• Latest
  • Trending
CBN orders immediate suspension of export proceeds repatriation extensions

CBN slaps N250 million fine on Paystack over Zap’s regulatory infractions

May 2, 2025
South African investment giant raises caution on Bitcoin ETF risks

South African investment giant raises caution on Bitcoin ETF risks

September 26, 2025
OpenAI’s ChatGPT Pulse now available for Pro users

OpenAI’s ChatGPT Pulse now available for Pro users

September 26, 2025
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business

CBN slaps N250 million fine on Paystack over Zap’s regulatory infractions

TechPression by TechPression
May 2, 2025
144 6
0
CBN orders immediate suspension of export proceeds repatriation extensions

CBN orders immediate suspension of export proceeds repatriation extensions

466
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The Central Bank of Nigeria (CBN) has imposed a fine of N250 million on Paystack, a Nigerian payment processing company, for launching its consumer-facing app, Zap, without obtaining the required regulatory approvals.

As reported by TechCabal, the CBN penalised Paystack for violating financial regulations by holding customer funds without the appropriate deposit-taking licence and facilitating cross-border transfers without the necessary authorisation.

Zap’s cross-border transfers violate CBN’s regulations

Launched in March without CBN’s go-ahead, Zap allows users to transfer money between bank accounts. However, the app does not have the proper approval to store funds, similar to a commercial bank. This regulatory violation drew the attention of the Central Bank, which closely monitors fintech operations in Nigeria.

The scrutiny around Zap grew more intense following a trademark dispute between Paystack and another fintech company, Zap Africa. Both companies claimed ownership of the ‘Zap’ name, prompting regulators to investigate Paystack’s product. What initially started as a trademark issue evolved into a broader enquiry that revealed other regulatory violations.

RelatedPosts

Fraud: CBN directs Opay, Moniepoint, PalmPay, others to geo-tag PoS terminals

PremiumTrust meets CBN’s N200bn capital requirement for commercial bank’s license ahead of March 2026 deadline

NCC, CBN partner to address failed telecom transactions, enhance network service quality

One of the primary infractions noted by the CBN was Zap’s facilitation of international transfers without holding the necessary licence as an International Money Transfer Operator (IMTO), which is required for any cross-border payment service.

As a result of these violations, the imposition of a fine was inevitable. The Central Bank has maintained a strict stance against companies that disregard its financial regulations.

Zap remains under regulatory scrutiny as the CBN continues its efforts to strengthen oversight of Nigeria’s growing fintech sector.

Tags: CBNPaystackZap
TechPression

TechPression

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.