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 its X account.
TheNGblog had earlier reported that the CBN had, on March 23, 2023, withdrawn the microfinance licence of Eyowo and 46 other companies.
The apex bank followed with a list of another 132 microfinance banks, finance companies, and mortgage banks, whose licences 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.
In March 2024, Eyowo announced that the CBN restored its Microfinance licence 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 latest development is now a full license.
In his post, Eyowo 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.
TheNGblog 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.
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