Paystack form part of Nigeria’s chief payment platform. The startup helps in processing over 20% online business transactions in Nigeria. The company now enables merchants across Africa to make online transactions globally. Prior, the company required all its subscribers to formally register. The registration process was done by credited authorities. The policy imposed negative impact among the potential users. The business environment in Nigeria is unregulated and this makes many entrepreneurs not to register their businesses. A large number of merchants feared to use the platform for online payments as a result.
Recently, Paystack concluded the negotiations to form a partnership with the Truecaller. The partnership’s main goal is to secure merchants online payments. The move will improve the mobile online payment systems and also create trust among entrepreneurs and customers through mobile identity verification services. The partnership allows Paystack to expand its scope. This occurs through million subscriptions of unregistered business.
According to Shola Akinlade, the CEO of Paystack, the initiative allows the company to improve customers trust. He added that Paystack users are thoroughly checked. The company uses credible and legitimate mechanism. He emphasized that the company takes matters related to business fraud serious. This strategy helps the institution to build strong brand among their esteemed customers. He also noted that the partnership allows the company to vet businesses for customers trustworthy.