CBN Revokes Licenses Of 7 Payment Service Providers

The Central Bank of Nigeria (CBN) has announced the revocation
of operating licences of seven payment service providers (PSP), and
one switch operator.

The apex bank, in an official gazette of the federal republic of
Nigeria, listed the affected switch operator as 3Line Card
Management Limited.

The affected PSPs are Easifuel Limited, Transaction Processing
System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue
Gateway Limited, Eartholeum Network Limited, and Globasure
Limited.

The gazette noted that the affected operators failed 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.

“I, Godwin Ifeanyi Emefiele, Governor of the Central Bank of
Nigeria, in exercise of the powers conferred on the Central Bank of
Nigeria under Sections 60 and 62 of BOFIA, CAP B3, Laws of the
Federation of Nigeria, 2004 hereby revoke the licenses of the
payment service providers listed in Schedule I and the switch
licence of payment services providers listed in Schedule II
attached hereto.” the gazette reads.

The bank recently revoked the operating licences of 42
microfinance banks (MFBs) in the country.

The Central Bank of Nigeria (CBN) has announced the revocation
of operating licences of seven payment service providers (PSP), and
one switch operator.

The apex bank, in an official gazette of the federal republic of
Nigeria, listed the affected switch operator as 3Line Card
Management Limited.

The affected PSPs are Easifuel Limited, Transaction Processing
System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue
Gateway Limited, Eartholeum Network Limited, and Globasure
Limited.

The gazette noted that the affected operators failed 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.

“I, Godwin Ifeanyi Emefiele, Governor of the Central Bank of
Nigeria, in exercise of the powers conferred on the Central Bank of
Nigeria under Sections 60 and 62 of BOFIA, CAP B3, Laws of the
Federation of Nigeria, 2004 hereby revoke the licenses of the
payment service providers listed in Schedule I and the switch
licence of payment services providers listed in Schedule II
attached hereto.” the gazette reads.

The bank recently revoked the operating licences of 42
microfinance banks (MFBs) in the country.