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Nigerian fintech firm Eyowo has achieved a significant milestone with the full reinstatement of its license by the Central Bank of Nigeria (CBN), marking a major turnaround for the company following a period of substantial challenges.
CEO Yomi Adedeji announced the news on the social media platform X, expressing gratitude and optimism. He promised more details in the coming weeks and highlighted the company’s resilience with the phrase “Impossible is nothing!”
Eyowo’s journey has been fraught with difficulties. In 2023, the company faced 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.
Despite these challenges, 2024 brought a positive development: the CBN provisionally restored Eyowo’s microfinance license. The company met the CBN’s requirements and focused on reorganizing its internal processes and integrating its systems.
With its license now fully reinstated, Eyowo can 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.
The full restoration of Eyowo’s license signifies a new chapter for the company, reinforcing its commitment to innovation and excellence in Nigeria’s fintech sector.
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