Paystack, a leading player in Africa’s B2B payments, has launched Zap, a consumer-facing app designed to make transactions faster, simpler, and more reliable. Founded by Shola Akinlade, Zap targets users already embedded in the traditional banking system, focusing on speed and reliability rather than offering a comprehensive financial ecosystem.
Zap promises transactions completed in under 30 seconds, though tests showed occasional delays beyond this mark. It supports 23 traditional banks, excluding fintech entities like Opay and PalmPay. One of its standout features is the ability to facilitate payments from foreign accounts to Nigerian banks, a feature lacking in many local fintech solutions.
However, Zap faces several challenges. The app requires users to link existing bank accounts, which may deter those who prefer one-click account opening features. Additionally, it lacks support for microfinance platforms, limiting its appeal to the underbanked population. The app also has tiered transaction limits, with Tier 1 accounts capped at a daily transaction limit of ₦50,000 and a balance limit of ₦200,000. Upgrading to higher tiers requires additional KYC documentation, which could deter casual users.
Zap differentiates itself from competitors like Opay and PalmPay by focusing solely on bank transfers rather than offering a full financial ecosystem. This approach appeals to professionals managing multiple accounts but may limit its appeal to those seeking comprehensive financial services.
Paystack launches new holding company
January 21, 2026
