Nigeria Fintech Eyowo Regains Full Central Bank of Nigeria License
Nigerian fintech firm Eyowo has marked a pivotal achievement with the full reinstatement of its license by the Central Bank of Nigeria (CBN). This milestone signifies a major turnaround for the company, which has recently faced substantial challenges.
CEO Yomi Adedeji announced the news on social media platform X, expressing both gratitude and optimism. He promised more details in the coming weeks and underscored the company’s perseverance with the phrase “Impossible is nothing!”
Eyowo’s journey has been fraught with difficulties. In 2023, the company confronted serious setbacks that threatened its operations, causing concern among users and industry stakeholders. Amidst rumors of a potential shutdown, Eyowo clarified its strategic shift towards becoming a financial technology platform focused on providing “financial connectedness and intelligence” for smartphone users.
The situation worsened when the CBN revoked the licenses of Eyowo and 46 other microfinance banks due to issues such as inactivity, insolvency, failure to submit returns, or cessation of licensed banking activities for over six months.
Nevertheless, in 2024, Eyowo announced a favorable development; the CBN had provisionally restored its microfinance license. The company met the CBN’s requirements and concentrated on reorganizing its internal processes and integrating its systems.
With its license fully reinstated, Eyowo can now resume offering its full range of products, including digital banking, payment solutions, and financial management tools for both individuals and businesses. This development is crucial for Eyowo’s ongoing operations and its growth in the highly competitive fintech industry.
