3Line Card Management Limited has responded to the revocation of its switch license by the Central Bank of Nigeria (CBN).
The Payment Service Provider said in a statement by its CEO that it opted out of payment transaction switching services because it no longer aligns with its overall business strategy.
Femi Omogbenigun said that it was not surprising that CBN included 3Line card management Limited among those whose licenses were revoked for failure to comply with regulatory obligations and ceasing to carry on with the business for which they had been licensed for a continuous period of six months.
Omogbenigun revealed that it had informed the regulatory authority that it no longer interested in operating the license.
“We actually wrote to CBN earlier this year, requesting that we want to put the license on hold as we weren’t doing any switching business.
“Consequently, we entered into a strategic agreement with Interswitch Limited for all our transaction switching business.
“Interswitch has been our switching partner for a while and we are happy with the arrangement.”
3Line will now focus on its core area of strength, which using technology to deepen financial inclusion. These are its card scheme; Freedom card and its super-agent license business which are fully functional.
Omogbenigun explained that 3Line is at the final stage of obtaining a Payment Terminal Service Provider (PTSP) license which will help deepen its super-agent business and other offerings. The strategy has proven laudable as the company has grown exponentially in the last 24months.
He further assured its existing business partners that the revocation of its switching license does not in any way disrupt the services that are being offered.
