- Paystack has unveiled a new feature that allows registered Paystack businesses in Ghana to send money to any bank account in the country.
- This feature expands the restriction on Ghanaian mobile money transfers by enabling businesses to use the platform to make individual or bulk transfers to any bank account in the West African country.
- This development allows merchants to pay their vendors for products or services using the Transfer feature directly from their dashboards. They can also use the bulk transfer option, available on both the dashboard and the API, as needed.
Businesses can use the bulk transfer option from the dashboard or API to pay employee salaries and promptly pay their vendors. Besides, startups can use the Transfers API to create customer experiences.
Further, Ghanaian merchants can access Paystack's Manual Payouts feature, developed in collaboration with bank partners. This feature allows businesses to keep the funds in their Paystack Balance instead of automatically transferring them to their bank accounts when their customers pay them.
Founded in 2015 by Shola Akinlade and Ezra Olubi and acquired by Stripe in 2020, Paystack helps businesses accept payments from multiple local and global payment channels.
The Stripe-owned company entered Ghana in 2018 to mark its first international expansion outside Nigeria. The business subsequently acquired a Payment Services Provider (PSP) enhanced licence from the Bank of Ghana in March 2022.
The fintech, which operates in seven African countries, including Kenya, Nigeria, South Africa, Côte d'Ivoire, Egypt, and Rwanda, revealed that it had obtained the necessary licences to launch in Egypt and Rwanda and had formed alliances with already-existing fintech companies to start up in Côte d'Ivoire in November 2023.
Paystack launched Pay with Apple Pay on its platform in 2021, becoming Nigeria's first payment gateway to support Apple Pay—a mobile payment and digital wallet service that provides users a secure way to make payments with their iPhones, iPads, Apple Watches, and MacBooks.
In 2022, Paystack also collaborated with Xero, an accounting software solution, enabling Xero users in Africa to integrate a 'Pay with Paystack' button into their Xero invoices.
