CBN revokes licences of eight payment service providers

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The Central Bank of Nigeria (CBN) has announced the revocation of operating licences of eight Payment Service Providers for non-performance, inability to meet capital requirements and failure to fulfil or comply with the conditions subject to which their licences were granted

The apex bank, in an official gazette of the federal republic of Nigeria, No. 196, Vol. 107, dated 4th December, 2020 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.

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