CBN Revokes Operating Licenses of Seven Payment Services Providers and a Switch Licence Holder

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Thursday, December 24, 2020 / 04:15 PM / by CBN / Header Image Credit: Biz Watch Nigeria


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The Central Bank of Nigeria (CBN) has revoked the operating licenses of Seven (7) Payment Services Providers. This was contained in an official gazette document published on the CBN website.

 

The affected service providers were listed under schedule I and II.

 

1. The seven (7) Payment Services Providers listed in Schedule I below, have :

 

(a) ceased to carry on, in Nigeria. the type of business for which their licences were issued for a continuous period of 6 months ;

 

(b) failed to fulfil or comply with the conditions subject to which their licences were granted ; and

 

(c) failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) Cap B3, Laws of the

Federation of Nigeria, 2004.

 

2. The Payment Service Provider listed in Schedule II below has :

 

(a) ceased to carry on, in Nigeria, the business of being a switch company for which its licence was issued for a continuous period of 6 months.

 

(b) failed to fulfil or comply with the conditions subject to which their licences were granted ; and

 

(c) failed to comply with the obligations imposed upon them by the

 

List of Payment Service Providers Whose Licences Were Revoked

1. Easifuel Limited.

2. Transaction Processing System (TPS).

3. Grand Towers Limited.

4. Paymaster Limited.

5. E-Revenue Gateway Limited.

6. Eartholeum Network Limited.

7. Globasure Limited.

 

List of Payment Service Provider Whose Switch Licence was Revoked

  1. 3Line Card Management Limited.


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