Eyowo to make comeback as operational license gets reinstated by CBN

Eyowo, a Nigerian fintech company, has bounced back as its license was reinstated fully by the Central Bank of Nigeria (CBN).

This reinstatement allows Eyowo to resume offering its products including digital banking, payment solutions, and financial management tools tailored for individuals and businesses.

Eyowo had previously faced significant setbacks in 2023, including rumours of shutdowns, which the company clarified by emphasizing its pivot towards becoming a financial technology platform focused on “financial connectedness and intelligence.”

In March, Eyowo had its Microfinance license restored by the CBN with approval in principle after meeting the regulatory requirements. The company ensured customer access to funds through a partnership with ProvidusBank, enhancing safety, fraud prevention, and regulatory compliance.

The Chief Executive Officer (CEO), Yomi Adedeji acknowledged challenges with regulatory processes but assured stakeholders of nearing resolution, refraining from setting false expectations on account reactivation timelines.

Stakeholders, including customers and investors, await further clarity on Eyowo’s roadmap to address past issues and strengthen its market position moving forward.

(Techpoint Africa)

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