Six months after the CBN revoked its license, Eyowo, one in all Nigeria’s oldest digital banks, stays not sure of when it’s going to resume its banking providers.
Eyowo, the Nigerian fintech startup that had its license suspended by the Central Financial institution, has stalled a resumption of banking operations, elevating existential questions on one of many nation’s earliest digital banking gamers. The CBN’s revocation of the fintech’s MFB license over potential non-compliance left many Eyowo prospects unable to withdraw their deposits for six months.
“After six months of energetic engagement with regulators, we acquired authorisation from the regulators to begin operations formally on October 27. That is nice and rewarding information after months of working onerous to fulfill the Apex banks’ necessities,” the corporate wrote in a press release to TechCabal. The corporate additionally mentioned that it expects to revive full entry to its customers within the shortest time potential—4 weeks as an alternative of November 10, which it had initially introduced to its customers.
The startup is blaming the delays on “follow-on” processes it must conclude, resembling altering its identify and relisting on NIBSS, the nation’s central change. “These adjustments are closely depending on third-party collaborations and never utterly below our time management,” a press release shared by the corporate on X learn.
Three weeks after the CBN revoked Eyowo’s MFB license, the corporate partnered with Providus Financial institution to allow its Tier 2 and Tier 3 prospects to withdraw their deposits. TechCabal was unable to substantiate what number of customers have been capable of withdraw their deposits via this partnership, however the firm’s posts on social media proceed to obtain complaints from prospects who say they’ve been unable to withdraw their cash. TechCabal additionally realized that some Eyowo customers resorted to utilizing their deposits to purchase airtime on the platform and redeeming it for money on different platforms like Palmpay.
Eyowo has undergone extra operational adjustments because it misplaced its license. Whereas keeping off shutdown speculations, it let go of 11% of its workers.