The Central Bank of Nigeria (CBN) carried out extensive changes in the neo-banking industry on May 22, 2023.
Mass revocation of microfinance bank licenses was one of the measures implemented; this decision affected Eyowo and our capacity to provide client service.
For the past nine months, we have been in contact with the regulator, met their needs, and made sure we can be allowed to resume operations.
Throughout this period, our primary focus has always been our customers. We have committed all available manpower and resources towards restoring their access to funds entrusted to us. This has been our priority in the last few months, and we are relieved that we have finally honoured this commitment to our customers.
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Eyowo customers now have access to their funds through our partnership with Providus Bank as they individually conclude the verification process. We put this process in place to ensure safety of their funds, prevent fraud and for regulatory compliance.
We are grateful to Providus Bank, the tech ecosystem, our friends and family who have all been an invaluable asset to us on this journey. It’s been a long and challenging journey, which we have persevered through because we thoroughly believe in Eyowo’s mission to provide intuitive financial services for ‘anyone with a smartphone’.
Our market has experienced significant growth in the past decade, thanks to a supportive regulatory environment and customer embrace of digital finance.
However, innovation and regulations have not always kept pace with each other, and as a pioneering digital finance company, we have worked hard to grow within the bounds of existing regulations, while also adapting to new economic conditions, changing customer needs, and evolving regulatory requirements.
