The Central Bank of Nigeria (CBN) on Thursday announced that it has revoked the operating licences of seven payment services providers.
Naija News reports that this was made known in a report titled ‘Revocation of operating licences of some payment service providers’.
The Apex Bank accused the firms of ceasing to carry on in Nigeria the type of business for which their licences were issued for a continuous period of six months.
According to the CBN, the payment service providers failed to fulfil or comply with the conditions subject to which their licences were granted.
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 affected firms are Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited.