CBN has revoked the licenses of 7 payment service providers and 1 switch service provider.
CBN has revoked the licenses of 7 payment service providers and 1 switch service provider.
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.
Although the statutory obligations that the affected firms failed to fulfil were not mentioned, Nairametrics, however, understands that the recent revocation might be connected to CBN’s renewed drive to strengthen and ensure a credible payment system in Nigeria amidst the new wave of Fintechs in the country offering varying but often nuanced services.
Recall that Nairametrics had earlier reported that CBN had approved new license categorizations for the Nigerian payment system.
Checks into the latest disclosure by the apex bank revealed that the affected institutions will for a period of six months consecutively, cease to carry on in Nigeria, the type of business for which their licenses were granted.
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the first comprising of the 7 PSPs whose licenses were revoked, while the other comprised of a PSP whose Switch license was revoked.
Excerpts of the press release reads:
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