The payment gateway in Nigeria, Paystack, set the record straight by letting users know that Zap, its consumer app, is not a cross-border payments app
Anonymous
Paystack says Zap is not a remittance app
Since its launch last month, Zap by Paystack has been widely discussed--including Zap Africa 's claims that Paystack uses it trademarked name "Zap" . Now, Paystack is setting the record straight about a misconception: The company says Zap is not a remittance app. This is in response to a recent report claiming the product launched without the necessary IMTO (International Money Transfer Operator) license from the CBN. Paystack says that the claim is based on a misunderstanding of how card payments and remittances function. The cause of confusion? The app, which is designed to facilitate rapid and secure bank transfers, also allows users to fund Nigerian bank accounts using foreign cards. So, how does Zap do foreign transactions? The core distinction, according to Paystack, is that Zap facilitates card-based transactions, not cross-border money transfers. While the process may look like an international remittance to the average user, what’s actually happening is a card payment…
