Zap Africa, a cryptocurrency exchange specializing in converting digital assets to Naira, has issued a legal threat to fintech giant Paystack over the use of the brand name “Zap.” The conflict arose after Paystack recently launched a mobile app called “Zap,” designed to simplify and speed up bank transfers.
Shola Akinlade, CEO of Paystack, described the app as a tool to make money transfers more reliable, emphasizing that it is not a banking service. However, Zap Africa insists that the name “Zap” is trademarked and claims the new app infringes on its intellectual property.
Tobi Asu-Johnson, CEO of Zap Africa, announced the company’s intent to take legal action via social media. “Our name is trademarked, and we’re on it. Zap’s legal team will be reaching out to Paystack shortly. Huge shoutout to everyone who brought this to our attention. Your support is invaluable!” he wrote on X (formerly Twitter). The company further asserted on its official handle, “There is only one ZAP in Nigeria and Africa.”
Zap Africa operates as a non-custodial wallet that allows users to seamlessly swap and send cryptocurrency for Naira at competitive rates. The platform supports global transactions and has positioned itself as a key player in Nigeria’s cryptocurrency landscape.
Paystack has yet to issue a public statement addressing the allegations or the potential lawsuit.
For now, all eyes are on how this legal battle unfolds and whether it will set a precedent for intellectual property enforcement in Nigeria’s tech ecosystem.
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