CBN Revokes Operating Licences Of 7 Payment Services Firms

The Central Bank of Nigeria (CBN) said it has withdrawn the operating licences of seven payment services providers.

Eko Hot Blog recalls that the CBN also recently revoked the operating licences of 42 Microfinance Banks across the country.

A report titled ‘Revocation of operating licences of some payment service providers’ released by the apex bank listed the affected firms as: Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited.

Read also: CBN Revokes 42 Microfinance Banks’ Operating Licences

The CBN explained that the firms desisted from the type of business for which their licences were issued for a continuous period of six months.

It added that 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 (BOFI) Act Cap B3, Laws of the Federation of Nigeria, 2004.

“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 report quoted CBN Governor, Godwin Emefiele as saying.

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