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CBN Revokes Licences of Eight Payment Service Providers


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Also, the payment switch licence of 3Line Card Management Limited was revoked.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 firms ceased to carry on, in Nigeria, the type of business for which their licences were issued, for a continuous period of six months. ....

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CBN approves new license categorizations for payment systems


The Central Bank of Nigeria (CBN) has approved a new license categorization system for the Nigerian Payment System.
The apex bank made this known in a press release published on its website and dated 9th December 2020.
According to the CBN, the license categorization is meant to help promote a strong and credible payment system and offers
“clarity for new and existing market participants, given the significant evolution and innovation in the Nigerian payments system.”
The central bank appears to be updating its regulations amidst the new wave of FinTechs in the country offering varying but often nuanced services.
According to the new guidelines, Payment Systems are now to operate within 4 broad categories. ....

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