The Central Bank of Nigeria (CBN) has withdrawn the operating licences of seven (7) Payment Service Providers (PSPs).
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According to the official gazette released by the Apex bank on Thursday, 24 December, 2020. The PSPs have “ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months.”
The affected PSPs are: Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited.
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The Apex bank further stated that the affected companies also failed to “fulfil or 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.”
