Seven payment service providers lose operating licence.

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

This is coming on the heels of revocation of operating licences of 42 microfinance banks (MFBs) in the country a few days ago.

The apex bank, in an official gazette of the Federal Republic of Nigeria, listed the affected switch operator as 3Line Card Management Limited.

The Cable listed the affected PSPs as 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 the 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 read.

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

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