Connect with us

Hi, what are you looking for?

E-Financial

CBN Revokes Licences of 7 Payment Service Providers

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

The apex 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.

“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.

The bank recently revoked the operating licences of 42 microfinance banks (MFBs) in the country.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

Federal High Court sitting in Lagos has restrained telecom operators in Nigeria from deactivating or barring any line or sim whose user did not...

Business

QNET, a global lifestyle and wellness-focused direct-selling company is excited to announce the upcoming launch of V-Africa 2024, an event designed to bring together...

Tech

Senate Committee on National Agency for Science and Engineering Infrastructure (NASENI) has commended the Agency for championing local content development of Solar-Powered smart irrigation,...

News

The family of the late Herbert Wigwe, the former group chief executive officer (GCEO) of Access Holdings Plc, has announced arrangements for his burial...