Nigerian fintech firm Paystack has marked a decade of operations with the creation of The Stack Group (TSG), a new holding company that will oversee its expanding portfolio of financial products.
The move signals Paystack’s transition from a payments-focused startup into a broader financial technology group with ambitions across banking, consumer payments, and next-generation financial infrastructure.
New Holding Structure to Manage Multiple Business Units
Under the newly announced structure, The Stack Group will serve as the parent organisation for Paystack’s various business lines, including:
- Paystack, which will retain responsibility for merchant and online payments
- Zap, the company’s consumer-focused payments app
- Paystack Microfinance Bank, which manages banking and deposit products
- TSG Labs, the group’s innovation and research arm
According to the company, the structure is designed to help each unit operate independently and scale faster, while still benefiting from shared compliance, security, and operational systems.
Shola Akinlade Remains Group CEO
Shola Akinlade, Paystack’s founder and chief executive, will continue to lead the business as CEO of The Stack Group.
The new parent company’s founding shareholders include Akinlade, Paystack employees, and Stripe, which acquired Paystack in 2020.
Paystack said the reorganisation reflects the company’s evolution since its early days of enabling Nigerian businesses to accept card payments.
300,000+ Businesses Served Across Five African Markets
Paystack disclosed that it now supports over 300,000 businesses operating across five African countries, with regulatory approvals already secured in Egypt and Rwanda.
Combined, these markets account for nearly 50% of Africa’s total GDP, underscoring Paystack’s growing role in the continent’s digital payments and financial services landscape.
Company Confirms Overall Profitability
In a major milestone, Paystack revealed that it is now profitable overall, a notable achievement for an African fintech operating at scale across multiple countries and regulatory environments.
The company said the milestone comes after more than ten years of sustained expansion, product diversification, and infrastructure investment.
Expanding Beyond Payments to Long-Term Business Enablement
Speaking on the development, Akinlade said the new structure enables Paystack to build across multiple domains without compromising reliability.
“This structure allows us to develop more products in different areas while staying focused on reliability and long-term impact,” he said.
“Our goal is to help African businesses not only with payments, but with the complete set of tools they need to grow and succeed.”
Ownership Reset Following Leadership Exit
The announcement also reflects changes in ownership and leadership. Paystack’s former co-founder and chief technology officer, Ezra Olubi, was not listed among the founding shareholders of The Stack Group following his departure from the company in 2025.
What the Changes Mean for Merchants and Developers
Paystack said existing customers and developers should not expect any immediate changes to products, APIs, or integrations.
Under the new setup:
- Paystack remains focused on merchant payments
- Zap handles consumer transactions
- Paystack Microfinance Bank deepens banking services
- TSG Labs explores emerging areas such as stablecoins and artificial intelligence
Over time, users can expect a broader range of financial services as the group expands its banking and infrastructure capabilities.
Positioned for a Larger Role in Africa’s Digital Economy
With profitability achieved and new regulatory licences secured, Paystack appears positioned to play a more central role in shaping Africa’s digital financial future.
By evolving into a multi-product fintech platform under The Stack Group, the company aims to influence how money moves across the continent, extending its impact far beyond payments.
