Paystack has launched Zap, its first consumer-centric app. This app will allow easier and faster bank transfers.
Sola Akinlade, who is the company’s CEO announced the launch at a special event Monday.
According to Akinlade, instead of being another new 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, Moniepoint and PalmPay were not on the list of accounts that can be linked.
Akinlade said the idea for Zap was inspired by the necessity 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 the goal of Zap is to help users create a better bank transfer experience through their existing accounts, it could still be another neo-bank competitor focusing on a very important need. Its ability to link existing accounts may become a strategy to acquire customers.
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.