Sukate & Bezeboh Ltd (t/a SB Remit) – a small payments institution (SPI) – has entered administration.
Frank Ofonagoro and Charles Turner of Opus were appointed joint administrators of the firm on 22 May 2026. Earlier in May, SB Remit had agreed to a voluntary undertaking, which included restrictions preventing the firm from accepting new customer funds.
As an SPI, SB Remit had the option to opt into the FCA’s safeguarding requirements, but had chosen not to do so. As payment services are not covered by FSCS protections, recoveries for creditors will be dependent on the joint administrators’ reconciliation exercise.