News — black in business

Black in Business: Neiman Marcus Adds African-Owned Skincare Brand To Its Premier Beauty Collection
Since the start of the Black Lives Matter protests earlier this year, many have demanded that major corporations and institutions do more to advance diversity and inclusion within their business structures. Neiman Marcus announced this week that it will be adding to its premier beauty collection catering to women of color with an African-owned skincare brand, Yangu Beauty.
Zimbabwean entrepreneur Sipho Gumbo is the founder of Yangu Beauty and creates her products based on traditional Bantu beauty herbs used a lot in her culture. Her award-winning products all include plant-based ingredients that cater to women of color while implementing sustainable business practices.
Gumbo hopes that the new partnership with Neiman Marcus will help expose her brand to new consumers looking for high-quality products that cater to their skin. “Our brand partnership with Neiman Marcus is a validation of our quality, luxurious products that can compete head-to-head with some of the most renowned brands on the market,” Gumbo stated in a press statement.
“To be added on the Neiman Marcus list is a great achievement that we are most certainly proud of. This means a lot especially for women of color to now have a complete product line of high quality — created especially for them and available in this luxury space for their shopping convenience. We are just so excited and ask that everyone supports us to stay at Neiman Marcus for the foreseeable future.

Feature News: Nigeria’s Efforts To Boost Milk Production Falter
The Central Bank of Nigeria has been forced to backtrack in its attempts to boost local milk production by restricting access to foreign exchange, but efforts to cut down Nigeria’s dependence on imports continue. Kelechukwu Iruoma reports from Lagos
In July 2019, the Central Bank of Nigeria (CBN) included milk and dairy products on its list of items not eligible for foreign exchange (FX), leading to the restriction of milk imports into the country.
The decision banned commercial banks and other authorised dealers from accepting Form M – a mandatory document to monitor goods that are imported into the country – for milk and dairy products. This meant that milk importers would be forced to resort to the more highly priced parallel market to obtain foreign exchange, making importation more expensive.
In a statement, the CBN’s director of communications, Isaac Okorafor, stressed that the bank was not banning milk importation but that the FX restrictions were necessary to encourage local production.
The CBN’s list of items not eligible for foreign exchange was introduced in 2015 in support of Nigeria’s policy of “backward integration” – a form of import substitution aimed at conserving foreign exchange and creating jobs. Milk now joined commodities such as rice, tomatoes and starch on the list.
Okorafor said that Nigeria had been heavily dependent on milk imports for over 60 years and there was a need to channel energy and funds into improving and increasing local production. Nigeria spends between $1.2bn and $1.5bn a year on milk imports.
He stated that the bank had approached milk importers and asked them to take advantage of the CBN’s low-interest loans to begin local milk production, but that although there had been some successes the vast majority of importers had continued to treat this “national aspiration” with “imperial contempt”.
At the same time, he stressed that the bank was “ready and able to provide the needed finance to enable investors who genuinely want to engage in milk production”.
“That is a very high import product into the country, given that it is a product that we are convinced can be produced in Nigeria,” CBN governor Godwin Emiefele told journalists after the announcement of restrictions.
Prices spike at market
Yet the decision by the CBN led to shortfalls in milk production and an increase in the prices of dairy products across the country. Milk sellers at markets in Lagos complained of scarcity and an increase in prices.
“Milk became scarce and the prices went up,” says Chinwe Amadi, a milk wholesaler at the popular Balogun market in Lagos. “The Marvel milk we had, we used to sell between N11,000 [$29] to N13,000 for the small [wholesale] size. Then we started to sell N15,000 per carton. The big size of it, we used to sell N20,000 but we started selling N25,000 per carton.”
Despite the potential for producing milk in large quantities, Nigeria’s domestic production does not meet consumer demand. Nigeria’s annual milk production is estimated at 500,000 tonnes while the annual local demand for milk stands at an average of 1.7m tonnes, with the shortfall imported into the country.
