Paystack, the Nigerian fintech company owned by Stripe, has officially launched Zap, a new application designed to facilitate rapid and secure bank transfers in just 30 seconds. This significant development marks Paystack’s entry into the consumer app market after spending nine years primarily focused on merchant-oriented solutions.
At a highly anticipated launch event held both in-person and virtually, Shola Akinlade, Co-founder and CEO of Paystack, expressed enthusiasm about this new venture. “For years, we have been building infrastructure for merchants, and now we are excited to demonstrate how this same infrastructure can transform your everyday experiences,” Akinlade stated. He emphasized that “Zap is not trying to be a neobank. It is focused on one thing—bank transfers, fast. Our goal is to make payments as reliable and effortless as possible.”
Initially released on November 14, 2024, and updated on March 3, 2025, the Zap app has already garnered over a thousand downloads on the Google Play Store alone. This launch has been highly anticipated, especially as competitors like Flutterwave, Opay, and various banking fintechs have already attracted users with their consumer offerings. Paystack’s unique selling proposition lies in its proven track record of success, including its robust API, which has processed over 3 billion requests with an impressive uptime of 99.992%.
Additionally, the fintech has achieved significant success with its Paystack-Titan virtual accounts, developed in partnership with Titan Trust Bank, boasting a remarkable 98% transfer confirmation rate within just 10 seconds. Akinlade asserts that this solution outperforms traditional card networks such as MasterCard, Visa, and Verve.
The launch of Zap aligns with Paystack’s long-held belief that “bank transfers are fast becoming the go-to payment method for a growing number of consumers in Nigeria.” This trend is particularly evident in low-trust environments where both buyers and sellers require instant payment verification before finalizing any transaction. According to Paystack’s data, bank transfers accounted for 58% of transactions in 2023, a substantial increase from 28% in 2022. In contrast, card payments made up 36% of Paystack transactions during the same period, with Internet banking and other payment options following behind.
The surge in bank transfers can be attributed to several factors, including the increasing penetration of smartphones, which is projected to reach 60% by 2025, and the shift towards online transactions that was accelerated by the COVID-19 pandemic. In 2022, online transfers in Nigeria reached an astounding ₦783.6 trillion, a dramatic rise from ₦31.57 billion in 2012. Meanwhile, ATM transactions amounted to ₦32 trillion.
With the Nigerian e-payments market now exceeding ₦1.07 quadrillion, Paystack aims to capitalize on this growth by establishing Zap as a leading consumer payment solution and a market leader. The company is poised to leverage its existing infrastructure and expertise to provide a seamless and efficient banking experience for consumers, further solidifying its position in the rapidly evolving fintech landscape in Nigeria.
