Zap Africa Threatens Legal Action Against Paystack Over Brand Name Dispute
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A legal dispute is brewing between cryptocurrency exchange Zap Africa and fintech giant Paystack over the use of the name “Zap.”
The controversy arose after Paystack recently launched a mobile app called Zap, aimed at simplifying bank transfers in Nigeria. While Paystack’s CEO, Shola Akinlade, clarified that the app is not a banking service but rather a tool for seamless money transfers, the name has sparked objections from Zap Africa.
Zap Africa’s Legal Stand
Tobi Asu-Johnson, CEO of Zap Africa, has publicly declared the company’s intent to take legal action, asserting that the “Zap” brand name is already trademarked.
“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!” Asu-Johnson wrote on X (formerly Twitter).
The company further reinforced its position through an official post, stating, “There is only one ZAP in Nigeria and Africa.”
Who is Zap Africa?
Zap Africa is a cryptocurrency exchange and non-custodial wallet that enables users to swap and send crypto for Naira at competitive rates, facilitating seamless transactions across borders.
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