Zap Africa: Powering Financial Freedom for the Unbanked

Company & Team Introduction

Zap Africa is a crypto-first fintech platform focused on making digital currencies secure, accessible, and usable across Nigeria and other emerging markets. The company is building infrastructure that bridges the gap between traditional finance and decentralized assets, with an emphasis on usability, compliance, and everyday utility.

Founding Team & Leadership

Tobiloba Asu-Johnson (CEO)
Co-founder of Zap Africa. Tobiloba brings a strong background in marketing and strategic leadership. He leads the company’s overall vision, operations, and go-to-market strategy, ensuring Zap Africa remains focused on its mission to democratize access to crypto solutions in Africa.

Moore Dagogo-Hart (CTO)
Co-founder and Chief Technology Officer. Moore is a former engineer at Goldman Sachs with deep expertise in building scalable fintech systems. He oversees Zap Africa’s technology strategy and platform development, ensuring robust infrastructure and product innovation.

Dr. Benjamin Oyemonlan (CIO)
Chief Information Officer and also CEO of Platnova. Dr. Oyemonlan joined the executive team to drive digital transformation and innovation. He played a key role in leading Zap Africa’s $300,000 pre-seed funding round in May 2024 and continues to advise on information systems and strategic partnerships.

Approximately 20 employees with a Core focus on delivering secure and accessible crypto solutions across Nigeria and potentially broader emerging markets.

Product Overview

Zap Africa operates two primary products. Zap Exchange and Zap Desk are built to serve the millions of unbanked and underbanked individuals across Africa and beyond. By offering easy access to cryptocurrency, Zap Africa empowers people in regions with limited banking infrastructure to participate in the global financial system, preserve wealth, and transact securely, right from their mobile devices.

Zap Exchange

• A non-custodial cryptocurrency trading platform.

• Supports trading of BTC, ETH, BNB, and USDT.

• Key features:

  • Fast payouts

  • Saved beneficiaries for quicker repeat transactions

  • Transaction tracking for transparency

• Branded as the “Fastest Crypto Exchange in Nigeria”.

Zap Desk

• A WhatsApp-based crypto trading service.

• Enables personalized, high-liquidity swaps for both businesses and individuals.

• Designed to enhance accessibility by eliminating the need for a separate app.

Market Opportunity

Zap is strategically positioned within the rapidly expanding African fintech and crypto sector, where surging smartphone penetration, currency instability, and limited banking infrastructure are driving demand for accessible, decentralized financial solutions. Nigeria, where Zap is headquartered, ranks among the top global adopters of cryptocurrency and is home to millions of unbanked citizens, making it a prime launchpad for crypto-first financial products.

Market Opportunity Highlights:

$105.6 Billion Sub-Saharan Africa Remittances by 2030: With remittance flows to Sub-Saharan Africa projected to surpass $105 billion by 2030, platforms like Zap Exchange offer a fast, cost-effective alternative to traditional cross-border payment methods.

32% of Nigerians Have Used Crypto: Nigeria is one of the world’s most crypto-active nations, with over 32% of the population having used cryptocurrency as of 2020, demonstrating strong grassroots demand for decentralized financial tools.

350 Million Unbanked in Africa: Over 350 million people in Africa remain unbanked, creating a massive addressable market for Zap’s mobile-first, crypto-powered financial services that bypass the need for traditional bank accounts.

Booming Smartphone Adoption: By 2025, Africa is expected to reach 475 million mobile internet users, enabling the rapid distribution and adoption of mobile-native financial apps like Zap Desk.

Crypto as a Hedge Against Inflation: With local currencies regularly devalued, Zap’s crypto exchange and wallet solutions provide a hedge against inflation, appealing to individuals and small businesses looking to preserve their purchasing power.

Business Model & Traction

Zap Africa operates on a transaction fee-based model, generating revenue from cryptocurrency trades executed via Zap Exchange and Zap Desk. By focusing on non-custodial services and leveraging platforms like WhatsApp, Zap minimizes overhead while scaling access to digital finance for both individuals and businesses.

Business Model Highlights:

• Transaction Fee Revenue: Earns fees from crypto-to-crypto and crypto-to-fiat transactions across its exchange and trading desk services.

• High Liquidity Swaps for Businesses: Zap Desk caters to B2B clients with personalized, high-liquidity crypto swaps, offering premium service for larger transactions.

• Low Overhead, Scalable Model: Operates a lean, mobile-first infrastructure with non-custodial wallets, reducing regulatory burdens and security overhead associated with custodial exchanges.

• Expansion Potential via Web3 Integration: The Wallet Connect feature allows Zap to tap into the broader DeFi ecosystem, opening new monetization channels such as staking or yield services in the future.

Traction:

• ₦2 Billion Processed in 3 Months: Within its first three months of operation, Zap Africa processed over ₦2 billion (approximately $2.6 million USD) in transaction volume, establishing itself as Nigeria’s fastest-growing crypto platform at the time.

• 10,000 Users Onboarded in 6 Hours: A viral $TRUMP coin campaign onboarded 10,000 users within just six hours, demonstrating Zap’s capability for rapid user acquisition and effective marketing.

• Pioneering Non-Custodial Services: Zap launched Nigeria’s first non-custodial crypto exchange and wallet, giving users full control over their assets and differentiating itself in a market dominated by custodial services.

• Global Regulatory Milestone: Secured the EU Virtual Asset Service Provider (VASP) license in 2024, enhancing its credibility and positioning Zap for expansion beyond Africa.

Zap Africa’s focus on financial inclusion, user autonomy, and seamless mobile access positions it as a transformative player in emerging market fintech, offering both scalability and meaningful impact.

Competitors

Zap operates in a competitive landscape that includes both local and international players. Notable competitors include:​

• Paystack: A Nigerian fintech company that recently launched a payment app called "Zap," leading to a legal dispute over trademark rights with Zap Africa. ​

• PalmPay: A mobile payment platform with over 30 million users, offering a range of financial services in Nigeria. ​

• Kuda: A digital-only bank in Nigeria that provides free banking services and has gained significant traction among the youth.​

Zap Africa differentiates itself through its non-custodial model, focus on financial inclusion, and integration with popular platforms like WhatsApp.​

Funding

In May 2024, Zap Africa secured $300,000 in pre-seed funding, led by Benjamin Oyemonlan, CEO of Platnova.

This investment has been instrumental in accelerating product development and expanding the company's reach. The funding round closed at a $4 million valuation, reflecting investor confidence in Zap Africa's vision and execution capabilities.