Table of Contents
On May 22, 2023, the Central Bank of Nigeria (CBN) implemented extensive reforms in the neo-banking sector, leading to the mass revocation of microfinance bank licenses, affecting Eyowo and its ability to serve customers.
Over the past nine months, Eyowo has actively engaged with the regulator, meeting requirements, and working towards reinstatement to resume operations.
Join our Telegram Channel for Updates
Throughout this period, the primary focus has been on customers, dedicating resources to restore their access to entrusted funds. This commitment has now been fulfilled.
Eyowo customers can access their funds through a partnership with Providus Bank, finalizing the verification process for safety, fraud prevention, and regulatory compliance.
The company expresses gratitude to Providus Bank, the tech ecosystem, friends, and family for their invaluable support.
Despite facing challenges, Eyowo believes in its mission to provide intuitive financial services for anyone with a smartphone.
The company acknowledges the growth in the market and emphasizes the importance of aligning with regulations, adapting to changing conditions, and responding swiftly to regulatory recommendations.
Eyowo successfully met CBN’s requirements, securing a reinstated license with an approval-in-principle. With the infrastructure in place and the license restored, the company focused on restructuring internal operations and connecting systems over the last four months.
The journey of innovation at Eyowo has involved continuous evolution, gaining insights into human interaction with money and striving for improvement. The company plans to pioneer new products, partnerships, and experiences to enhance the lives of its customers.
The company apologizes for the unfolding situation and takes responsibility for its role in the matter. The company appreciates the patience of its customers and is committed to providing support to resolve any issues through defined channels.
The company looks forward to enabling financial mobility, connectedness, and progress for everyone, particularly the creators and entrepreneurs it serves in the future.
