Startup Lagos

28-Mar-2025

Fintech

Paystack Launches Zap: A New Consumer App for Instant Bank Transfers 4 weeks ago

Paystack has officially unveiled Zap, its first consumer-centric application, designed to facilitate quicker and easier bank transfers. The announcement was made by Paystack's CEO, Sola Akinlade, during a special launch event on Monday.

Unlike traditional neo-banking apps, Zap allows users to link their existing traditional bank accounts, enabling them to conduct swift bank transfers without the need for a standalone banking solution. Akinlade emphasized that the primary focus of Zap is to streamline the bank transfer process, allowing users to start and complete transfers in under 30 seconds.

However, it's important to note that only traditional bank accounts can be linked to the Zap app. Microfinance banks such as OPay, PalmPay, and Moniepoint are currently not supported.

Users of the Zap app can link multiple bank accounts, while also maintaining a Paystack-Titan account. This feature facilitates instant funding of the Paystack-Titan account through direct debit, simplifying the payment process without requiring users to navigate their traditional banking apps.

In a significant highlight of the launch, Akinlade demonstrated the app's capabilities by transferring funds from a Bank of America account to a Nigerian account, showcasing Zap's versatility for foreign nationals in Nigeria who wish to send money to local accounts.

While Zap is designed to enhance the customer experience for bank transfers specifically, it may also position itself as a competitor in the neo-banking space, meeting a critical need in the market. Its ability to link existing bank accounts could serve as a strategic advantage for customer acquisition.

During the event, Paystack also shared impressive performance metrics from the fourth quarter of 2024, revealing that the company processed three billion API requests and experienced only nine and a half minutes of downtime over the entire quarter. These figures reflect Paystack's robust success in its payment gateway operations since its inception in 2016.

With the launch of Zap, Paystack is expanding its reach into the consumer market after nine years of predominantly serving businesses. This move aligns with a growing trend among fintech companies seeking to offer more comprehensive solutions to their users.

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