Nigeria’s cattle rearing sector has met with numerous challenges including a lack of feed, water, and poor rearing techniques. Desertification in the north as a result of climate change has led to cattle and herders travelling far south for grazing and given rise to conflict with farmers. Meanwhile, outdated cattle rearing practices also lead to lower milk yields per cow, leading local manufacturers to resist sourcing raw milk locally.
While the CBN has been keen to reduce currency outflows through milk importation, it was clear that the local market did not yet have the industrial capability to produce the quality and quantity of milk required domestically. As a result, the CBN started giving loans to cattle farmers to boost production.
“We are determined to make milk production in Nigeria a viable economic proposition. If you need a loan to acquire land, do artificial insemination, grow grass or even provide water, we will give to you,” Emiefele said on Twitter following the announcement of restrictions.
Sourcing locally
The CBN has also led efforts to encourage foreign milk manufacturers to source produce in Nigeria. Milk manufacturers including FrieslandCampina WAMCO Nigeria; Chi, and TG Arla Dairy Products have started to engage with state governments and local cattle farmers to partner with them to source milk locally for production.
In September 2019, the Kaduna state government signed a Memorandum of Understanding (MoU) with Arla Foods International, a Denmark-based milk production company, to source milk locally from its cattle farmers. Now operational, the aim of the project is to create 50,000 jobs. Governor Nasir el-Rufai of Kaduna said the investment in the livestock sector would help to increase production among nomadic herdsmen.
“Our hope is that what we started with Arla leads to the development of the grazing reserve in Kubau local government; and we want to develop jointly with them. [We] will show the itinerant nomadic herdsmen that it is possible to engage in modern livestock production without having to go up and down the country,” he said.
In November 2019, the Niger State government signed an MOU with FrieslandCampina WAMCO Nigeria to provide 10,000 hectares of land at the Bobi Grazing Reserve for milk production.
Policy failure?
Despite the deals, progress has been slow. The challenge of meeting targets by local farmers – who lack the equipment and expertise of industrial-scale foreign producers despite CBN support – and the unwillingness of milk manufacturers to source milk from local production led to the lifting of restrictions for some companies by the CBN in February 2020.
The CBN asked commercial banks to start accepting Form M again from Nestlé Nigeria, FrieslandCampina, HBC Chi, Promasidor Nigeria, TG Arla Dairy Products and Integrated Dairies Limited.
The bank stated that the decision to lift the ban was due to the failure of its efforts at stimulating the local production of milk. Despite the failure to reach its ambitious target, efforts continue. It said that the aim was to increase milk production in the country to 550,000 tonnes within the next 12 months.
Citizens have been left frustrated by the experiment with backward integration. Though there is again enough milk supply in the country, prices continue to rise, said Jane Frances Onuoha, a young Nigerian citizen.
“It is devastating that the price of milk in Nigeria is increasing on a daily basis,” she lamented. “Milk is one of the essential dairy products and it should not be expensive. We have a lot of cattle in Nigeria. So why should the price of milk always increase?”

Black in Business: Jay-Z Ventures into America’s $130bn Cannabis Industry with His Own Brand
The marijuana industry in the U.S. is booming and attracting some of the world’s renowned celebrities and business owners. The industry is estimated to pump up to $130 billion on an annual basis into the U.S. economy by 2024, according to Marijuana Business Factbook.
Marijuana Business Factbook further estimates legal cannabis sales increased from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2024 – a 181% increase. And according to the U.S. Bureau of Economic Analysis, the $130 billion figure is similar to the 2019 gross domestic product of Nebraska’s $129 billion.
The profitable nature of the cannabis business has caught the attention of billionaire rapper Jay-Z. Born Shawn Carter, the 22-time Grammy award winner and business mogul recently launched his cannabis brand, Monogram, in collaboration with the largest vertically-integrated cannabis company in California, Caliva. Before launching his own cannabis brand, the African American had served as Chief Brand Strategist for Caliva since July of 2019.
A press statement from the brand says Monogram seeks to “redefine what cannabis means to consumers today. In an effort to provide a more tailored customer experience, the brand will also launch through a best in class e-commerce platform dedicated exclusively to its singular product line.”
