Paystack, a leading payment technology company, has unveiled Zap, its first consumer-focused application designed to make bank transfers faster and more convenient. The company’s CEO, Sola Akinlade, announced the launch during a special event
Unlike traditional neo-banks, Zap allows users to link their existing bank accounts to facilitate quick transfers. According to Akinlade, the app was developed to ensure bank transfers are completed in under 30 seconds, focusing solely on enhancing transfer speed and efficiency.
“We wanted to create a product that allows Nigerians to start and finish bank transfers in under 30 seconds,” Akinlade explained during the launch event.
Limited to Traditional Bank Accounts
While Zap enables users to link multiple traditional bank accounts, it currently does not support microfinance banks such as OPay, PalmPay, and Moniepoint. Once linked, users can instantly fund a Paystack-Titan account via direct debit without opening their bank’s mobile app.
In a live demonstration, Akinlade showcased Zap’s cross-border capabilities, successfully sending money from a Bank of America account to a Nigerian bank account. This highlighted the platform’s potential for foreigners in Nigeria to perform local transactions seamlessly.
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A Strategic Shift Toward the Consumer Market
Although Paystack remains focused on improving the bank transfer experience through existing accounts, Zap represents a strategic step into the consumer banking space. Its ability to integrate with current bank accounts could serve as a customer acquisition tool, positioning the app as a potential competitor to other neo-banks.
The launch of Zap marks Paystack’s first foray into the B2C (business-to-consumer) market after nearly a decade as a B2B (business-to-business) payment service provider. This move mirrors a broader trend, following similar consumer-focused expansions by companies like Moniepoint.
Impressive Performance Metrics
During the event, Paystack also revealed impressive operational figures. In Q4 2024, the company processed three billion API requests while maintaining just nine and a half minutes of downtime throughout the quarter—a testament to its reliable payment infrastructure since its inception in 2016.
With the introduction of Zap, Paystack is poised to reshape the bank transfer experience in Nigeria, offering consumers a faster and more efficient way to move money while expanding its footprint beyond its B2B roots.
