Nigeria: CBN revokes licenses of seven payment service providers and switching firm

Following the recent revocation of the operating licenses of 42 microfinance banks (MFBs) in the country, the Central Bank of Nigeria has also revoked the licenses of seven (7) payment service providers and one (1) switch service provider due to their inability to meet up with their statutory obligations and conditions of the regulator.

According to the FGN Gazette No196 Vol 16,  seven (7) payment service providers and a switching company were affected for failure to comply with regulatory obligations and ceasing to carry on with business for which they had been licensed for a continuous period of six months.

The affected payment service providers, whose licenses were revoked are; 

Easifuel Limited

Transaction Processing System (TPS),

Grand Towers Limited

Paymaster Limited

E-Revenue Gateway Limited

Eartholeum Network Limited 

Globasure Limited.

The  payment service provider, whose switching license was revoked:

3Line card management Limited