Zap Africa, a cryptocurrency exchange that facilitates the conversion of crypto to Naira, has issued a legal threat to Paystack, a leading fintech company, over the use of the brand name “Zap.”
The contention arose following Paystack’s recent launch of “Zap,” a mobile app designed to streamline bank transfers.
Shola Akinlade, CEO of Paystack, described the new app as a tool to make money transfers faster and more reliable, clarifying that it is not a banking service. However, Zap Africa has had an issue with the name, claiming that its brand name is trademarked.
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Intent to pursue legal action
Tobi Asu-Johnson, CEO of Zap Africa, announced the company’s intent to pursue legal action.
“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!” he wrote on X (formerly Twitter).
The official X handle of the cryptocurrency firm also stated, “There is only one ZAP in Nigeria and Africa.”
Zap Africa positions itself as a non-custodial wallet enabling users to seamlessly swap and send cryptocurrency for Naira at competitive rates, supporting transactions globally.
Paystack has yet to release a public statement addressing the allegations or the potential lawsuit.
