Abdulhamid Hassan shuts down OyaPay, joins Paystack

Abdulhamid Hassan shuts down OyaPay, joins Paystack

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It is not news again on the internet that oyapay.com, a big boy in the Fintech sector in Nigeria closes down. Techpoint reports.

This is worth knowing about Abdulhamid Hassan,

“When I moved back to Nigeria from France in January 2018, I had a goal in mind to not raise external capital until we’d attained market fit and by so doing not hustling to get investor money. Instead, it would be on a neutral ground where we all (OyaPay and participating investors) need each other,” explains Hassan.
As Hassan reveals, he had earlier taken a small seed round from a senior family member (an uncle) and at the point of product market fit where the need for investors kicked in, the said family member pushed back on the idea of diluting his investment.
“For months we couldn’t resolve it, I became frustrated and decided to call it quits,” he says.

The biggest of this is that, Abdulhamid Hassan the founder of OyaPay has joined Paystack his biggest competitor as Product Manager.

It was reported that his brother who invested in the company didn’t want any other external investors when the company wanted to scale. He wanted to own 100%, this eventually killed OyaPay.

Suggested Read: How Tech startups spend their raised funds

It is a bad news that OyaPay is dead but a good news that Paystack will become a formidable force. Abdulhamid Hassan will be putting his brilliance and aesthetic skills into Paystack as Product Manager. This is a win for Paystack.

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