RBI cancels Vodafone m-pesa's certificate of authorisation

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SME Times News Bureau | 21 Jan, 2020
The Reserve Bank of India on Tuesday cancelled the Certificate of Authorisation (CoA) of Vodafone m-pesa after its voluntary surrender of authorisation.

The company henceforth cannot transact business of issuance and operation of Prepaid payment Instruments, RBI said.

The central bank, however, said that the customers or merchants having a valid claim on the company as a PSO, can approach the company till September 30, 2022, for settlement of their claims within three years from the date of cancellation.

"The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorisation," RBI said.