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Paystack secures $8 million Series A funding round

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Nigerian fintech startup, Paystack has just announced a Series A funding round to the tune of $8 million.

Being a payment platform that it is, thousands of businesses are integrated with Paystack’s API. With the new round, which surprisingly is backed by American payment company Stripe, Paystack will have the enablement to connect more businesses across the country.

Specifically, its focus is on integrating the wide range of options that are appealing to Nigerians when it comes to making and accepting payments.

There are other strategic investors in this Series A round and they include the likes of Visa, Chinese online giant and parent of WeChat, Tencent and a plethora of other companies.

Read also: Tanzanian company sees opportunity in waste management

In December 2016, Paystack secured seed investment of $1.3 million from investors across the globe, including SPARK. It turns out Tencent also participated in that round.

Having come a long way from that once a baby company that got $120,000 from Y Combinator, Paystack is building a global and truly digital company from Nigeria.

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Nigeria: President Buhari makes U-turn on approval of Exxon unit acquisition by Seplat

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Nigeria’s President Muhammadu Buhari has made a U-turn in his earlier position that grant approval of Exxon Mobil’s  sale of local offshore shallow water assets to Seplat.

President Buhari had on Monday approved the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason.

Presidential spokesman Garba Shehu, told newsmen that “the president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it.”

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

Seplat on its side said it is yet to received no official notification of President Buhari’s U-turn and is seeking clarification from authorities.

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Nigeria climbs to fourth position on World Bank’s list of most indebted nations

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Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.

Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.

The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.

The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.

What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.

The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.

“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.

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