Breach Of Law: CBN Revokes Operating Licenses Of Payment Service Providers, Switch Operator

-by our correspondent.

The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of seven payment service providers (PSPs) and one Switch service operator for failing to comply with the requirements of the Banks and Other Financial Institutions Act (BOFIA).

The regulator, in an official gazette of the federal republic of Nigeria, named the affected switch operator as 3Line Card Management Limited.

The gazette also listed the penalized seven PSPs;  Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited,  and Globasure Limited.

The apex bank noted that the affected operators failed to comply with the responsibilities placed on them in accordance with provisions of section 60 and 62, of the BOFIA 2004.

“I, Godwin Ifeanyi Emefiele, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Sections 60 and 62 of BOFIA, CAP B3, Laws of the Federation of Nigeria, 2004 hereby revoke the licenses of the payment service providers listed in Schedule I and the switch license of payment services providers listed in Schedule II attached hereto.” the gazette reads.

You will recall that the CBN recently revoked the operating licenses of 42 microfinance banks (MFBs) in the country.

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