Paystack, the Nigerian fintech company owned by Stripe, has launched Zap, a consumer app designed to facilitate fast and secure bank transfers within 30 seconds. The launch marks Paystack’s first major move into consumer payments after nearly a decade of focusing on merchant-based solutions.
Speaking at the launch event held both in-person and virtually, Paystack Co-founder and CEO Shola Akinlade emphasised the app’s singular focus on simplifying bank transfers.
“For years, we have been building infrastructure for merchants, and now we are excited to show you how this same infrastructure can transform your everyday experiences,” Akinlade said. “Zap is not trying to be a neobank. It is focused on one thing—bank transfers, fast. Making payments as reliable and effortless as possible.”
Zap was initially released on November 14, 2024, with an update on March 3, 2025. The app has already garnered over 1,000 downloads on the Google Play Store.
Paystack’s move into consumer payments follows a broader trend among fintech companies like Flutterwave and OPay, which have already established consumer-focused products. Paystack, however, has built its reputation on robust merchant infrastructure, including its widely used API, which processed over 3 billion requests with 99.992% uptime.
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The company also highlighted the success of its Paystack-Titan virtual accounts, developed through a partnership with Titan Trust Bank, which boasts a 98% transfer confirmation rate within 10 seconds. According to Akinlade, this performance surpasses traditional card networks such as MasterCard, Visa, and Verve.
The launch of Zap aligns with Paystack’s belief that bank transfers are becoming the preferred payment method for many Nigerians, especially in environments where buyers and sellers require immediate payment confirmation.
Data from Paystack indicates that bank transfers accounted for 58% of all transactions processed by the platform in 2023, a substantial increase from 28% in 2022. By comparison, card payments made up 36%, with internet banking and other payment methods making up the remainder.
The increase in bank transfers reflects broader trends in Nigeria’s digital payment landscape. According to industry reports, online transfers in Nigeria rose to ₦783.6 trillion in 2022, a dramatic surge from ₦31.57 billion in 2012, while ATM transactions reached ₦32 trillion.
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Paystack plans to capitalize on the rapid growth of Nigeria’s electronic payments market, which now exceeds ₦1.07 quadrillion. The company aims to position Zap as a leading solution for consumer payments, offering users faster and more reliable transfer capabilities.
The rise in smartphone penetration, expected to reach 60% by 2025, and the increasing adoption of online transactions—accelerated by the COVID-19 pandemic—are key factors driving the growth of digital payments in Nigeria.
With Zap, Paystack seeks to expand its reach beyond businesses and solidify its position in Nigeria’s competitive consumer fintech market.
Founded in 2015, Paystack has established itself as one of the leading fintech in Nigeria, primarily serving merchants with payment processing tools. Acquired by Stripe in 2020, it has powered transactions in a market where e-payments now exceed ₦1.07 quadrillion.
Unlike competitors like Flutterwave and Opay, which prioritised consumer offerings early, Paystack focused on backend solutions for businesses. Zap reflects the company’s response to Nigeria’s evolving payment landscape, where bank transfers are increasingly preferred in low-trust environments requiring instant verification, positioning Paystack to tap into the growing consumer demand for fast, reliable payment options.
