Licenses of seven dormant payment service providers withdrawn

For being dormant for a continuous period of six months, the operating licences of seven dormant payment service providers (PSPs) have been revoked by the Central Bank of Nigeria (CBN).

The apex bank, in an official gazette titled, ‘Revocation of operating licences of some Payment Service Providers (PSPs)’ said the seven organizations have ceased to conduct the type of business for which their licences were issued.

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 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 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.”