The Central Bank of Nigeria (CBN) has revoked the operating licences of 7 Payment Services Providers and the Switch Licence of the eight company.
According to the official Gazette of the apex bank seen by Investogist, the Payment Service Providers failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) Cap B3, Laws of the Federation of Nigeria.
Seven of the eight Payment Service Providers whose licences were revoked are:
- Easifuel Limited
- Transaction Processing System (TPS)
- Grand Towers Limited
- Paymaster Limited
- E-Revenue Gateway Limited
- Eartholeum Network Limited
- Globasure Limited
The eight company in the list – 3Line Card Management Limited had its Switch Licence revoked.
According to the CBN the seven listed companies “ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months and also failed to fulfil or comply with the conditions subject to which their licences were granted.”
The eight company also a Payment Service Provider has ceased to carry on, in Nigeria, the business of being a switch company for which its licence was issued for a continuous period of 6 months.
By: Ifunanya Ikueze