- The Central Bank of Nigeria (CBN) has decided to reinstate Eyowo’s banking licence, months after revocation
- The fintech company faced setbacks in 2023 after the CBN revoked its license alongside that of 172 microfinance banks
- Having satisfied all CBN requirements, Eyowo will now be allowed to resume digital banking services
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Eyowo, a popular digital bank, has announced that the Central Bank of Nigeria (CBN) has reinstated its full licence.
This was disclosed by Yomi Adedeji, co-chief executive officer of Eyowo, in a message posted on X.
Photo credit: Pius Utomi Ekpei
Source: Getty Images
Legit.ng previously reported that on March 23, 2023, the CBN withdrew the microfinance license of Eyowo along with 46 other companies.
The apex bank subsequently released a list of an additional 132 microfinance banks, finance companies, and mortgage banks whose licenses were also revoked.
In a statement published, CBN explained the licences of the banks were revoked because they had either 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 (6) months.
Eyowo makes a comeback
In March 2024, Eyowo announced that the CBN restored its Microfinance licence with approval in principle after meeting regulatory requirements.
The company ensured customer access to funds through a partnership with ProvidusBank, enhancing safety, fraud prevention, and regulatory compliance.
The latest development is now a full license.
In his post, Eyowo’s CEO, Yomi Adedeji, wrote:
“Hi Everyone, just to let you all know, we have our full and final license back for @eyowo from the @cenbank of Nigeria.
“We will share details over the next few weeks. Impossible is nothing! Thank you, and cheers to it for us this weekend.”
This reinstatement now allows Eyowo to resume offering its products, including digital banking, payment solutions, and financial management tools tailored for individuals and businesses
CBN revokes licenses of over 170 Microfinance Banks, finance companies
Legit.ng reported that the CBN had revoked the licenses of 179 microfinance banks, four primary mortgage banks, and three finance companies nationwide.
The announcement was made in the official gazette of the Federal Government, which was published on the CBN’s website on Tuesday, May 23, 2023.
According to the gazette, these financial institutions had their licenses revoked due to several reasons.
Source: Legit.ng