A New App, 'Zap,' has been Launched by Paystack to Facilitate Quick Bank Transactions in Nigeria

Paystack, a leading Nigerian fintech company owned by Stripe, has launched a new app called Zap to make bank transfers faster and easier for Nigerians. The revolutionary Zap app is a game changer for Nigerian consumers as it is their first venture in the market with a consumer focus. It promises to get their payments completed in just 30 seconds, making this a very exciting debut for the company in the ever-competitive consumer fintech scene.

Zap app was officially unveiled at a launch event on March 24, 2025 and where the CEO of Paystack Shola Akinlade explained what the app is all about. “Zap is an application only making bank transfers as rapid and reliable as possible, ” said Akinlade. “Zap is not, as you might have heard, a neobank or a super-app, ” he added. “It’s just making payments as fast as possible as soon and conveniently as possible. ”One can transfer funds to any Nigerian bank account by linking the accounts or depositing money into their Zap wallet.

Zap, which Paystack was formally unveiling this week, is one of the most streamlined and speedy applications for mobile money, thanks in part to its partnership with Titan Trust Bank. Akinlade announced the partnership at the launch and also demonstrated the app’s features by transferring cash from his Bank of America card to a Nigerian account in a matter of seconds. That is exactly what Zap could do for Nigerians on the go, he admitted.

Zap is for people who want their financial transactions to be as efficient as possible. When using other fintech apps like OPay and PalmPay users use their digital wallets, Zap works directly with their bank, which doesn’t require any extra steps like reloading their wallets. Also unlike other Fintech programs that only accept digital currency like Visa and Mastercard, Zap supports an array of institutions, including local, provincial and national banks.

Besides the more straightforward interface, Paystack’s new transfer app Zap has some difficulty. Its fee percentage is slightly higher than Moniepoint’s (and PalmPay’s) free services. Meanwhile, for example, depositing 10, 000 into Zap costs you 35, and withdrawing 9, 900 would cost you 25, a total of 50 on an average transaction. It could put some users off by the higher fees, but for those who are used to free, pay-per-transfer services, Paystack believes Zap’s high-quality handling will attract them eventually.

Paystack’s new app Zap, is launching on the heels of a rapid growth in digital payments in Nigeria. In 2023 bank transfers took 58% of all transactions completed on the Fintech firm’s platform, compared to 28% in 2022. This is in line with the wider trend seen in the country’s payments space, with online transfers going from 31 billion in 2012 to over 783 trillion in 2022.

To use Zap, users must complete verification steps known as Know Your Customer (KYC). After the KYC process is completed, users can transfer between 50, 000 and 5 million daily. The service currently supports commercial banks. Only traditional banks are available which are less popular digital banks like Kuda and OPay.

With Zap, Paystack is aiming to redefine how Nigerians handle bank transfers by offering speed and reliability unmatched by traditional banking apps. Though it has some hurdles to overcome, such as pricing and limited bank support, Zap represents an innovative step forward in Nigeria’s fintech space. As smartphone usage continues to grow across the country, Paystack hopes its new app will become a daily tool for millions of Nigerians seeking fast and hassle-free transactions.

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