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Central Bank of Nigeria has revoked the operating licences of seven payment services providers.
The affected firms are Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited.
The CBN disclosed on a report titled ‘Revocation of operating licences of some payment service providers’, that he 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.
A payment service provider (PSP) offers shops online services for accepting electronic payments by a variety of payment methods.
This is including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking.
This is typically, a software as a service model and form a single payment gateway for their clients (merchants) to multiple payment methods.
The CBN said they failed to fulfil or comply with the conditions subject to which their licences were granted.
The apex bank said 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The CBN also disclosed that the switch licence of 3Line Card Management limited was revoked.