The Central Bank of Nigeria, CBN, has revoked the Operating Licences of eight Payment Service Providers.
Their licenses were revoked over non-performance, inability to meet capital requirements and failure to fulfil or comply with the conditions subject to which their licences were granted.
In a press statement signed by the CBN governor, Godwin Emefiele, noted that the seven (7) payment service providers listed in the schedule I, henceforth, ceased to carry on the type of business in Nigeria for which their license were issued for a continuous period of 6 months.
LIST OF PAYMENT SERVICE PROVIDERS WHOSE LICENSES WERE REVOKED (SCHEDULE I)
- Easifuel Limited.
- Transaction processing System (TPS).
- Grand Towers Limited.
- Paymaster Limited.
- E-Revenue Gateway Limited.
- Eartholeum Network Limited.
- Globasure Limited.
Also, the statement said, the payment service provider listed in the schedule II, henceforth ceased to carry on their business in Nigeria, being a switch company for which its license was issued for a continuous period of 6 months.
LIST OF PAYMENT SERVICE PROVIDERS WHOSE LICENSES WERE REVOKED (SCHEDULE II)
- 3Line Card Management Limited.
According to the statement, the revocation of their licenses was following their failure to fulfil or comply with conditions subject to which their licenses were granted and also, failure to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provision of banks and other financial institutions Act (BOFIA) Cap B3, Laws of the Federation of Nigeria, 2004.
Parts of the statement reads;
“I, Godwin Ifeanyi Emefiele, CON, Governor of central bank of Nigeria, in exercise of powers confered on the central bank of Nigeria under sections 60 and 62 of BOFIA, CAP B3, Laws of the Laws of the Federation of Nigeria, 2004 hereby, revoke the licenses of the payment Services Providers listed in Schedule I and the switch license of Payment Services Providers listed in Schedule II attached hereto.