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Nigeria’s Central Bank has fined fintech company Paystack, ₦250 million ($190,000) for allegedly operating its newly launched consumer product, Zap by Paystack, a peer-to-peer money transfer app in violation of its regulatory licence.
According to TechCabal report, Paystack had been embroiled in a regulatory crisis after the launch of its consumer product, Zap, sparked a trademark war with another startup, Zap Africa and triggered scrutiny that showed that Paystack’s Zap failed to inform the Central Bank of Nigeria (CBN), let alone obtain approval to launch.
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Against a litany of Nigeria’s financial laws, Zap by Paystack was launched on March 24, as co-founder and CEO Shola Akinlade told attendees of the event that Zap was a product focused on “fast, reliable and secure transfers”.
Paystack’s Zap first has to answer to the top bank to determine if it has any right to exist before it can fight to retain its name.
Zap’s launch was seen as a bold move by the Stripe-owned firm to compete in the fast-growing consumer payments market. The fine marks Paystack’s largest publicly known regulatory penalty since it received CBN approval in 2016.
Source: TechCabal
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