Eyowo, a digital bank operating in Nigeria, has issued a statement on Twitter to its customers and the public to remain calm despite the recent announcement of Microfinance license revocation by the Central Bank of Nigeria (CBN). With its revocation, this means that it has been disconnected from other banks in the country.
According to Eyowo,“Regarding the CBN directive, we are actively working with the Central Bank of Nigeria to resolve all pending issues and put our users at ease. To our users, rest assured that the CBN directive has no immediate impact on the safety of your money, nor is it connected in any way to the planned service improvements and ongoing onboarding freeze we announced. We remain committed to ensuring the security of your money and apologize for any inconveniences that you will experience in this period.”
Eyowo added that “over the next few hours, you will experience challenges sending and receiving money with Eyowo. This may take up to 24-72 hours to completely resolve, we will keep you abreast of the progress made and the next steps.”
Thank you for your understanding.
— Eyowo (@eyowo) May 24, 2023pic.twitter.com/ED553wimes
“We recognize the significance of open communication during this period and will keep you informed of any developments and progress made towards resolving the situation. We deeply appreciate your trust and support as valued customers and stakeholders. We are also actively working with our partner banks on a quick fix to the transaction challenge.”
On Tuesday, the Central bank recently published a list of 132 Microfinance banks whose licenses have been revoked. Eyowo Microfinance bank was one of the financial institutions affected.
According to the CBN Governor, Godwin Emefiele, in the publication, the affected financial institutions
(a) ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months ;
(b) failed to fulfil or comply with the conditions subject to which their licences were granted ; or
(c) failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
A Softcom company, founded in 2019, Eyowo is a digital bank that connects your entire financial lifestyle in one place – banking, savings, payments, planning, investing, etc.
