Nigerian fintech company Eyowo has achieved a significant milestone with the full reinstatement of its license by the Central Bank of Nigeria (CBN). This development marks a turning point for the company, which has navigated considerable challenges in recent times.
Yomi Adedeji, CEO of Eyowo, shared the news on social media platform X, expressing gratitude and optimism for the future. He indicated that further details would be revealed in the coming weeks, emphasizing the company’s resilience with the phrase “Impossible is nothing!”
The license reinstatement enables Eyowo to resume offering its comprehensive suite of products, including digital banking, payment solutions, and financial management tools designed for individuals and businesses. This development is crucial for the company’s continued operations and growth in the competitive fintech landscape.
Eyowo’s journey to this point has been marked by significant hurdles. In 2023, the company faced severe setbacks that threatened its operations and raised concerns among users and industry stakeholders. Reports of a potential shutdown circulated, which Eyowo addressed by clarifying its plans to pivot into a financial technology platform providing “financial connectedness and intelligence” for smartphone users.
The company’s challenges were compounded when the CBN revoked the licenses of Eyowo and 46 other microfinance banks. This action was taken due to various issues, including inactivity, insolvency, failure to submit returns, or cessation of licensed banking activities for over six months.
However, in 2024,Eyowo announced a positive development with the restoration of its Microfinance license by the CBN, albeit with an approval in principle. The company stated that it had met the requirements set by the CBN and was focusing on restructuring its internal operations and connecting its systems.
During this period, Eyowo partnered with Providus Bank to ensure customers could access their funds while completing individual verification processes. This measure was implemented to safeguard funds, prevent fraud, and ensure regulatory compliance.
In a public discussion on X Space, Adedeji apologized to customers for the inconvenience and indicated that the company was nearing resolution of its issues with the CBN. He emphasized the complexities of the regulatory process and the need for patience during the approval stages.
The CEO has promised to provide more details about Eyowo’s plans and how the reinstated license will impact its service offerings and strategic direction. Stakeholders, including customers and investors, are keenly awaiting information on how the company plans to address previous challenges and enhance its value proposition in the Nigerian fintech market.
This license reinstatement represents a crucial step forward for Eyowo, potentially allowing it to regain its footing in the competitive financial technology sector. As the company moves forward, its ability to rebuild trust and deliver innovative financial solutions will be key to its future success in the Nigerian market.
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