Hello everyone,
I've received a number of calls and messages following today's CBN announcement, so I wanted to provide a brief update.
I want to reassure you that Sycamore's core operations remain fully active and unaffected. Our app is fully functional, and customers can continue to save, invest, borrow, and transact as usual. Most importantly, all customer funds and investments remain safe and secure.
We remain committed to the highest standards of governance, transparency, and regulatory compliance, and we will continue to keep our customers and stakeholders informed as appropriate.
If you have any questions, our Customer Experience team is available 24/7 and will be happy to assist.
Our official statement is attached below.
Thank you for your continued trust and support.
Just in May, Sycamore raised ₦6.9bn via Commercial Paper (which was oversubscribed).
Today, CBN has revoked it's MFB license 😒.
Doing business is tough in 🇳🇬. It's cold outside.
I wrote about it and what we actually changed to keep the partnership (and the business) growing and thriving 18 years on.
If you're building anything with a partner, read this one.
https://t.co/hNLkXwb0Af
When business excellence is achieved through individual brilliance, key performers will believe they can replicate it and leave to make the attempt. When this excellence is evident in the systems, key performers will fight to contribute more to it. They will leave ultimately, but not on first insint
You get to a point, you no longer care only about the wealth, but which career path funds it. It’s no longer enough to be rich, but the manner of rich man you are determines if you’d be happy and content
You can now pay for things in Africa directly from your AI agent.
Today we’re introducing Paystack Index, the easiest way to check out with Paystack merchants through Claude, ChatGPT, OpenClaw, and any AI agent.
At launch, you can:
→ Buy airtime: “Buy ₦500 MTN airtime for 080…”
→ Send money with @zapbypaystack: “Send ₦25k to…”
→ Buy food with @ChowdeckHQ: “Order jollof under ₦3k near me”
As more merchants join the Index, you’ll be able to do more, from booking rides and ordering groceries to paying utility bills, quickly and securely.
Paystack Index is now available in Nigeria, with more African markets coming soon.
An experimental product from Paystack and TSG Labs.
SportyBet was founded by Indian Entrepreneur, Sudeep Ramnani. He also co-founded Palmpay, which has 40 million users and a valuation of $850 million.
Sportybet is Nigeria's most visited betting site.
He graduated from the London School of Economics. He moved to Nigeria in 2012.
Switching to @PaystackMFB at the end of the month from Brass. I can see the effort to retain that Business Owner support, but still no where near the feeling of control Brass gave. Fingers crossed for a proper mobile app
It's another year around the sun.
I feel deeply blessed to see another birthday. Words cannot fully express my gratitude to God for His mercies and faithfulness. I am grateful for the privilege of being a husband, father, brother, leader, and friend.
Here's to another year of growth, impact, and purpose.
Happy Birthday to me. The journey continues 🍾🥂
Yeah, it’s a different play than what I had in mind, realised later. Don’t really have much to say about ESPs, haven’t really had a challenge there, although you might have to look at that pricing
But as long as you’ve found the segment of customers with this problem and your solution works, I say success to you