Stripe announces acquisition of African commerce system Paystack

Africa is home to 17% of the global population but just 2% of global online commerce

At present over 60,000 businesses in Nigeria and Ghana are powered by Paystack with a new pilot model being rolled out in South Africa. File image.

Stripe, founded by Limerick brothers John and Patrick Collison has announced the acquisition of Paystack, a similar company that powers much of the virtual trading market in Africa.

The continent, which is home to 17% of the population but just 2% of global online commerce, has a fast-expanding internet economy.