The Central Bank of Nigeria (CBN) has fined Paystack ₦250 million for running its Zap wallet without the required license—a move that has ignited debate about regulatory fairness and whether some players are being unfairly targeted in Nigeria’s fast-evolving fintech space.
- Zap, a peer-to-peer digital wallet by Paystack, was found to be operating outside its approved scope as a payment processor.
- The ₦250m fine is the company’s most significant regulatory setback since its founding in 2016.
- Similar fines on Moniepoint and OPay suggest the CBN is increasing pressure on compliance, but inconsistencies in enforcement have raised eyebrows.
- Critics argue that while regulation is essential, uneven scrutiny could stifle innovation and tilt the playing field.
- Paystack’s experience serves as a cautionary tale about the need for clear internal compliance and regulatory understanding.
As Nigeria’s digital economy matures, one question lingers: Will regulation be a fair and transparent guardrail—or a selectively applied tool that undermines confidence in the system?
