Oluchi Chibuzor
3Line Card Management Limited, Nigeria’s fintech firm has explained that it opted out of payment transaction switching services because it no longer aligns with its overall business strategy.
The explanation followed the revocation of firm’s Switching Services Licence by the Central Bank of Nigeria, due to its inability to meet up with its statutory obligations and conditions of the regulator.
In a statement, the company’s Managing Director/Chief Executive Officer, Femi Omogbenigun, disclosed that it had informed the regulatory authority that it was no longer interested in operating the licence.
“We actually wrote to CBN earlier this year, requesting that we want to put the licence on hold as we weren’t doing any switching business,” he stated.