The race to fix Nigeria's payments problem just received a big boost

Making online transactions is a process taken for granted as one of the natural offshoots of deeper internet penetration. But, in Nigeria, things haven’t been so straightforward. With several issues including a distrustful and skeptical public plus a lack of early-stage innovation by banks, online payments have been slow to take off.

Over the past year however, new start-up entrants have been focusing on solving a problem regarded as a bane to the growth of the country’s tech ecosystem. One of those entrants, Paystack, founded by Shola Akinlade and Ezra Olubi, has gained traction and rave reviews. Acting as an “intelligent bridge” between merchants and payments processors, Paystack connects to multiple payment processors and provides more options for merchants and customers.

Read more: Tencent, Comcast Ventures just invested in Nigeria’s payments start-up Paystack — Quartz