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Paystack launches Zap, its first consumer-centric app

March 25, 2025

Paystack launches Zap, its first consumer-centric app, which it says will allow easier and faster bank transfers. The company’s CEO, Sola Akinlade announced the launch at a special event Monday.

According to Akinlade, instead of being another neo bank, Zap will allow Nigerians to link their existing bank accounts with the bank transfer app which they can use it for quick bank transfers.

However, only traditional bank accounts can be linked, while microfinance banks like OPay, PalmPay, and Moniepoint were not on the list of linkable accounts.

Akinlade said the idea for Zap was borne out of a need to start and finish bank transfers in under 30 seconds. This is why the product is focused on only bank transfers and nothing else.

While users can link multiple accounts on the Zap app, they will still get a Paystack-Titan account. The linked accounts therefore serve as a way to fund the Paystack-Titan account instantly — through direct debit — without going to a bank app.

Meanwhile, foreigners in Nigeria can also use the platform to send money to Nigerian accounts. In a live demo, Akinlade sent money from a Bank of America account to a Nigerian account.

Although Zap aims to help users create a better bank transfer experience through their existing accounts, it could still be another neo-bank competitor focusing on a crucial need. Its ability to link existing accounts may become a customer acquisition strategy.

While the announcement of Zap was the highlight of the special launch event, the company also revealed that in Q4 2024, it processed three billion API requests and only experienced nine and a half minutes of downtime throughout the entire quarter.

These figures show success in its payment gateway business, which it started in 2016. Like Moniepoint, Paystack is dipping its toes into the B2C market after nine years of being a solely B2B company.

With a strong brand name and capital, there is a good chance Paystack’s Zap will replicate the success Moniepoint had with its entrance into retail banking.

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