CBN revokes licenses of seven payment service providers

The Central Bank of Nigeria has revoked the licenses of seven (7) payment service providers and one (1) switch service provider due to their inability to meet up with their statutory obligations and conditions, wherein they were formed.

This is according to an Official Gazette of the Federal Republic of Nigeria, seen by Nairametrics.

Nairametrics gathered that the affected institutions will cease to carry on in Nigeria, the type of business for which their licenses were granted for a consecutive period of six months.

According to Nairametrics, the 7 affected payment service providers, whose licenses were revoked as contained in Schedule I are; Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited.

While the sole payment service provider whose switch licence was revoked as contained in schedule II is 3Line Card Management Limited.

Excerpts of the press release reads:

“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.”