Central Bank of Nigeria revokes 8 payment service providers’ licences

Amaka E. Nliam

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The Central Bank of Nigeria (CBN), the country’s apex financial institution, has revoked the operating licenses of eight payment service providers for non-performance, inability to meet capital requirements and failure to fulfill or comply with the conditions subject to which their licences were granted.

According to the Federal Republic of Nigeria Official Gazette (No. 196, Vol. 107, dated 4th December, 2020), the payment service providers, amongst other offences, also failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) Cap B3, Laws of the Federation of Nigeria, 2004.


Amaka E. Nliam

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