”This action culminates a long engagement between CBK and MPL, during which CBK has considered MPL’s continued violations of NPS law and regulations,” CBK said.
“MPL has persistently failed to discharge its statutory obligations, among others, non-submission of audited annual Financial Accounts of the Trust Fund (Tangaza Trust) and MPL, non-submission of annual systems security audit report, and non-submission of quarterly reports for CBK’s oversight.”
Failure to quash the license, CBK noted, would put customers’ funds at risk arguing that the move was meant to protect the interests of its customers and maintain confidence in the National Payment System.
CBK said it had subsequently taken over control of the business of to safeguard and facilitate distribution of the clients’ money in the Trust Fund.
