Nepal Rastra Bank has revoked the payment service provider licenses of Paywell Nepal and Sajilo Pay Payment Services, citing violations of financial regulations and laws.
Nepal Rastra Bank (NRB) has officially cancelled the payment service provider licenses issued to Paywell Nepal and Sajilo Pay Payment Services Pvt. Ltd.. The decision was made during the central bank’s board meeting held on Thursday.
According to the central bank, this action was taken under Section 35, Sub-section (1), Clause (chha) of the Payment and Settlement Act, 2075. The license of Paywell Nepal, issued on 2077/06/11, and Sajilo Pay, issued on 2077/12/17, have both been revoked.
In a public notice released today, Nepal Rastra Bank stated that both companies were found to be in violation of several financial laws and regulations. These include:
Payment and Settlement Act, 2075
Payment and Settlement Bylaws, 2077
Integrated Directives on Payment Systems, 2081
Asset (Money) Laundering Prevention Act, 2064
The central bank has emphasized that the decision was made based on the companies’ failure to comply with these legal provisions.
This article was originally published on bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
