Introduction
In a remarkable development for Nigeria’s fintech landscape, Eyowo has triumphantly announced the reinstatement of its full banking licence by the Central Bank of Nigeria (CBN). This milestone marks a significant turnaround for the company, which has navigated through substantial challenges in recent times.
The Licence Reinstatement Announcement
CEO Yomi Adedeji took to social media to share the pivotal news, heralding a new chapter for Eyowo. In his announcement, Adedeji expressed gratitude and optimism, signaling a celebratory mood within the organization.
“Just to let you guys know that we have our full and final licence back for Eyowo from the Central Bank of Nigeria. We will share details over the next few weeks. Impossible is nothing! Thank you and 🥂 to it for us this weekend 😉,” read the tweet, underscoring the company’s resilience and determination.
Overcoming Challenges and Pivoting Strategy
Eyowo’s journey to licence reinstatement wasn’t without hurdles. In 2023, the company faced significant setbacks, including regulatory challenges that prompted concerns among stakeholders. Amid reports of potential shutdown, Eyowo clarified its position, emphasizing its pivot into a robust financial technology platform.
The company repositioned itself to offer comprehensive financial services, focusing on digital banking, payment solutions, and financial management tools accessible to all smartphone users. This strategic shift underscores Eyowo’s commitment to enhancing financial connectedness and intelligence for individuals and businesses across Nigeria.
Regulatory Hurdles and Operational Resilience
Earlier in the year, Eyowo made headlines with the restoration of its Microfinance licence, marking a crucial step towards regulatory compliance and operational stability. The reinstatement followed rigorous requirements set forth by the CBN, enabling Eyowo to strengthen its internal operations and regulatory adherence.
“We have successfully met the requirements laid out by the CBN and have got our licence reinstated with an approval-in-principle. With the basic infrastructure in place and our licence restored, we turned our attention to restructuring our internal operations and connecting our systems,” stated Eyowo in an official communication.
Focus on Customer Trust and Safety
Throughout its regulatory journey, Eyowo prioritized customer trust and safety, implementing stringent measures to safeguard funds and ensure regulatory compliance. Collaborating with ProvidusBank, Eyowo facilitated customer access to funds while finalizing verification processes, thereby mitigating risks and enhancing financial security.
In addressing customer concerns during the regulatory process, CEO Yomi Adedeji acknowledged the challenges faced but remained optimistic about Eyowo’s operational resurgence.
