CBN withdraws licences of seven payment service providers

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 is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959. The CBN Act was amended in 1991, 1993, 1997, 1998, 1999 and 2007.