Payment solution company, paystack has just introduced a newly baked initiative called ‘Fintech Office Hour’, in an attempt to grant fintech startups, access to its team of experts
Grooming a startup business in Nigeria could be very tasking, and you can imagine the extra challenges to be dealt with when dealing with one that has to do with financial services and products. In this part of the word, everyone takes extra precaution when it comes to money matters; consequently, fintech startups have to put in ‘extra’ effort in setting up a business in that direction.
Well, not to bother too much about tapping into the existing world of expertise; Paystack is willing to build a community of beneficiaries around its growing success; according to the company, the first cohort of the programme will be selected from numerous applicants starting from May 31.
If you are still an alien to Paystack business in Nigeria, then here is a tip for you; Co-founded by Shola Akinlade (CEO); and Ezra Olubi (CTO) sometimes in 2015, the fintech company offers modern online and offline payment gateway/solution across Africa. With over 60,000 businesses using the platform in Nigeria aloe, Paystack processes no fewer than N10 billion worth of transaction monthly.
About Paystack’s New Initiative
first of all, the newly introduced Fintech Office Hour is only limited to startups that provide financial solutions that is already in use by Nigerians or Ghanaians; in summary, participants are limited to either region in the meantime. As for the specific financial solution, our source told that participants solution could be among the following; lending app, apps providing invoicing and accounting solutions, investment apps, cryptocurrency, remittance, insurance, payments, or any other innovation that solve a financial problem.
Other considerations to be checked by participants also include a good month-on-month growth in the Total Processed Volume (TPV). In this case, upward of 10% month-on-month growth is good enough, according to an insider at Paystack. Likewise, submission for application is due for the 31st of May, after which feedback will e sent across.
Interestingly, considering the effect of COVID-19 around the world, the first “the first cohort will have a maximum of 10 startups selected and each will be invited to scheduled Zoom calls with Paystack’s team and other experts that will have valuable contributions to the startup’s business.” our source explained.
The event which is expected to take place quarterly will help in grooming the selected fintech startups in key areas such as APIs and tools needed to build elegant solutions, licensing and compliance issues when scaling, product management and software development, user acquisition, sales and growth, hiring, and people operations. After the expiration of the ‘spoonfeeding’ period, representatives of the participating startup will be added to Paystack’s alumni page of cohort members.
It is also worthy of note that the first round of applicants that will be selected will be those with an active paystack account in either Nigeria or Ghana. Our source, however, claimed that entries would be opened to other fintech startups without Paystack’s account in the consecutive rounds, which is expected to hold in a couple of months away from now.
Certainly, this is not the first time that Paystack is contributing a quota to SMEs. The company, back in April, partnered with top digital agencies in Nigeria and Ghana in an attempt to offer 40 businesses basic integrations to commerce platforms, for free.
As far as its latest initiative is concerned, qualified fintech startups are in for a great ‘turnaround’.