CBN revokes licences of seven payment service providers

25 Dec CBN revokes licences of seven payment service providers

The Central Bank of Nigeria (CBN) has announced the revocation of operating licences of seven payment service providers (PSP), and one switch operator.

The 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.