CBN Revokes Licenses of Seven Payment Service Providers

CBN Issues Fresh Directives To Banks Regarding Borrowers' Records

The licenses of seven payment service providers (PSP) and one switch operator have been revoked by the Central Bank of Nigeria (CBN).

The CBN made the disclosure in an official gazette of the federal republic of Nigeria, in which it identified the affected switch operator as 3Line Card Management Limited.

The apex bank also 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.

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The gazette indicated that the blacklisted operators failed to comply with the provisions of the CBN in accordance with the 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.

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