Central Bank of Nigeria revokes licenses of 7 Payment Service Providers

The Central Bank of Nigeria (CBN), in furtherance revoked the licenses of 7 payment service providers and 1 switch service provider as they failed to fulfil with the conditions subject to which their licences were granted.

Their licenses was revoke due to their inability to meet up with their statutory obligations and conditions, wherein they were formed and they fail to  comply with the obligations imposed on them by the CBN in accordance with provisions of the Banks and other Financial Institutions Act (BOFIA) Cap B3, Laws of the Federation 2004.

Read: Central bank of Nigeria revokes 42 microfinance banks operating licences in Nigeria

The affected Payment Service Providers are:

1. Easifuel Limited,

2.Transaction Processing System (TPS)

3.Grand Towers Limited

4.Paymaster Limited

5.E-Revenue Gateway Limited

6.Eartholeum Network Limited,

7.Globasure Limited.

The eight company also a Payment Service Provider  is  3Line Card Management Limited.

The Apex bank regulation is to provide for the licensing and operations of Payment Service Banks (PSBs) in Nigeria. PSBs are expected to leverage on mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services.

The Central bank Governor  exercise  powers conferred on the Apex bank under Sections 60 and 62 of BOFIA, CAP B3, Laws of the Federation of Nigeria, 2004 to revoke the licenses of the payment service providers listed in Schedule I and the switch licence of payment services providers.

 

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