Paystack is a legit Nigerian money processor

Many domain investors associate Nigerian money handlers with illegitimate business, also known as “419 scams.

Millions of dollars are lost annually to unscrupulous scammers out of Nigeria, and a typical “419 scam” involves a Nigerian “crown prince.”

With all this negativity in place, it’s refreshing seeing that Paystack, a legitimate money processor from Nigeria, is not only working hard to erase that stereotype, but they also received seed money from major investors.

The recent $1.3 million dollar seed round is backed by Chinese giant, Tencent, along with Singularity Investments and Comcast Ventures.

According to the Paystack web site:

“Africa has millions of payments everyday day, but very few happen online. In Nigeria, just about 1% of transactions happen online. There are many barriers businesses have to face to accept payments online and that’s what Paystack is fixing. “

The company upgraded from a .CO address to the .COM sometime in the last 18 months; most likely the domain was acquired after Paystack was accepted into the Y Combinator group of start-ups.

The domain was once owned by the late founder of B52 Media, Lonnie Borck.

Paystack has offices in San Francisco and Lagos, Nigeria and for more information, visit

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