The UK Financial Conduct Authority (FCA) has cancelled the small payment institution (SPI) registration of PayAfrique.com Limited.

The Authority has concluded that by failing to submit returns for the last two years and to respond adequately to its 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.

This provides a basis for cancelling the firm’s registration in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSRs in order to protect the interests of consumers.

Furthermore, on the basis that the firm has not submitted returns for 2023 and 2022 and the returns for 2021 and 2020 show no evidence of the undertaking of payment transactions, the FCA considers that the firm has not provided payment services for a period of at least the last 12 months.

The Authority considers that this also provides the basis for cancelling the firm’s registration in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSR in order to protect the interests of consumers.

The FCA has therefore cancelled the firm’s registration as an SPI.