Paystack, the Nigerian fintech subsidiary of Stripe, has launched a groundbreaking payment integration that allows merchants to accept payments directly from over 40 million OPay users.
The new “Pay by OPay” feature enables customers to make online payments through the OPay app or web interface, bypassing traditional debit card transactions. This move comes as part of Paystack’s strategic shift towards bank transfers, which now account for over 50% of its total transaction volume—a dramatic increase from just 13% in 2021.
“It’s important for businesses to offer payment methods that their customers know and trust,” Paystack CEO, Shola Akinlade, said. The integration builds on OPay’s prominence during Nigeria’s 2023 cash crunch, when consumers were forcefully restricted to making bank transfers, and turning to fintech platforms for financial services.
Paystack claims the new integration will deliver an impressive 99.9999% transaction success rate. The company has already established connections with 24 Nigerian commercial banks and fintech platforms like PalmPay and Kuda, further expanding its payment ecosystem.
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The partnership arrives at a time of significant growth for both companies. OPay, valued at approximately $2 billion, has expanded beyond digital payments into ride-hailing, banking, and food delivery services. Paystack continues to strengthen its position in the African fintech market under Stripe’s ownership.
This integration represents more than a technical achievement—it’s a strategic move towards financial inclusivity, offering Nigerian businesses more flexible and cost-effective payment solutions.
