Transferring money in Nigeria usually feels like a chaotic relay race where your bank fumbles the baton, drops it on the floor, picks it up, then drops it again for good measure.
It’s the 21st century, but bank transfers can still be an exercise in frustration—delays, failed transactions, app logins, and the dreaded “network issues.” But what if transfers could be as smooth as sending a text message? What if you could move money across banks in seconds, without the usual stress?
That’s the question Paystack asked itself, and the answer is Zap—a product designed with ruthless focus on one thing: bank transfers that just work. No fluff, no distractions.
At “An Evening with Paystack,” the company unveiled Zap with a live Demo that gives you instant trust for the product.
“What would it take to start and finish a transfer within 30 seconds? What would it take for this to work every single time? And wouldn’t it be great if I could just link all my accounts so I don’t have to even log into my bank?”

That was the thought process behind Zap, as Shola Akinlade, co-founder and CEO of Paystack explained. The goal? Speed, reliability, and seamlessness. Not a new bank, not a financial super-app—just a frictionless way to send money instantly.
Zap allows users to link multiple bank accounts in one place, removing the need to constantly switch apps. So groceries, splitting bills, or handling recurring payments is easier with Zap, ensuring money moves fast, without the usual banking gymnastics.
But interestingly, Zap isn’t just for Nigerians. Paystack has built it to work for non-residents and visitors as well. A user with a Bank of America account can send money to a Nigerian bank account via Apple Pay in seconds.
That’s a first in the Nigerian fintech space.
Beyond Zap, The Paystack Empire Expands
While Zap stole the spotlight, Paystack had a lot more to say about its progress. Over the past year, the company has doubled down on three things:
- Infrastructure reliability
- Helping businesses scale across Africa
- Building tools that drive business growth
Here’s what that looks like in numbers:
- In Q4 2024 alone, Paystack’s API processed over 3 billion requests, with an uptime of 99.9927%—just 9.5 minutes of downtime in an entire quarter.
- Transaction speed has doubled, with API latency dropping from 446 milliseconds to 254 milliseconds—essentially responding in a quarter of a second.
- Bank transfers via Paystack Titan now surpass Visa, Mastercard, and Verve on its platform—98% of these transfers are confirmed within 10 seconds.
- For airlines (all local airlines in Nigeria now use Paystack), 92% of refunds are processed instantly.
That last metric is particularly commendable. Few payment companies globally can claim instant refunds as a standard.
Again, Paystack now holds payment licenses in Ghana, Kenya, South Africa, Egypt, and Rwanda, with more on the way.
Paystack Passkeys: You Can’t Steal My Password if I Don’t Have One
One of the biggest surprises of the night was Paystack Passkeys—a security upgrade that ditches passwords altogether.
Instead of remembering (and forgetting) complicated passwords, Paystack users can now log in using biometric authentication (Face ID, fingerprint, or device PIN). This means:
- No more phishing risks – Since there’s no password to steal, hackers have a harder time gaining access.
- Faster logins – No more typing long credentials or dealing with one-time passwords (OTPs) that sometimes don’t arrive.
- Stronger security – Passkeys use cryptographic authentication, making them far more secure than traditional passwords.
With this, Paystack is joining global giants like Google, Apple, and Microsoft in adopting passkeys as the future of online security.
The company’s vision has always been bigger than just processing payments. It is obsessed with helping businesses win, and 2024 saw several key upgrades:
1. Paystack Terminals: The Next Phase of In-Person Payments
With the introduction of Paystack Terminals, merchants can now accept payments via card, Apple Pay, Google Pay, and contactless methods seamlessly. This isn’t just another POS system—it’s deeply integrated into the Paystack ecosystem, ensuring businesses have real-time visibility on every sale.
2. Fraud Prevention, But Smarter
Fraud is a huge challenge in digital payments, but Paystack has been aggressive in tackling it. The company’s fraud detection system has evolved to predict and block fraudulent transactions with greater accuracy, reducing fraud losses for merchants.
3. Paystack Business Banking
A lesser-known but highly impactful update—businesses on Paystack can now manage their finances, payments, and reconciliations all in one place, making cash flow management significantly easier.
Paystack envisions becoming Africa’s most preferred fintech infrastructure provider. Payments, business tools, banking—everything is being interconnected, making it easier for businesses to scale across markets.
And this is just the beginning.
“Over the course of the year, we’ll be expanding Zap to more countries across Africa. The next time I show up in Kenya, for example, I’ll be able to pay someone on M-PESA via Zap,” Akinlade revealed.
Zap is a huge one for both individuals and businesses. It strips away the inefficiencies of bank transfers, providing a faster, more reliable alternative that simply works.
For Paystack, however, this launch is about something much bigger—bolstering its part as the infrastructure layer powering Africa’s financial sector.
With a track record of high reliability, a growing suite of business tools, and now a consumer-facing product like Zap, Paystack is reiterating the fact that the sustainability of fintech in Africa will be built here, and they plan to lead it.