With a big shift from its previous focus on business-to-business transactions, Paystack, a Nigerian fintech company owned by Stripe, has launched Zap, a consumer app designed for instant and secure bank transfers marking a grand entry into the consumer payments space.
This was disclosed during a live stream on YouTube and according to Shola Akinlade, Paystack Co-founder and CEO, Zap is not trying to be a neobank and Paystack aims to make payments more effortless and reliable, capitalizing on the trend of bank transfers becoming the preferred payment method. He said,
“For years, we have been building infrastructure for merchants and now we are excited to show you how this same infrastructure can transform your everyday experiences. Zap is not trying to be a neobank. It is focused on one thing—bank transfers, fast. Making payments as reliable and effortless as possible.”
According to him, Zap promises to make bank transfers faster and more reliable, allowing users to send money to any Nigerian bank account within 10 seconds.
He further revealed that Zap’s features include the ability to link Nigerian bank accounts via Paystack’s direct debit infrastructure or deposit funds into a Paystack-Titan Trust Bank account.
Also, users can link debit or credit cards from any country, enabling instant transfers to Nigerian accounts a feature that allows Nigerians abroad to send money home quickly. During the demonstration, Akinlade clarified that Paystack is not yet entering the remittance market.
Zap’s launch is a significant development in Nigeria’s fintech landscape, where digital payments are growing rapidly as Paystack’s move into consumer payments is seen as a strategic expansion, leveraging its existing infrastructure to offer a unique solution.
However, the app’s pricing model has raised some eyebrows, with a ₦35 fee for depositing ₦10,000 via a linked bank account and an additional ₦25 fee for withdrawing ₦9,900 which makes Zap more expensive than alternatives like OPay, PalmPay, and Moniepoint but Akinlade hinted that pricing may evolve as the product matures.
As Paystack navigates the competitive consumer payments space, Zap’s success will depend on its ability to offer a seamless user experience, competitive pricing, and reliable transactions. In all, with its robust infrastructure and partnership with Titan Trust Bank, Paystack is well-positioned to make a significant impact in Nigeria’s fintech ecosystem.
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