Nigeria’s Central Bank Hits Paystack with Historic Fine for Compliance Breach
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…