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Paystack Enables Ghanaian Merchants to Easily Transfer Funds to Local Banks

Paystack Enables Ghanaian Merchants to Easily Transfer Funds to Local Banks

In recent news, Paystack has introduced an amazing new feature for businesses registered in Ghana. Now, these businesses can easily send money to any bank account within the country using the Paystack platform.

This new feature is a game-changer, especially because it overcomes the limitations previously imposed on mobile money transfers in Ghana. Businesses can now utilize Paystack to make individual or bulk transfers to any bank account in the West African country.

One of the great things about this development is that merchants can conveniently pay their vendors for products or services directly from their dashboards. The platform offers a Transfer feature for this purpose. Additionally, businesses have the flexibility to use the bulk transfer option, which is available both on the dashboard and through the API.

This means that businesses can efficiently pay employee salaries and promptly settle payments with their vendors. The versatility of the Transfer API also allows startups to create unique and tailored customer experiences.

But that’s not all – Ghanaian merchants can also take advantage of Paystack’s Manual Payouts feature. Developed in collaboration with bank partners, this feature allows businesses to retain funds in their Paystack Balance instead of automatically transferring them to their bank accounts when customers make payments.

Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack made waves when it was acquired by Stripe in 2020. Since its entry into Ghana in 2018 – its first international expansion outside Nigeria – the company has been making significant strides. In March 2022, Paystack received a Payment Services Provider (PSP) enhanced license from the Bank of Ghana, further solidifying its presence in the country.

As a fintech giant, Paystack currently operates in seven African countries, including Kenya, Nigeria, South Africa, Côte d’Ivoire, Egypt, and Rwanda. Recent announcements from the company indicate plans for expansion into Egypt and Rwanda, with partnerships established to venture into Côte d’Ivoire in November 2023.

Paystack’s commitment to innovation is evident in its collaboration with Apple Pay in 2021. This made Paystack the first payment gateway in Nigeria to support Apple Pay, offering users a secure way to make payments with their iPhones, iPads, Apple Watches, and MacBooks.

In 2022, Paystack continued to broaden its horizons by partnering with Xero, an accounting software solution. This collaboration enabled Xero users in Africa to integrate a ‘Pay with Paystack’ button into their invoices, streamlining the payment process.

In conclusion, Paystack’s unveiling of the new feature for Ghanaian businesses marks another milestone in its journey of providing convenient and innovative financial solutions. The company’s continuous efforts to expand its services and collaborate with industry leaders showcase its dedication to simplifying financial transactions for businesses across Africa. With Paystack’s user-friendly platform and commitment to growth, it’s exciting to see what groundbreaking developments the future holds for this fintech powerhouse.

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