A heated naming dispute has erupted between Paystack, one of Africa’s leading fintech companies, and Zap Africa, a cryptocurrency platform, after Paystack launched a new product called Zap.
The discussion, which has dominated tech conversations on X, centres on trademark rights, with Zap Africa trying to protect its brand.
Zap Africa fights back
Zap Africa, which has operated under the trademarked name “Zap” since 2022, offers decentralised finance (DeFi) services, which allow users to swap and send crypto seamlessly. Meanwhile, Paystack’s newly unveiled Zap is a consumer payment app designed for instant transfers—a completely different service but with an identical name.
According to the information provided by Zap Africa to Techpression Media correspondent on X, “Moore Dagogo-Hart, the company’s Chief Technology Officer (CTO) emphasised the company’s ownership of the brand: We’ve been building Zap for 3 years, intentionally and with full ownership. The name is trademarked. The product is live. The community is real.”
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Additionally, Tobiloba Asu-Johnson, CEO of Zap Africa, took to his X account to assert the company’s stance, stating, “Our name is trademarked, and we’re on it. Zap’s legal team will contact Paystack shortly.” The company’s official X handle also joined the conversation with a bold declaration: “#OnlyOneZap.”
Read also: Paystack’s new partnership with OPay offers Nigerian businesses smarter payment solutions
Paystack’s new product sparks controversy
Paystack, a leading Nigerian fintech company, introduced Zap on March 24 as its first consumer-facing payment app, designed for fast and secure transfers. Sephiat Oniyangi, Paystack’s Head of New Business, unveiled the product during a live demo.
While Paystack’s Zap focuses on traditional payment solutions and Zap Africa operates in the crypto and DeFi space, the identical names have led to confusion and a potential legal showdown.
At the time of filing this report, Paystack had yet to respond to Techpression Media’s enquiries regarding the dispute.
As the situation unfolds, the tech community watches closely to see whether Paystack will rebrand its new product or face a legal battle from Zap Africa.