Paystack

In November 2025, Paystack suspended and then terminated co-founder and CTO Ezra Olubi following allegations of sexual misconduct involving a subordinate that circulated on social media. Olubi claimed he was fired 'before the supposed investigation was concluded, and without any meeting, hearing, or opportunity to respond.' The company stated: 'As a regulated company, we have a responsibility to act quickly when conduct has the potential to undermine trust.' One investor said the scandals make it 'harder for entrepreneurs building companies and VCs trying to raise funds.'

In April 2025, Nigeria's Central Bank fined Paystack ₦250 million ($190,000) for allegedly operating its consumer product Zap by Paystack as a wallet in violation of its regulatory licence. The CBN claimed Zap functions as a deposit-taking product reserved for institutions with microfinance or banking licenses, while Paystack holds only a switching and processing licence.