- Eyowo, a Nigerian-born digital bank, has announced that it has received its full and final licence from the Central Bank of Nigeria (CBN).
- Yomi Adedeji, CEO of Eyowo, shared the news on X on Friday, June 21, 2024, where he assured that more details would be shared in the coming weeks.
- Earlier in the year, the company disclosed that it had successfully met the requirements laid out by the CBN and had secured its licence with an approval-in-principle.
Part of the statement released then read, “With the basic infrastructure in place and our licence restored, we turned our attention to restructuring our internal operations and connecting our systems.”
However, the latest development will ensure the continued existence and growth of the fintech startup, which has been faced with a series of challenges in recent times.
Following the recent licence reinstatement, Eyowo can resume serving its customers, providing individuals and businesses with products such as digital banking, payment solutions, and financial management tools.
Before Eyowo launched as a digital bank in 2019, it first began operation in 2017 to provide easy access to money without the need for bank accounts. Throughout, the company’s journey has been marred by various challenges.
In May 2023, the Central Bank of Nigeria (CBN) revoked the microfinance licences of 46 companies in the country, including Eyowo, because they had remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months.
Consequently, it became difficult for customers to send or withdraw money using their accounts.
However, on June 13, 2023, Eyowo assured the public that it would soon resume operations once it had secured its Payment Solution Service Providers (PSSP) licence.
In March 2024, Eyowo announced that it had reinstated its Microfinance license, although with approval in principle.
During that period, the fintech startup partnered with Providus Bank to restore customers’ access to their funds, complete with individual verification processes.
Source
techpoint.africa
