Paystack, one of Africa’s leading financial technology companies, has marked its tenth anniversary with the launch of a new financial institution, Paystack Microfinance Bank (MFB), signaling a major expansion beyond its roots as a payments platform.
The company, which began operations in Nigeria a decade ago with a mission to make it easier for businesses to receive payments, said it has now evolved into a pan-African platform operating across five countries, processing trillions of naira in transactions every month in Nigeria alone and supporting more than 300,000 businesses and millions of consumers.
Okay News reports that the move into banking reflects Paystack’s growing ambition to become a broader financial operating system for businesses, individuals, and developers.
In a statement announcing the new venture, Paystack said its journey over the last ten years showed that while payments are critical, they are only one part of what modern businesses and consumers need.
“Businesses don’t just need to get paid. They need a financial operating system. One that helps them store money safely, move it easily, understand it clearly, and grow with confidence,” the company said.
It added that individuals are also seeking financial tools that help them “grow, protect, and use their money confidently,” while developers need infrastructure that allows them to build secure and compliant financial products.
To address these needs, Paystack said it has created Paystack Microfinance Bank, a new company with its own regulatory licence, governance structure, and strategic roadmap. Although it will work closely with Paystack Payments Limited, the two entities will operate independently, each focused on its own core mission.
“A challenge this large deserves a dedicated team of problem solvers. That’s why we’re starting a new company to pursue it, called Paystack Microfinance Bank,” the company stated.
Paystack said the new bank is being rolled out gradually, starting with a small group of early users, as it builds services designed around reliability, simplicity, transparency, and trust, the same principles that guided the company’s early growth.
Looking ahead, the fintech firm said the launch of Paystack MFB represents the next phase of its mission.
“Ten years ago, we set out to fix payments. Today, we’re extending that work to build banking that helps you do more and dare more,” the statement added.
