Overview
Paypound has been identified by industry insiders as one of the successor entities to the now-defunct Indo-British high-risk payment processor iPayTotal. Recent reports indicate that Paypound has expanded its operations to Nigeria, where individuals such as Abayomi Adetola are actively engaged in local business development.
Operations in Nigeria
According to sources, Abayomi Adetola is currently reaching out to various payment service providers and gateway platforms, requesting to be listed as a master merchant with a designated master ID. The objective appears to be building a network of sub-merchants whose customer transactions and funds would be routed through Paypound’s own bank infrastructure.
Involvement in Questionable Broker Activities
Over the past several months, Paypound has been repeatedly named as a facilitator in numerous broker-related fraud schemes. Despite the presence of regulatory alerts and unmistakable signs of fraudulent activity, Paypound has continued providing transaction processing services for these operations.
Recurring Pattern of Risk-Freezing and Potential Collapse
There seems to be a recurring strategy wherein Paypound continues to process payments for questionable entities until the risk level becomes unsustainable. At that point, the platform often freezes merchant funds under the justification of “risk assessment.” This pattern closely mirrors the final phase of iPayTotal’s downfall, suggesting that Paypound may follow a similar trajectory.
Call for Industry Awareness
Members of the financial services community and compliance officers are encouraged to monitor Paypound’s activities closely and report any irregularities. The Scam-or Project continues to gather and publish information to bring transparency to the high-risk payments ecosystem.