According to Monogram’s website, the flower is grown in small batches, “allowing for every plant to receive personalized attention from our expert growers.” It adds that “Our batch-by-batch approach and unique potency designation allow us to highlight the nuances in between harvests and tell you the story of every flower.”
Monogram says it has assembled a board of cannabis experts who grade and select every flower by hand. “These luminaries have developed a program of extended humidity control, post-harvest care, trimming, and flushing that guarantees our finished product is the best it can be,” it says.
Customers are encouraged to sign up by email to be “first in line for the drop” on the website.
Monogram is the latest of Jay-Z’s businesses. The musician first ventured into the business when he launched his clothing line called Rocawear in 1999 and later founded a sports bar chain called the 40/40 Club in 2013. In 2015, he acquired the tech company called Aspiro and also launched Tidal, a music streaming services.
Jay-Z also has a stake in French audio tech firm Devialet. The tech firm recently launched wireless earbuds, called Gemini, to rival Apple and Samsung’s dominance in the wireless earphones market.
The rapper is not the only famous name to venture into the cannabis industry with it being legalized in several US states. Others include Snoop Dogg, Whoopi Goldberg, and Martha Stewart.
Son steps in front of gunfire to save mom’s life - from dad

Black in Business: This Successful Mom Entrepreneur Created an All-Natural Skincare Brand to Cure Her Daughter’s Eczema
Lydia Gibson put on her superhero collar as a mom to save her daughter from the clutches of eczema by creating her own natural skin and hairline, Eva Jenae Naturals. Gibson says she believes in the healing powers of nature and so carefully mixed natural ingredients to cure her daughter’s skin irritation.
The eastern North Carolina native’s daughter was diagnosed with eczema in 2006 when she was just a toddler and all the prescribed medications were aggravating her skin irritations.
Although some of the products had “natural” boldly written on the labels, they contained perfumes, parabens, and other chemicals that defeated the purpose of the medication. They did not provide the required nourish and moisturizing effect needed to soothe and protect her delicate skin.
“I wanted to trust what I was putting on my daughter’s sensitive skin, and the best way to do that was to create my own recipes,” Gibson says.
The alternatives that were on the shelves were not cutting it for Gibson, so she began experimenting with centuries-old ingredients known for their healing and soothing properties.
Eva’s skin began clearing up after using her mixture. Gibson then shared some with close friends and relatives who then encouraged her to go make it her business so she can share her formula with the world.
The mother of two and an Air Force veteran holds a Bachelor of Arts in Social Sciences from the University of West Florida and a Master of Arts in Management from Wayland Baptist University. She says she had always wanted to be an entrepreneur since the 7th grade and in the process of finding a cure for her daughter, she rekindled her passion for entrepreneurship.
The transition from hobby to business happened in 2011 when Gibson, then a newly unemployed mother and wife, found herself in a new city, Ohio, after her husband’s military transfer. The family had to leave Florida with him.
Her family was very supportive of her desire to venture into the business of creating all-natural skincare and hair products.
Gibson is passionate about her business and her mission is to create vegan, all-natural skin and hair care products while using her platform to promote entrepreneurship, self-empowerment, self-love, and community involvement, especially among the youth. True to her word, Gibson donates portions of her sales to different non-profit organizations in her community that share in her vision.
There are other natural products out there, but Gibson says what sets hers apart from others is the fact that she uses simple and yet effective all-natural and or organic products sourced from responsible suppliers.
Her products are made in small batches in a clean and sterile environment, so they maintain their freshness. They do not contain any parabens, synthetic fragrances, petroleum, or fillers, and there is no animal testing involved in her production.

Black Business: Black Cigar Company Expanded Its Business and Boosted Sales amid the Pandemic
After extensively researching the domestic and international cigar industry, the owners of Emperors Cut Cigars discovered an interesting finding: With the explosive growth of African American smokers there was a niche for them to enter the space with a quality cigar and attract customers.
They were convinced with the right product they could compete in the general marketplace domestically. Understanding that the sales cycle would be longer, they, nonetheless, were confident that they would capture both mind and market share. Three years after its launch, Emperors Cut Cigars (EC) is steadily making headway into America’s fruitful cigar business that generates over $9 billion in annual revenue.
