The Central Bank of Nigeria (CBN) says it has revoked the licenses of seven payment service providers.
The agencies include Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, and Paymastwer Limited. The rest are E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited.
The official gazette giving authority to the revocation of the license was signed by the CBN Governor, Mr. Godwin Emefiele.
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The CBN relied on the Banks and other Financial Institutions Act (BOFIA) Cap B3, Laws of the Federation of Nigeria 2004 to exercise its authority.
The CBN said entities ceased to carry on in Nigeria the type of businesses for which their incenses were issued for a continuous period of six months.
The gazette said they failed to fulfil or comply with the conditions imposed upon them by the CBN in accordance with the provision of BOFIA Act, 2004.