On Monday, Shola Akinlade, CEO of Nigerian tech giant Paystack, launched a new payment system called Zap, allowing international visitors in Nigeria to make seamless payments with foreign cards. However, the launch has been marred by an unexpected identity dispute with another tech company, Zap Africa, claiming the name infringes on their trademark and threatening legal action.

Zap Africa, a fintech company operating in the crypto space, has expressed concerns about protecting their brand identity and defending their trademark. CEO Tobiloba Asu-Johnson stated, "We have worked tirelessly to build Zap Africa into a trusted name in the crypto and fintech space. Seeing just another company adopt our name without authorization threatens our brand identity and confuses customers."

Zap Africa's CTO, Moore Dagogo-Hart, emphasized the importance of protecting African innovation, saying, "This is bigger than a name, it's about protecting African innovation from being erased. Zap was built for the people, and we'll defend it with everything we've got."

Paystack, known for its revolutionary fintech, has been acquired for $200 million, making it one of Nigeria's largest tech firms. The launch of Zap was touted as a game-changer, allowing users to send money to any Nigerian bank account within 10 seconds. However, the controversy has raised questions about the due diligence of Paystack before branding the product.

The incident has sparked debate on how disputes are resolved in Nigeria's thriving fintech sector. As the drama unfolds, all eyes in Nigeria's tech community are focused on how Paystack will navigate this incident. The stakes are high, with Zap Africa considering legal action and expressing concerns about the protection of African invention.

Industry experts are closely watching how this dispute will be resolved, as it may set a long-term precedent for how disputes are handled in the fintech sector. The incident also raises questions about the importance of protecting intellectual property and innovation in Africa.

As the situation unfolds, it remains to be seen how Paystack will respond to Zap Africa's claims. One thing is certain: the outcome of this dispute will have significant implications for Nigeria's tech ecosystem and the broader fintech industry.