Like other U.S. businesses feeling the sting of COVID-19, Emperors Cut turned to online and social media channels to help boost sales.
In January 2020, the business planned for 30% of its revenue to come from online, says Darnell Streat, managing partner and founder of The Emperors Group L.L.C., owner of EC. But two months later, normal revenue from cigar lounges and events went to zero in seven days due to COVID-19. That forced the business to rely on its online platform for 100% of revenue for March and April.
“Looking back this was a blessing for our online business model,” Streat says. “COVID-19 forced us to revamp our website and find new ways to market to our customers. We had to embrace social media and execute more in the digital marketing space as a replacement to our normal face-to-face marketing approach.”
To do that, the firm aggressively started marketing its products on social media. That included creating digital content for Zoom happy hours and partnering with spirit companies like Uncle Nearest and Remi Martin. The business also benefited from the nation’s rising racial tensions that gave Blacks a greater desire to support local businesses. Streat says customers started promoting his company to other African Americans cigar enthusiasts. He pointed out that people also put lists together of African American cigar companies and denounced a few majority companies that didn’t support people of color.
“Little by little, more orders started coming in online along with a new awareness for our cigar products. Our customer service and open approach with our customers were starting to pay dividends in customer loyalty and increased sales.”
Now, EC has new growth plans and aims to puff up sales by expanding online and globally.
“As we move into the fourth quarter, we are exploring ways to develop markets in Europe, Africa, and Canada, Co-owner Greg Willis says. “We have a small number of international customers that we would like to continue to grow in a structured manner.”
He claims American products still have a level of mystique and interest in other parts of the world as luxury items. As well, Willis says in those targeted countries English is a dominant spoken language. “We think this positions us well to introduce, market, and sell our cigars to smokers in those areas.”
Streat says EC hopes to achieve annual sales exceeding $3 million by 2025, with most of the growth coming from international expansion.
The company’s business model thus far is apparently working. EC reports 2020 monthly revenue is growing 43% over the 2019 year to date. For all this year, the business is projecting revenue of $250,000, up from around $175,000 in 2019 and $75,000 in 2018. It plans to focus on driving growth in Q4 2020 from these buckets: direct to consumer (online), retail shops and lounges, and big-box retailers.
The company reports it is on pace to sell over 50,000 cigars this year
Overall, observers say the cigar business is profitable. Though smoking is tied to health risks and subject to laws that ban smoking in public places, cigars are chic with people from multiple backgrounds. The business is alluring to entrepreneurs because it includes an established market with people who already smoke cigars as well as many prospective buyers. While it can be challenging to penetrate the market, insiders report operators in the business can achieve success if they target a strong core of customers.
Still, trying to upscale EC has not been a cakewalk for Streat, Willis, and their five partners since they started the Houston-based company. Streat says capital acquisition to grow in key areas such as procure inventory, product development, backend technology innovation, and marketing remains the biggest hurdles to overcome. Other hindrances include conquering federal and local government regulations that suppress smoking indoors, most outdoor venues, and any place not deemed a smoking establishment or zone. Brand recognition is another obstacle but Streat says the firm has been effective at leveraging social media, podcasts, and word of mouth to extend the brand where the cigars are sold.
Plus, EC is competing in an industry reportedly long prevailed over by whites and Latinos who have shut out or restricted Black cigar brands or enterprises from their establishments. But Willis counters that has not been the case from his firm’s perspective. He agrees the industry is competitive but added EC has not experienced any hostility. In fact, he says his firm has been welcomed by industry colleagues.
“The sales cycle is a bit slower with predominantly owned and patronized white cigar shops but we understand cigar placement in a humidor is akin to prime real estate, and competitive. So, owners need to know they can turn quickly the inventory they invest in. This is not an unreasonable approach, so we operate accordingly within the sales process.”
Some empowering news for EC is there is a growing number of Black Americans finding pleasure from enjoying a stogie or stick in their leisure time. Black adults accounted for nearly 36% of cigarillo smokers, 24% of non-premium cigar smokers, and 5.3% to-15.7%, respectively, of smokers of premium and filtered cigars, a 2017 report by the Society for Research on Nicotine and Tobacco shows.
