Science & Technology

Paystack acquisition, boost for Nigerian tech ecosystem –Expert

Published

on

The acquisition of Paystack, a Nigerian FinTech company, by Stripe is a huge boost for the Nigerian technology ecosystem, says Jide Awe, the Chief Executive Officer of Jidaw Systems Limited.

Awe  spoke with the News Agency of Nigeria in Abuja on Saturday while reacting to the development.

NAN reports that Paystack, a technology company solving payment problems for businesses, was recently acquired by Stripe, a United States FinTech company for over $200 million.

The  deal will enable Paystack explore diversification to other African countries.

According to Awe, a massive investment of this nature is a plus for Nigeria’s tech community, an incredible boost and source of pride even in this time of great volatility.

“It certainly rewards and encourages those who took a chance and invested in Paystack.

“Stripe’s investment is a welcome sign of investor confidence in Nigerian tech industry, it is a recognition of potential.

“It is a rebranding beyond words with the world beginning to recognise Nigeria as a tech nation not one identified with negative activities,’’ Awe said.

He further said that the partnership would encourage other global investors to pay attention to the technology sector in Nigeria and Africa.

Awe added that there was great potential in Nigeria that needed to be harnessed because the country’s ICT industry was growing at a very fast rate.

He said that the Paystack solution was workable, would be more beneficial with digitisation and the Fourth Industrial Revolution (4IR), as well as address more needs.

Awe further said that the deal would serve as motivation for Nigerian youths, adding that they had the capacity to build a better future.

He acknowledged that young people with entrepreneurial and mobile drive dominated the country’s population, hence the need to ensure digital inclusion, digital education, capacity building, enabling environment to unlock potential.

“The Paystack acquisition tells our young people to continue their work in tech, coming up with great ideas, continue creating and keep pushing boundaries and breaking barriers despite challenges in the environment.

“The enabling environment just needs to be in place in tech and in other areas.

“Coming at a time when there are protests against youth brutality, it highlights the importance of why the country must value youth and ensure practical youth inclusion,’’ he said.

He identified that the country had lots of promising startups but financing their ideas was a huge challenge.

According to Awe, Nigeria’s developmental challenges are opportunities.

“There are huge unmet needs and the right approach can open up promising and rewarding opportunities.

“It also sends a message to local investors that technology offers rewards.

“The world is becoming increasingly digital and technologies are disrupting industries and creating new structures.

“Investors will need to consider investing in tech startups not just in the traditional areas of real estate, construction, oil and gas, among others,’’ he said.

He added that young people constituted a significant number in Nigeria’s tech community and their experience should not be overlooked.

According to him,  in the world of emerging technologies, the society needs to understand the youths, connect with them and support their innovations.

Awe pointed out that the country needs an environment that enables digital growth, transformation through supporting the provision of fast, reliable, affordable internet connectivity.

He recommended high quality digital education for all, strengthening of the local tech sector and promotion of innovation culture beyond policies.

Edited By: Vivian Ihechu
Source: NAN

Ndubisi Ijeoma

Ndubisi Ijeoma: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Coronavirus – Ethiopia: COVID-19 update (March 2, 2021) Coronavirus – Eritrea: Ministry of Health announcement (March 2, 2021) Coronavirus – Malawi: COVID-19 update (March 2, 2021) Nigeria: children traumatized by kidnapping need urgent rehabilitation, say UN experts Coronavirus – Nigeria: COVID-19 update (March 2, 2021) Coronavirus – Zambia: COVID-19 update (March 2, 2021) Coronavirus – Eswatini: COVID-19 update (March 2, 2021) Team Europe partners with Equity Bank to support Kenyan businesses and agriculture amid COVID-19 West African ministers of health in the joint fight against Ebola The Union of OIC News Agencies (UNA) and SID through THIQAH (IDB Group Business Forum) sign MoC to strengthen cooperation in the field of media New Innovations Help SAP Africa Code Week Inspire the Next Generation of African Coders Royal Academy of Engineering Reports Impact on Sustainable Development in Sub-Saharan Africa ahead of World Engineering Day Confederation of African Football (CAF) presidential candidates unite behind Motsepe NBA All-Stars Luka Dončić and Chris Paul to star in 2021 Taco Bell® Skills Challenge Former champions Devin Booker and Stephen Curry lead six NBA All-Stars in 2021 MTN Dew® 3-point contest Anfernee Simons, Cassius Stanley and Obi Toppin to take flight in 2021 AT&T Slam Dunk Next Generation Regional Collaboration Platform meeting kicks off for the first time with United Nations regional entities in Africa One printer for fast, high-definition CAD and poster production – the new Canon imagePROGRAF TX series Facebook launches ‘LeadHERs: Life Lessons From African Women’ – a book highlighting women leaders from across Africa World Rugby has made the difficult decision to recommend the postponement of the 2021 Rugby World Cup, which is due to take place in New Zealand from September 18 to October 16, until next year. Coronavirus – Rwanda: COVID-19 update (March 2, 2021) The Qhubeka ASSOS team excites by igniting the Samyn Club Swan offers an alternative solution to buy crypto in Africa WFP calls for solution to fuel shortages in Yemen threatening to worsen widespread food insecurity Health center rehabilitated, mobile clinics deployed to support the refugee crisis in eastern Sudan Coronavirus – Eritrea: Ministry of Health announcement (March 1, 2021) Statement by UNICEF Nigeria Representative Peter Hawkins on the release of abducted schoolgirls in Jangebe, Zamfara State, Nigeria UNHCR to relocate thousands of Central African refugees to safer places Rising violence in Nigeria drives displacement to Niger Coronavirus – Uganda: COVID-19 update (March 1, 2021) Coronavirus – Sierra Leone: Chinese Ambassador Hu Zhangliang presents COVID-19 vaccines to President of Sierra Leone Julius Maada Bio USAID deploys disaster response team to respond to humanitarian needs in Tigray, Ethiopia Coronavirus – Malawi: COVID-19 update (March 1, 2021) WFP and UNHCR appeal for funding for more than 3 million refugees hit by ration cuts in East Africa Coronavirus – Ethiopia: COVID-19 update (March 1, 2021) Coronavirus – Zambia: COVID-19 update (March 1, 2021) Coronavirus – Eswatini: COVID-19 update (March 1, 2021) Coronavirus – Kenya: COVID-19 update (March 1, 2021) Coronavirus – Nigeria: COVID-19 update (March 1, 2021) Coronavirus – Rwanda: COVID-19 update (March 1, 2021) Digitization Offers High Returns to Emerging Gas Producers Like Mozambique (by Grace Goodrich) Kwik Delivery Expands Delivery Service to 4-Wheel Vehicles and Becomes Nigeria’s First Full-Stack Last Mile Delivery Platform Haven Homes champions affordable luxury properties in Nigeria – MD Tayo Sonuga Canon’s “ African Frontiers of Innovation ” series in Central and North Africa explores the sounds of the future Urgent aid needed to tackle humanitarian crisis in Yemen, says FAO Director-General Yemen: IOM seeks funding to help five million people as situation in Ma’rib deteriorates UNHCR calls for urgent access to asylum seekers detained in Tanzania US $ 64 million to fight HIV, tuberculosis and malaria in Congo Coronavirus – Malawi: COVID-19 update (February 28, 2021) Coronavirus – Ethiopia: COVID-19 update (February 28, 2021)