The Central Bank of Nigeria (CBN) has revoked the licenses of seven Payment Service Providers (PSPs) and one switch service provider, following their inability to meet up with key statutory obligations.
According to an official gazette obtained from CBN’s official website, the affected PSPs include: Transaction Processing System (TPS), Easifuel Limited, Paymaster Limited, Grand Towers Limited, E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited. 3Line Card Management Limited was the only PSP whose switch licence was revoked.
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Following the announcement, the gazette stated that the eight institutions involved would cease to operate for a period of six months.
CBN had earlier approved new license categorisations for the Nigerian payment system. The minimum capital requirements to operate in PSP and Switching/Processing capacities are N100 million and N2 billion respectively.
Nelson.O
