Close Menu

    Stay Ahead with Exclusive Updates!

    Enter your email below and be the first to know what’s happening in the ever-evolving world of technology!

    What's Hot

    Inside Grok 4: Elon Musk’s Boldest AI Leap Yet

    July 11, 2025

    Inside Zuckerberg’s $300 Million Power Play to Poach OpenAI Talent

    July 10, 2025

    IonQ Acquires Oxford Ionics for $1B: Next Step in the Quantum Revolution

    July 9, 2025
    Facebook X (Twitter) Instagram
    Facebook X (Twitter)
    PhronewsPhronews
    • Home
    • Big Tech & Startups

      IonQ Acquires Oxford Ionics for $1B: Next Step in the Quantum Revolution

      July 9, 2025

      Chowdeck Acquires Mira: From Delivery to Merchant Operations

      July 6, 2025

      Thinking Machines Lab shatters Record with $2B Seed Funding

      July 2, 2025

      WhatsApp Rolls out Ads in Updates Tab after years of Ad-free policy

      June 26, 2025

      LemFi Acquires Pillar to Launch Immigrant Credit Solutions

      June 26, 2025
    • Crypto

      Coinbase hack explained: lessons in crypto security

      May 24, 2025

      Coinbase responds to hack: customer impact and official statement

      May 22, 2025

      Coinbase Hack 2025: Everything we know so far.

      May 21, 2025

      El Salvador, the first country to adopt Bitcoin has Legal Tender

      April 27, 2025

      Trump Adds 5 Cryptocurrencies to National Reserve, Triggering Market Surge

      April 26, 2025
    • Gadgets & Smart Tech
      Featured

      DStv Eyes Weekly Subscription Model Amid Economic Headwinds 

      By oluchiJune 26, 20251
      Recent

      DStv Eyes Weekly Subscription Model Amid Economic Headwinds 

      June 26, 2025

      SmartAttack: New Smartwatch Attack Shows How Air-gapped Systems Can Be Breached

      June 24, 2025

      Tesla Launches Robotaxi Service in Austin on June 22 in Autonomous Push

      June 23, 2025
    • Cybersecurity & Online Safety

      SmartAttack: New Smartwatch Attack Shows How Air-gapped Systems Can Be Breached

      June 24, 2025

      NYC’s 550 Madison Avenue Attack: Hackers Claim Data Breach

      June 22, 2025

      Microsoft Offers Free Cybersecurity Initiative to European Governments

      June 12, 2025

      CERT-In Cyber Threat Alert Amid India-Pakistan Hostilities

      June 4, 2025

      Fortinet’s FortiGuard Cyber-Espionage Findings in the Middle East

      May 31, 2025
    PhronewsPhronews
    Home»Big Tech & Startups»After 9 Years, Paystack Unveils Zap—Its First-Ever Consumer App
    Big Tech & Startups

    After 9 Years, Paystack Unveils Zap—Its First-Ever Consumer App

    preciousBy preciousApril 26, 2025Updated:May 3, 2025No Comments11 Views
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Paystack, a leading fintech in Africa has launched its first-ever consumer product, expanding its focus to providing business-to-consumer (B2C) solutions after a marathon of nine years providing only business-to-business (B2B) services. 

    CEO and Co-Founder Shola Akinlade announced the launch of the new transfer app named Zap at a company event on Monday. Zap, as Paystack’s first consumer app, is designed to offer fast, secure, and reliable bank transfers in Nigeria, by aggregating other bank accounts of a customer into one system.

    With the aggregation or linking of all accounts to Zap, customers can then fund their accounts easily and make transfers to any Nigerian bank account within seconds. However, only commercial banks are allowed to be linked to Zap’s aggregating infrastructure, excluding other competing neobanks such as OPay, Moniepoint, PalmPay, etc., from the list.

    The Nigerian B2C fintech market is booming, with more and more people owning smartphones which signifies an increase in digital growth and a need for general financial inclusion. According to research made by the Nigerian Communications Commission (NCC) in 2024, approximately 50% of Nigerians own a smartphone, making the country a viable environment for Paystack and its products to build and expand on.

