, especially in the technology sector, has so far eluded sub-Saharan Africa.
In recent years, Lagos, Nigeria’s biggest city, has become Africa’s most attractive tech hub for investors. But that could be imperilled by the government’s decision to suspend Twitter’s operations in the country.
Paystack, the fintech start-up acquired last year by US fintech major Stripe, is establishing a presence in South Africa as it looks to cement its position as a significant player in the African online payments industry.
Fintech companies in Africa raised more capital in 2020 despite the Covid-19 pandemic, standing in contrast to their emerging market peers such as Latin America that saw a decline.
US fintech and Internet payments leader Stripe said on Thursday that it is acquiring Paystack, a Nigerian payments start-up, as it looks to grow its footprint across the African continent.