Fine

In an era defined by rapid technological change, few sectors have experienced as much upheaval as the financial technology (fintech) landscape. Recently, Paystack’s introduction of its peer-to-peer transfer app, Zap, has sparked a wave of scrutiny and concern regarding regulatory compliance. It prompts us to ask: how far can innovation go before it bumps into the walls of regulation? The Central Bank of Nigeria (CBN) has raised alarms, asserting that Zap operates similarly to a digital wallet—an assertion that…

Meta Platforms Faces Uphill Battle in Nigeria In a significant ruling, Meta Platforms has suffered a setback, losing its appeal against a hefty fine of $220 million. This penalty was imposed by Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) due to violations of local consumer protection, data privacy, and related laws. It’s a poignant reminder that even tech giants remain accountable, regardless of their size or market dominance. The roots of this investigation trace back to May 2021.…

In a significant move, the European Union has imposed fines of €500 million on Apple and €200 million on Meta, marking the first enforcement actions under groundbreaking legislation designed to rein in the influence of Big Tech. As EU antitrust regulators take this decisive step, the implications for U.S. relations, particularly with former President Donald Trump, may become a point of contention; he has previously signaled intentions to impose tariffs on nations that penalize American firms. This action follows an…