Nine years after revolutionizing online payments with Paystack, CEO Shola Akinlade is making another bold move. This time, he’s betting on Zap, a new consumer-focused app designed to facilitate seamless bank transfers. The app marks a significant shift for Paystack, a company traditionally known for business-focused products.
What is Zap?
Zap is a simple and fast bank transfer app that enables users to send money to any Nigerian bank account in less than 10 seconds. The app links directly to users’ existing Nigerian bank accounts via Paystack’s direct debit infrastructure, allowing instant funding. Alternatively, users can deposit money directly into a Paystack-Titan account, thanks to a partnership with Titan Trust Bank.
Unlike some other fintech solutions, Zap currently suRpports only traditional bank accounts. This means users with accounts from neobanks like OPay, PalmPay, or Moniepoint cannot link them to the app.
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A New Player in Nigeria’s Fintech Space
Nigeria’s digital banking ecosystem is competitive, with established players like OPay, Kuda, and Moniepoint dominating the space. These fintech companies gained traction during the 2023 cash scarcity, offering fast and affordable transfers. Now, Paystack is stepping into the game, promising an even better experience with Zap.
While Zap’s transfer fees are slightly higher than competitors—charging ₦50 for a ₦10,000 transaction—Akinlade insists that pricing will evolve. “What matters to us is speed, reliability, and a seamless user experience,” he stated at the launch event.
Going Global: Linking International Cards
One standout feature of Zap is its ability to link debit or credit cards from any country, enabling Nigerians abroad to transfer money to local accounts instantly. At the launch event, Akinlade demonstrated this by successfully transferring funds from a Bank of America card to a Nigerian account within seconds. However, he clarified that Paystack is not currently entering the remittance market, as Zap is primarily designed for domestic transfers.
How Secure is Zap?
To ensure security and compliance, users must complete Know Your Customer (KYC) verification before using Zap. The app offers different account tiers:
- Tier 1: BVN verification, ₦50,000 daily transfer limit, and ₦200,000 maximum balance.
- Tier 2: Requires BVN, a selfie, a physical address, and a National Identification Number (NIN), allowing up to ₦200,000 in daily transfers and a ₦500,000 balance.
- Tier 3: Requires full address verification and permits up to ₦5 million in daily transfers, with a maximum balance of ₦100 million.
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The Big Picture: Paystack’s Evolving Vision
Zap is more than just a bank transfer app—it represents Paystack’s vision to create a more interconnected financial ecosystem. By keeping transactions within its infrastructure, Paystack aims to improve transaction speed and reliability. Akinlade believes that Zap will provide a superior experience, especially for frequent users who value efficiency and speed.
With its launch, Paystack is no longer just a payment gateway—it’s officially competing in the consumer banking space. Whether Zap can challenge the dominance of other fintech giants remains to be seen, but one thing is clear: Nigeria’s digital finance landscape is about to get even more exciting.
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