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Home Forums Business Matters CBN revokes licenses of 7 Payment Service Providers

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    CBN revokes licenses of 7 Payment Service Providers

    The Central Bank of Nigeria has revoked the licenses of seven (7) payment service providers and one (1) switch service provider due to their inability to meet up with their statutory obligations and conditions, wherein they were formed.

    This is according to an Official Gazette of the Federal Republic of Nigeria, seen by Nairametrics.

    From the Gazette, Nairametrics gathered that the affected institutions are categorized into 2 schedules, with the first comprising of the 7 PSPs whose licenses were revoked, while the other comprised of a PSP whose Switch license was revoked.

    The 7 affected payment service providers (PSPs) whose licenses were revoked as contained in Schedule I are; Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited.

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