Nigerias Central Bank has fined fintech company Paystack, ?250 million 190,000 for allegedly operating its newly launched consumer product, Zap by Paystack, a peer-to-peer money transfer app in violation of its regulatory licence, according to TechCabal with direct knowledge of the matter.

Paystack had been embroiled in a regulatory crisis after the launch of its consumer product, Zap, sparked a trademark war with another startup, Zap Africa and triggered scrutiny that showed that Paystacks Zap failed to inform the Central Bank of Nigeria CBN, let alone obtain approval to launch.

Against a litany of Nigerias financial laws, Zap by Paystack was launched on March 24, as co-founder and CEO Shola Akinlade told attendees of the event that Zap was a product focused on fast, reliable and secure transfers.

Paystacks Zap first has to answer to the top bank to determine if it has any right to exist before it can fight to retain its name.