Paystack—Nigeria's Central Bank fined Paystack ₦250 million for operating Zap product without proper license
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.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.147 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.59)× agency (compelled ×0.25)
Evidence (1 signal)
Nigeria's Central Bank fined Paystack ₦250 million for operating Zap product without proper license
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.