Zap Africa, a cryptocurrency exchange facilitating Naira conversions, has threatened legal action against Paystack over the use of the name “Zap.” The dispute arose after Paystack launched its Zap app for bank transfers, prompting Zap Africa, which claims a trademark on the name, to announce its intent to take legal steps.
“Our name is trademarked, and we’re on it. Zap’s legal team will be reaching out to Paystack shortly. Huge shoutout to everyone who brought this to our attention. Your support is invaluable!” said Zap Africa’s CEO, Tobi Asu-Johnson, on X (formerly Twitter).
Zap Africa, which operates as a non-custodial wallet for crypto-to-fiat transactions, insists that “there is only one ZAP in Nigeria and Africa.” Meanwhile, Paystack has not yet responded publicly to the claim.
The dispute comes as Paystack expands its financial services, having recently led a group of investors in acquiring the struggling fintech Brass. While the acquisition supports Paystack’s growth ambitions, the trademark conflict with Zap Africa underscores the challenges of brand identity and intellectual property within the fintech and crypto sectors.
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