CBN revokes licenses of 7 Payment Service Providers and 1 Switch Service Provider

The Central Bank of Nigeria has revoked the operating licenses of seven Payment Service Providers and that of one Switch Service Provider for various infractions.

In a Gazette recently released by the regulator and posted on its site, the reasons given for the revocation of the licenses includes:

• Ceased to carry on, in Nigeria, the type of business for which their licenses were issued for a continuous period of 6 months;
• Failed to fulfil or comply with the conditions subject to which their licenses were granted; and
• Failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) Cap B3, Laws of the Federation of Nigeria, 2004

The seven affected payment service providers (PSPs) whose licenses were revoked by the CBN are:

• Easifuel Limited
• Transaction Processing System (TPS)
• Grand Towers Limited
• Paymaster Limited
• E-Revenue Gateway Limited
• Eartholeum Network Limited
• Globasure Limited.

The payment service provider whose switch license was revoked is 3Line Card Management Limited