To help capture a larger share of those smokers, EC has a physical sales presence in Atlanta, Miami, Florida, Houston, Washington, D.C., and Norfolk, Virginia. The business reports it is now in 19 states and 95 lounges and retail outlets, up briskly from 10 states and 40 retail outlets at this time last year.
Interestingly, like some other Black-owned businesses in various sectors, the cigar company has benefitted from COVID-19. Willis says cigar smokers love the pleasure derived from smoking a good cigar. “COVID-19 may have had an impact on their lives but it did not diminish their desire to enjoy a good smoke.”
Further, he pointed out there was a deep feeling within the Black cigar smoker community because of the murder of George Floyd and the prominence of the Black Lives Matter movement. He said many began to seek out Emperor Cut Cigars and other Black-owned cigar brands, adding that it has been good for business.
“Upon reflection, it is true our fight for mind share and brand awareness among Black cigar smokers became easier as a result of these unfortunate events,” Willis says. “Still, there is a lot of runway ahead of us to curate business within the Black cigar smoking community. It remains one of our biggest opportunities.”

Black in Business: How the Founder of Black Girls Wine Saved Her Business amid the COVID-19 Pandemic
The wine industry isn’t the most inclusive when it comes to ownership.Despite this fact, many entrepreneurs have managed to enter the market. With the spread of the COVID-19 pandemic creating new restrictions for businesses as cities try to combat the outbreak, many have had to find new ways to adapt so their businesses don’t close.
One entrepreneur managed to pivot her brand into the virtual space with a wine society catered to Black women.
Shayla Varnado is the founder of Black Girls Wine. Her business was off to an amazing start, but like many entrepreneurs, she faced new challenges when the COVID-19 pandemic began to force cities to shut down. She had to act fast to protect the brand and her team from the fallout.
“In the beginning, some of the biggest hurdles were figuring out the technology. Between platforms and communicating to our members what was to come, there was a small adjustment period,” Varnado told BLACK ENTERPRISE via email.
“I had to decide whether or not I was ready to expand the team,” she added. “I knew after hosting a month of virtual events that I wouldn’t be able to sustain working the business all day and then moderating and hosting at night. Since COVID, I had no choice but to expand the team. We’ve been busier than ever and growing by the month. The growing pains were a hurdle but they’ve also been a blessing.”
While Varnado was already working on opening her virtual wine society, she said the pandemic forced her to push up the idea in order to stay afloat. Many establishments were closed, which has enhanced the society’s success.
“Now all of our chapter members across the country, no matter where they are, can meet and connect with each other,” she said. “It allows us a way to offer access to all the membership perks to women who wanted to join no matter where they live. Now anyone can join and that makes being a member even more exciting!”
Varnado said her goal was always to create a brand that focused on Black women since they were often left out from marketing and branding within larger companies–despite their affinity for wine.
“I wanted to create that experience, that space, and be a brand that is totally and solely focused on the Black woman,” she said. “I want her to feel special and valued as a wine lover and as a human being. I want her to know she is seen and I intend to continue creating and offering opportunities for her to grow, connect, and be celebrated.”

Black in Business: This Black Woman Created A Self-Care Brand Inspired By Soulful Music
Music has served as the inspiration for many things in our lives. One Black woman entrepreneur decided to use her love of music to create a collection of scented goods and candles to help establish the perfect vibe at home.
Lola Pyne is the founder of Oasis Soul Scent Co., a collection of handmade scented goods ranging from bath items to soothing candles all made from natural ingredients. Pyne says when creating the idea, she became inspired by the different songs she loved and started creating her items based on her musical selection.
“The same way you set a scene or create a vibe with music, you can do that with scent. So the idea is that can use various Oasis Soul Scent Co. products to create the desired vibe for yourself and your space with candles, shower aromatherapy steamers, body oils, and more,” Pyne said in an interview with BLACK ENTERPRISE via email.
