The Financial Conduct Authority (FCA) revealed in a final notice last week that it has cancelled the registration of PayAfrique.com Limited as a Small Payment Institution (SPI).
PayAfrique.com’s Small Payment Institution Registration Cancelled by FCA
The FCA took the action due to PayAfrique.com’s failure to comply with regulatory obligations.
Specifically, the regulator said the company failed to submit annual reports (Returns) for the past two years (2022 and 2023) despite its repeated requests.
“The Authority has concluded, on the basis of the facts and matters described above, that by failing to submit the Returns for the last two years and to respond adequately to the Authority’s repeated requests that it do so, the Firm has failed to demonstrate a readiness and willingness to comply with its ongoing regulatory obligations and to deal with the Authority in an open and co-operative way,” the FCA stated.
Additionally, they said previously submitted reports for 2020 and 2021 indicated no recorded payment transactions or business activity.
The FCA’s decision is based on regulations designed to protect consumers in the financial services sector.
A key requirement for SPIs is to report their activities to the FCA, allowing the regulator to monitor compliance and potential risks.
PayAfrique.com’s lack of response to the FCA’s warnings and its apparent inactivity in the payments sector led the authority to conclude that the company is not fit to hold an SPI registration. This cancellation prevents PayAfrique.com from offering payment services in the UK.
