CBN revokes licenses of 8 payment, switch service providers

The Central Bank of Nigeria (CBN) has revoked the licenses of seven Payment Service Providers (PSPs) and one switch service provider.

The apex bank said they were unable to meet up with their statutory obligations.

A CBN official gazette listed the affected firms.

They are Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited.

The PSP whose switch license was revoked is 3Line Card Management Limited.

They would cease to operate for a period of six months.

Services provided by the operators include POS terminal deployment and services, merchant/agent training and support, switching, card processing, transactions clearing and settlement agents.