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By Kadiri Abdulrahman Abuja, Dec. 25, 2020 The Central Bank of Nigeria (CBN) has revoked the licenses of seven Payment Service Providers (PSPs) and one switch service provider, who were unable to meet up with their statutory obligations. An official Gazette, obtained from CBN’s official website stated that 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 The PSP whose switch license was revoked is; 3Line Card Management Limited. The gazette state...

The official gazette giving authority to the revocation of the license was signed by the CBN Governor, Mr. Godwin Emefiele. The CBN relied on the Banks and other Financial Institutions Act (BOFIA) Cap B3, Laws of the Federation of Nigeria 2004 to exercise its authority. The CBN said entities ceased to carry on in Nigeria the type of businesses for which their incenses were issued for a continuous period of six months. The gazette said they failed to fulfil or comply with the conditions imposed upon them by the CBN in accordance with the provision of BOFIA Act, 2004.

Obinna Chima The Central Bank of Nigeria (CBN) has revoked the operating licences of seven payment service providers and one payment switching firm. The affected firms are Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited. Also, the payment switch licence of 3Line Card Management Limited was revoked. The CBN, in an official gazette signed by its Governor, Mr. Godwin Emefiele, a copy of which was posted on its website yesterday, said the decision was taken because the seven...

MONEY MARKET The Central Bank of Nigeria (CBN) yesterday announced the revocation of the    operating licenses of seven dormant payment service providers (PSPs). The PSPs are Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, and E-Revenue Gateway Limited. The others are Eartholeum Network Limited, Globasure Limited and 3Line Card Management Limited. The seven PSPs according to the CBN have ceased to carry on, in Nigeria, the type of business for which their licenses were issued for a continuous period of six months.   The apex bank disclosed t...

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