Money & Banking

RBI cancels certificate of authorisation of Vodafone m-pesa

Our Bureau Mumbai | Updated on January 21, 2020 Published on January 21, 2020

 

The Reserve Bank of India (RBI) has cancelled the Certificate of Authorisation (CoA) of Vodafone m-pesa Ltd on account of voluntary surrender of authorisation.

The Payment System Operator (PSO) Vodafone m-pesa Ltd, Mumbai (earlier Mobile Commerce Solutions Ltd. was performing this activity) was issued CoA on December 30, 2011.

Following this, the RBI in a statement said the company cannot transact the business of issuance and operation of Prepaid Payment Instruments. The date of cancellation is September 30, 2019, it added.

However, customers or merchants having a valid claim on the company as a PSO, can approach the company for settlement of their claims within three years from the date of cancellation — by September 30, 2022.

Published on January 21, 2020
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