The Nigerian-owned crypto startup that simplifies the conversion of crypto to naira, Zap Africa, has threatened legal action against Paystack, the leading payment gateway in Nigeria, for using its brand name "Zap" for it new consumer app that makes money transfers faster and more reliable.
Tobi Asu-Johnson, the CEO of Zap Africa, said via his X handle that the company is taking legal action because their name is trademarked. He said their lawyers will contact Paystack soon and thanked everyone who informed them, calling their support invaluable.
The official X handle of the cryptocurrency firm also stated, “There is only one ZAP in Nigeria and Africa.” “A lot of my friends started reaching out, asking if we had partnered with them (Paystack). A couple of our users even tagged me and my co-founder under Paystack’s tweets. I was genuinely surprised and confused. Surprised because how can a well-established company like Paystack not do due diligence, and confused because if they had done their homework, it raised the question: did they just not care?”
Paystack has yet to release a public statement addressing the allegations or the potential lawsuit. Recently, the payment gateway company launched an inaugural consumer-focused mobile application, brand ed "Zap", more like a remittances service, that allows Nigerians to fund their Zap account by linking their Nigerian bank accounts to Zap using Paystack’s direct debit infrastructure, linking their debit or credit cards from any country, or depositing money directly into a Paystack-Titan account.
The legal crisis between Zap Africa and Paystack's Zap is a developing story, and more information will surface on this page. Hence, you can save this article to your bookmark and come back later for more updates.
