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The licences of seven payment services providers has been revoked by the Central Bank of Nigeria.
The CBN on Thursday revealed this on a report titled ‘Revocation of operating licences of some payment service providers’.
The affected firms includes Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited.
Explaining the reason for this action, CBN said the firms have ceased to carry on in Nigeria the type of business for which their licences were issued for a continuous period of six months.
Also, the bank said they failed to fulfil or comply with the conditions subject to which their licences were granted.
According to the apex bank, the firms failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of the Banks and other Financial Institutions Act Cap B3, Laws of the Federation of Nigeria, 2004.
The CBN Governor, Godwin Emefiele, said, “In exercise of the powers conferred on the Central Bank of Nigeria under Section 60 and 62 of BOFIA, Cap B3, laws of the federation of Nigeria, 2004 hereby revoke the licences of the Payment Service Providers listed.”
The CBN also revealed that the switch licence of 3Line Card Management limited was revoked.
Lagos State Governor, Babajide Sanwo-Olu has warned churches against disregarding the 12am to 4am curfew imposed by the federal government, as part of efforts to curb the spread of the […]
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