Paystack fined ₦250m as CBN tightens fintech oversight in Nigeria
The CBN imposed a ₦250 million fine on Paystack for operating its Zap product without the appropriate license. Zap, a peer-to-peer money transfer app, requires a microfinance or banking license to function as a wallet.
United Front is Crucial as Businesses Combat Financial Crime
Advocate Xolisile Khanyile emphasized the need for a unified effort from the public and private sectors to combat financial crime, organized criminality, and corruption in South Africa. She criticized Designated Non-Financial Businesses and Professions (DNFBPs) for their weak compliance with anti-mo
Nigerian Founders Stranded As Startup Fave Mercury Pulls The Plug
Mercury Bank closes accounts linked to businesses in Nigeria and other countries, causing disruption in the local tech ecosystem. The closure of Mercury accounts will impact Nigerian startups heavily reliant on dollar funding and international operations.
South African regulator investigates 30 crypto entities
The FSCA is investigating cases of individuals or entities offering crypto services without proper authorization. The FSCA has approved a total of 138 CASP licenses.
