Paystack has unveiled an innovative initiative dubbed “Fintech Office Hours,” designed to empower startups actively developing financial service products. This program grants selected startups direct access to Paystack's team of seasoned experts, leveraging the company's extensive experience as a payments infrastructure provider in Nigeria, interfacing with banks, regulators, and card schemes. The co-founders of Paystack, CEO Shola Akinlade and CTO Ezra Olubi, lead the organization behind this significant support system for emerging fintech ventures.

To qualify for the Fintech Office Hours, applicant startups must have already developed a functional fintech solution that is currently in use by individuals in either Nigeria or Ghana. The scope of eligible solutions is broad, encompassing lending applications, invoicing and accounting tools, investment platforms, cryptocurrency services, remittance solutions, insurance products, payment innovations, or any other technological offering that addresses a financial challenge. A critical requirement is demonstrable month-on-month growth in Total Processed Volume (TPV), with Paystack indicating that a 10% increase is considered favorable.

The application period for the first cohort concludes on May 31st, after which a rigorous selection process will take place. Feedback to applicants is promised within the week following the deadline. A maximum of ten startups will be chosen for the initial cohort, and each will be invited to participate in scheduled Zoom calls with Paystack's expert team, alongside other specialists who can offer valuable contributions to the startups’ business development. Following their participation, representatives of the cohort startups will be recognized on Paystack’s alumni page.

The comprehensive support offered during the Fintech Office Hours covers a range of crucial areas vital for startup success. These include guidance on effective utilization of APIs and tools to build robust and elegant solutions, navigating complex licensing and compliance issues pertinent to scaling operations, best practices in product management and software development, strategies for user acquisition, sales, and sustained growth, as well as insights into human resources and people operations.

This initiative is structured to be a recurring program, taking place quarterly, with new cohort members being selected after a two-week application window for each cycle. Initially, there is a specific criterion: only companies with an active Paystack account in Nigeria or Ghana are eligible to apply. However, Paystack has indicated future plans to expand this eligibility, potentially welcoming other fintechs who do not currently utilize its financial services, pending internal processes and adjustments.

The Fintech Office Hours program draws parallels to another initiative launched by Paystack in April, which focused on assisting business owners selling essential goods and services. In that earlier program, Paystack collaborated with seven digital agencies, including Cregital and Pulse Africa, to facilitate the integration of 40 businesses' websites with Paystack’s platform, enabling them to commence online sales and payment collection. In contrast, the Fintech Office Hours is specifically tailored to provide in-depth consultation and leverage Paystack’s widespread experience and network of experts directly for fintech startups, fostering their growth and problem-solving capabilities.