Non-Compliance: CBN revokes licenses of 7 dormant payment service providers

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

The Central Bank of Nigeria (CBN) has disclosed the revocation of the operating licenses of seven dormant payment service providers (PSPs).

The announcement which was made on Friday stated the operators to include 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.

According to the CBN in an official gazette titled, Revocation of operating licenses of some Payment Service Providers (PSPs), the seven PSPs 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 statement read: “Whereas the seven (7) Payment Services Providers listed in Schedule I. hereto, have:

“Ceased to carry on In Nigeria, the type of business for which their licences were issued for an continuous period of 6 months:

“Failed to fulfil of comply with the conditions subject to which their licences were granted; and

“Failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) Cap 83. Laws of the Federation of Nigeria. 2004.

“The Payment Service Provider listed in Schedule II hereto has: Ceased to carry on in Nigeria, the type of business for which their licences were issued for an continuous period of 6 months; Failed to fulfil of comply with the conditions subject to which their licences were granted; and Failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) Cap 83. Laws of the Federation of Nigeria. 2004.

“l, Godwin Emefiele Governor of the Central Bank of Nigeria in exercise of the power conferred on the Central Bank of Nigeria under Sections 60 and 62 of BOFIA, Cap 83. laws of the Federation of Nigeria. 2004, hereby revoke the licences of the Payment Services Provider: listed in Schedule I and the switch licence of Payment Services Providers listed in Schedule II attached hereto,” the statement concluded.

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