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

The PSPs are 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.

The seven PSPs according to the CBN 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 apex bank disclosed this in an official gazette titled, Revocation of operating licenses of some Payment Service Providers (PSPs).

The CBN stated: “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 a continuous period of 6 months. Failed to fulfil of complying 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.”

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