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Market Digest Nigeria

Finance

CBN revokes licences of seven payment service providers

The Central Bank of Nigeria (CBN) has withdrawn the licences of seven payment service providers in the country.

The CBN made the proclamation on Thursday in a report titled, Revocation of Operating Licences of Some Payment Service Providers.

According to the banking industry watchdog, the affected firms comprise E-Revenue Gateway Limited, Easifuel Limited, Eartholeum Network Limited, Transaction Processing System, Paymaster Limited, Grand Towers Limited and Globasure Limited.

The companies have failed to undertake the kind of business for which their licences were issued for six straight months, the CBN said.

It added that they did not abide by the conditions subject to which their licences were issued.

The CBN stated they did not comply with the obligations placed on them by virtue of the provisions of the Banks and Other Financial Institutions Act (BOFIA) Cap B3 Laws of the Federation of Nigeria 2004.

Godwin Emefiele, the CBN governor, 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 was also revoked.

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