    Zap promises everything neobanks such as OPay and the like also offer – fast, secure, and reliable transfers. However, it doesn’t necessarily provide an affordable alternative, making it more expensive for users who already use neobanks’ services. For instance, a deposit of ₦10,000 through a linked account costs ₦25, while a withdrawal of ₦9,900 costs an additional ₦25, making it a total of ₦50 a customer pays for both deposit and withdrawal fees for ₦10,000. But Akinlade says, “The pricing is going to evolve.”

    Akinlade emphasizes that Zap isn’t trying to be a neobank as its only focus is providing fast bank transfers. 

    “We started thinking about how much of our day-to-day [activities] relies on bank transfers today, and how broken that experience can still be, especially when you’re in a hurry. We asked ourselves three questions: What would it take to start and finish a transfer within 30 seconds, from when I bring out my phone to when the person gets the money? What would it take for it to work every single time?” he says. 

    “Zap isn’t trying to be a neobank, it is just focused on one thing – bank transfers, fast.”

    Paystack, which was acquired by Stripe in 2020 quickly emerged as Africa’s leading payments platform by streamlining online and offline payment solutions to businesses across Africa. The launch of Zap signifies Paystack’s strategic expansion into the B2C landscape.

    Africa B2C B2C market bank transfers business-to-business business-to-consumer digital finance digital growth fast bank transfers financial inclusion financial technology fintech fintech innovation mobile app Moniepoint NCC neobanks Nigeria Nigerian Communications Commission Nigerian fintech Nigerian market OPay PalmPay payment industry payment solutions payments platform Paystack Paystack expansion Paystack launch secure transfers Shola Akinlade smartphone growth smartphone ownership Stripe acquisition transfer app Zap
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    precious
    • LinkedIn

    I’m Precious Amusat, Phronews’ Content Writer. I conduct in-depth research and write on the latest developments in the tech industry, including trends in big tech, startups, cybersecurity, artificial intelligence and their global impacts. When I’m off the clock, you’ll find me cheering on women’s footy, curled up with a romance novel, or binge-watching crime thrillers.

    Related Posts

    IonQ Acquires Oxford Ionics for $1B: Next Step in the Quantum Revolution

    July 9, 2025

    Chowdeck Acquires Mira: From Delivery to Merchant Operations

    July 6, 2025

    Why the U.S. is cracking down on Chinese Tech in 2025

    July 6, 2025

    Comments are closed.

    Top Posts

    MIT Study Reveals ChatGPT Impairs Brain Activity & Thinking

    June 29, 202589

    From Ally to Adversary: What Elon Musk’s Feud with Trump Means for the EV Industry

    June 6, 202556

    Coinbase Hack 2025: Everything we know so far.

    May 21, 202549

    Coinbase responds to hack: customer impact and official statement

    May 22, 202545
    Don't Miss
    Artificial Intelligence & The Future

    Inside Grok 4: Elon Musk’s Boldest AI Leap Yet

    By oluchiJuly 11, 202510

    In the ever-evolving world of artificial intelligence, another bold step has been taken as xAI…

    Inside Zuckerberg’s $300 Million Power Play to Poach OpenAI Talent

    July 10, 2025

    IonQ Acquires Oxford Ionics for $1B: Next Step in the Quantum Revolution

    July 9, 2025

    How ‘Zuck Bucks’ Are Shaking Up the AI Race

    July 9, 2025
    Stay In Touch
    • Facebook
    • Twitter
    About Us
    About Us

    Evolving from Phronesis News, Phronews brings deep insight and smart analysis to the world of technology. Stay informed, stay ahead, and navigate tech with wisdom.
    We're accepting new partnerships right now.

    Email Us: info@phronews.com

    Facebook X (Twitter) Pinterest YouTube
    Our Picks
    Most Popular

    MIT Study Reveals ChatGPT Impairs Brain Activity & Thinking

    June 29, 202589

    From Ally to Adversary: What Elon Musk’s Feud with Trump Means for the EV Industry

    June 6, 202556

    Coinbase Hack 2025: Everything we know so far.

    May 21, 202549
    © 2025. Phronews.
    • Home
    • About Us
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.