“Sometimes I start with a favorite song and work on how to evoke that mood with different fragrance blends. Other times I work on a specific scent profile and then imagine the music that would accompany it. For example, my SMOOTH JAZZ scent is a light and airy blend of white tea and ginger. SWEET TABOO is a warm sultry blend of almond, honey, and vanilla. I work on the interplay between scent, music, and emotion [plus] music is always playing when I’m making products”
Pyne adds that she wanted to create items that would promote self-care and how closely scent is intertwined with your routine. “I was inspired to create a range of quick and easy self-care products that are soothing to the senses,” she added. “Scent is the sense most closely tied to memory and emotion, and scented goods are a great way to change your mood and environment.”

Black in Business: Sister Duo Built A $1 Million Haircare Line That’s Disrupting The Industry
For sisters Tonya Thompson and Sharie Wilson, Co-Founders of the natural hair care line DreamGirls, hair styling was always a part of daily life. We spoke to Tonya and Sharie to hear from them firsthand about their journey to founding the natural hair care brand and turning their dreams into reality.
Growing up, the Tonya and Sharie were known as experts when it came to hair styling for school dances and continued to style hair on the side throughout their early careers. When Sharie came to Tonya with the idea of selling hair extensions as a business venture in 2006, the sister duo hit the ground running and opened up their first DreamGirls hair salon in the heart of their hometown of Los Angeles.
Fast forward to two successful salon locations and thousands of women empowered through their hair styling techniques, Tonya and Sharie knew it was time to expand their brand. They then launched DreamGirls’ signature product line to offer their techniques to individuals across the nation.
Although DreamGirls was launched six months ago, it has been nothing short of a success. The product line, which features the signature Healthy Hair Care System ($125) that promotes natural hair growth, immediately became a favorite of women across the country who raved about their newfound confidence due to their incredible results. “Through our unique techniques, we offer DreamGirls’ Healthy Hair Program that promotes natural growth for all hair textures. Our system consists of wearing a protective style of a weave that results in hair growth, not loss,” Tonya and Sharie explained.
The line continues to disrupt the beauty industry and break down stigmas surrounding natural hair. Although black shoppers contributed $473 million to the $4.2 trillion haircare and beauty industry in 2018, not all hair care brands are made with them specifically in mind according to a 2018 Nielsen report. “The goals of DreamGirls is to break the stereotype that black women can’t have long, natural hair, and to help build their confidence in knowing that they can do anything,” shared Sharie and Tonya.
The two always had a strong desire to help women, especially fellow black women with their hair confidence. “We’d see our clients’ confidence skyrocket after styling their hair and it was an incredible feeling,” they explained. “We use our salon chairs as tools to uplift, motivate, inspire and praise women for their natural beauty, both inside and out.”
As African American and female entrepreneurs, Tonya and Sharie faced many hardships along the way. They rose above the challenges and never stopped striving towards their goals. “We’ve been overlooked and have had to be ten times more successful than otherwise needed just to stand in a room next to a male entrepreneur,” the sisters shared. “Being a minority entrepreneur means that we have to go above and beyond, but that doesn’t stop us from believing in ourselves and achieving our goals.”
Despite the challenges they faced while building their brand during the global pandemic, DreamGirls was incredibly successfully in helping thousands of women feel more confident through hair results and recently achieved $1 million in sales.
Tonya and Sharie continue to empower women and encourage others to take initiative in both life and in business. The sisters previously held women’s empowerment speaking events to share their journey and key lessons they’ve encountered along the way. “It’s very rewarding to empower fellow women, and is the foundation of what our business was built upon,” they explained. “We want to see women succeed and help them by setting them up with the confidence that they can accomplish anything. We are an example of what is possible for women, and are a true testament to the fact that everyone has the ability to rewrite their story!”
Tonya and Sharie continue to expand their business and achieve their goals of helping women across the nation feel more confident. “As Los Angeles girls who came from a middle working class family, we didn’t always see a lot of wealth or even the possibility of what can be. As a result, we’ve always felt that we needed to see and do more. We want to bring our community with us and pour back into others to help them achieve their goals.”

