CBN withdraws licences of 7 payment service providers for non-compliance

*The Central Bank of Nigeria says the affected payment service firms have ceased to carry on the type of business for which their licences were issued for a continuous period of six months

Isola Moses | ConsumerConnect

For failure to fulfil or comply with the conditions subject to which their licences were granted originally, the Central Bank of Nigeria (CBN) has revoked the operating licences of seven payment services providers (PSPs) in the country.

The country’s Bankers’ Bank and banking industry regulator stated this Thursday, December 23 on a report titled: ‘Revocation of operating licences of some payment service providers’.

The CBN listed the affected payment service firms as Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited.

The firms have ceased to carry on in Nigeria the type of business for which their licences were issued for a continuous period of six months, said the bank.

According to the Bank, the concerned companies could not fulfil or comply with the conditions subject to which their licences were granted.

They failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of the Banks and other Financial Institutions Act Cap B3, Laws of the Federation of Nigeria, 2004.

Mr. Godwin Emefiele, Governor of CBN,  said: “In exercise of the powers conferred on the Central Bank of Nigeria under Section 60 and 62 of BOFIA, Cap B3, laws of the federation of Nigeria, 2004 hereby revoke the licences of the Payment Service Providers listed.”

The switch licence of 3Line Card Management Limited also was revoked, stated the industry regulator.