The Central Bank of Nigeria (CBN) has revoked the licenses of seven Payment Service Providers (PSPs) and one switch service provider, who were unable to meet up with their statutory obligations.

An official Gazette, obtained from CBN’s official website stated that the affected PSPs 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The PSP whose switch license was revoked is; 3Line Card Management Limited.

The gazette stated that the institutions that their licenses were revoked would cease to operate for a period of six months.

Recall that the apex bank 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.

Some of the services provided by PSP and Switch operators include; POS terminal deployment and services, PTAD, Merchant/agent training and support, switching, card processing, transactions clearing and settlement agents. (NAN)