US EditionCourt dismisses request to stop CBN from using e-naira trade mark
- Nigeria’s apex financial regulator imposed a N250 million penalty on Paystack in 2024 for offering its Zap product without the necessary regulatory authorization.
- The fine followed CBN's view that Zap, launched in March as a peer-to-peer money transfer app, functions like a wallet requiring a microfinance or banking licence which Paystack lacks.
- Paystack operates under a switching and processing licence that allows it to facilitate transaction routing but prohibits it from holding customer deposits, a rule Zap is alleged to have violated by maintaining deposits through Titan Trust Bank.
- The CBN has demanded a comprehensive audit of Zap's architecture and third-party partners, while Paystack is cooperating and has not publicly commented to respect the regulatory process.
- This action reflects Nigeria's broader efforts to tighten fintech regulation, protect consumers, and enhance financial system integrity amid rapid sector growth and ongoing regulatory scrutiny.
12 Articles
12 Articles
Court dismisses request to stop CBN from using e-naira trade mark
The Federal High Court in Abuja has dismissed the request to stop the Central Bank of Nigeria (CBN) from using the e-naira trade mark . Justice James Kolawole Omotosho refused to grant the request put before his court by a private company, E-naira Payment Solutions Limited. The company had dragged the CBN before the court praying for an order of interim injunction restraining the apex bank from using e-naira trade mark on the ground of lack of …
Paystack receives its biggest known fine since 2016 over Zap
Paystack’s big bet on consumer payments is in trouble. Just weeks after launching its peer-to-peer transfer app called Zap, the Stripe-owned fintech has been fined ₦250 million ($190,000) by Nigeria’s Central Bank (CBN) for allegedly stepping beyond its regulatory boundaries.The issue? The CBN claims Zap operates like a wallet, a category strictly reserved for companies with banking or microfinance licences. Paystack, however, holds a switching …
Nigeria’s central bank fines Paystack, co-founded by Shola Akinlade
Key PointsThe Central Bank of Nigeria fined Paystack N250 million($0.19 million) for allegedly operating its Zap product as a wallet without proper licensing, violating deposit-holding regulations.Paystack’s Zap app, launched in March, sparked regulatory heat and a legal dispute with crypto firm Zap Africa over trademark rights.The fine signals growing scrutiny of Nigerian fintechs, as Paystack joins OPay and Moniepoint in facing regulatory acti…
CBN Fines Paystack ₦250M Over Alleged Regulatory Breach with Zap App
CBN Fines Paystack ₦250M Over Alleged Regulatory Breach with Zap App The Central Bank of Nigeria has slammed a ₦250 million (approx. $190,000) fine on Paystack,, for allegedly operating beyond the limits of its regulatory licence. At the center of the controversy is Zap by Paystack, the company’s recently launched peer-to-peer payment app. What’s the Issue? Launched in March 2025, Zap is Paystack’s bold entry into the consumer payments space. Bu…
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