African Development: Payday for Paystack after Stripe acquisition
Nigerian payments company Paystack has been acquired by US fintech firm Stripe in a deal worth over $200m, company representatives said.
The announcement made on Thursday aims to help to expand and consolidate Africa’s fragmented digital payments infrastructure.
Under the terms of the deal, Paystack will continue to operate independently, growing their operations in Africa and adding more international payment methods.
San Francisco-based Stripe, valued at $36bn, is an online payments company whose software is used by Amazon, Google, Shopify, and Zoom.
The move is part of Stripe’s global expansion plans as it positions itself to capitalise on Africa’s booming internet economy. Online commerce in the region is growing 21% year-on-year, 75% faster than the global average. Lagos-based Paystack currently processes over 50% of all online payments in Nigeria.
Over time, Paystack’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network (GPTN), a platform that currently spans 42 countries.
More than 60,000 businesses in Nigeria and Ghana use Paystack to securely collect online and offline payments. The company also harbours plans to expand across the region, and recently started a pilot working with businesses in South Africa.
Stripe and Paystack have been working together since 2018, when Stripe led Paystack’s Series A financing round, and it has provided mentoring to the company ever since.
The acquisition aims to help Paystack scale its business and consolidate electronic payments infrastructure throughout the region, said Matt Henderson, Stripe’s business lead in EMEA.
“This acquisition will give Paystack resources to develop new products, support more businesses and consolidate the hyper-fragmented African payments market,” he said.
The investment will help Paystack provide the tools for African entrepreneurs to develop and grow their businesses, said Shola Akinlade, Paystack CEO and co-founder.
“Leveraging Stripe’s resources and deep expertise, we’re excited to accelerate our geographic expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms.”
The acquisition is subject to standard closing conditions and regulatory approvals, the companies said.

Black In Business: Black Woman Whose Home Décor Business Has Sold Over 26,000 Comforters, Pillows, And Beddings
With an endeavor to spread her culture and heritage across all homes in the United States, Jojo Pierre started her own home décor company named Lakay Designs and she never looked back. Over the years, Lakay Designs has grown exponentially, not only offering financial stability to Jojo and her family but also creating employment opportunities for other people in her community. Currently offering an extensive catalog of products, the company is working proactively to expand the repertoire, offer more innovative products, and keep reaching more homes in America.
Currently, Lakay Design is in more than 26,000 homes across the United States, and that number is growing every day with pleased buyers referring Lakay Designs to their family and friends. The current range of products available at Lakay Designs include African art sculptures and figurines, African wall art, bathroom accessories, comforters, bedding sets, curtain designs, dining room accessories, kitchen accessories, King and Queen pillowcases, and much more. From resourcing materials to manufacturing, packaging, distribution, and everything in between, Lakay Designs abides by business practices that ensure the utmost product quality, while also providing benefits for everyone in the value chain.
A spokesperson for the company made an official press statement, “Here at Lakay Designs, our business values are essential for us, and so is our commitment to our clients. Lakay Designs became successful because our clients supported Jojo’s ideas and resonated with the African aesthetic that she put out there. Now we must serve our clients with the utmost integrity. Even during the pandemic, the Lakay Designs team has worked around the clock to fulfill all orders. We are currently offering custom design bedding, so we urge everyone to take advantage of the offer while it lasts.”
“I just received my comforter set. I love it! However, I just want to brag on [Lakay Designs] as a company. From the communication at the conception of my order to the follow-ups about shipping, to the personalized that you that came with my beautiful set! Sis, you are truly black girl business perfection! Keep it up. I’m coming back for more,” stated a happy customer while providing testimony for the African print comforter she purchased from the Lakay Designs official store.
The spokesperson further added, “The word Lakay translates to Home is Haitian Creole, and that is the vision behind Lakay Designs. There are certain African aesthetics that Jojo grew up around her home. For Jojo, these African prints and décor pieces bring about a feeling of coziness and being at home, which is how she wants every house in America to feel like: a cozy home. With a mission to reach one million homes in America with signature Lakay Designs products, Jojo and her family are getting close to that mission every passing day.”