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Stripe Acquires Nigeria’s Paystack For $200 Million For Expansion Across The Continent | Black Enterprise

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Stripe Acquires Nigeria’s Paystack For $200 Million For Expansion Across The Continent | Black Enterprise


Lagos, Nigeria, has become a hub for new, innovative tech startups from entrepreneurs from within the country and abroad. African tech startups raised a record $1.3 billion in funding for over 400 investments in 2019, according to an annual report by WeeTracker.

This week, the online paying system Stripe announced the acquisition of a new Nigerian tech startup to expand its services across the continent.


—  Credits

Featured Image, Shola Akinlade and Ezra Olubi of Paystack
Full article @ Black Enterprise


—  Related

Lagos is the most populous city in Nigeria and the African continent. Lagos is a major financial centre for all of Africa and is the economic hub of Lagos State. The megacity has the fourth-highest GDP in Africa and houses one of the largest and busiest seaports on the continent. It is one of the fastest growing cities in the world.

Lagos initially emerged as a home to the Awori subgroup of the Yoruba of West Africa and later emerged as a port city that originated on a collection of islands, which are contained in the present day Local Government Areas (LGAs) of Lagos IslandEti-OsaAmuwo-Odofin and Apapa. The islands are separated by creeks, fringing the southwest mouth of Lagos Lagoon, while being protected from the Atlantic Ocean by barrier islands and long sand spits such as Bar Beach, which stretch up to 100 km (62 mi) east and west of the mouth. Due to rapid urbanization, the city expanded to the west of the lagoon to include areas in the present day Lagos MainlandAjeromi-Ifelodun and Surulere. This led to the classification of Lagos into two main areas: the Island, which was the initial city of Lagos, before it expanded into the area known as the Mainland. This city area was governed directly by the Federal Government through the Lagos City Council, until the creation of Lagos State in 1967, which led to the splitting of Lagos city into the present day seven Local Government Areas (LGAs), and an addition of other towns (which now make up 13 LGAs) from the then Western Region to form the state.

Lagos, the capital of Nigeria since its amalgamation in 1914, went on to become the capital of Lagos State after its creation. However, the state capital was later moved to Ikeja in 1976, and the federal capital moved to Abuja in 1991. Even though Lagos is still widely referred to as a city, the present day Lagos, also known as “Metropolitan Lagos”, and officially as “Lagos Metropolitan Area” is an urban agglomeration or conurbation, consisting of 16 LGAs including Ikeja, the state capital of Lagos State. This conurbation makes up 37% of Lagos State’s total land area, but houses about 85% of the state’s total population.

Source – Lagos (Updated: 11 October 2020) Wikipedia. Available at, (Accessed: 17 October 2020)