On the twenty second of Might 2023, the Central Financial institution of Nigeria (CBN) carried out complete reforms within the neo-banking sector. One of many actions taken was a mass revocation of microfinance financial institution licences, a call that additionally impacted Eyowo and the power to serve our prospects. We’ve spent the final 9 months partaking the regulator, fulfilling their necessities and guaranteeing we could be reinstated to begin operations.
All through this era, our major focus has at all times been our prospects. We’ve dedicated all out there manpower and assets in the direction of restoring their entry to funds entrusted to us. This has been our precedence in the previous couple of months, and we’re relieved that we’ve got finally honoured this dedication to our prospects.
Eyowo prospects now have entry to their funds by means of our partnership with ProvidusBank as they individually conclude the verification course of. We put this course of in place to make sure security of their funds, forestall fraud and for regulatory compliance.
We’re grateful to Providus Financial institution, the tech ecosystem, our family and friends who’ve all been a useful asset to us on this journey. It’s been an extended and difficult journey, which we’ve got persevered by means of as a result of we completely imagine in Eyowo’s mission to offer intuitive financial providers for ‘anybody with a smartphone’.
Our market has skilled significant development up to now decade, because of a supportive regulatory atmosphere and buyer embrace of digital finance. Nevertheless, innovation and rules haven’t at all times stored tempo with one another, and as a pioneering digital finance firm, we’ve got labored exhausting to develop throughout the bounds of current rules, whereas additionally adapting to new financial situations, altering buyer wants, and evolving regulatory necessities. We imagine because of this Eyowo was affected by the CBN’s determination in 2023 and why we have been capable of reply rapidly to the regulator’s suggestions.
We’ve efficiently met the necessities laid out by the CBN and have gotten our licence reinstated with an approval-in-principle.
With the essential infrastructure in place and our licence restored, we turned our consideration to restructuring our inner operations and connecting our techniques. We’ve spent the final 4 months streamlining our inner processes and exterior relationships in order that we’re totally aligned to enter a brand new part of operations.
Our journey of innovation has been one in every of steady evolution, and we’ve got learnt quite a bit about human interplay with cash and how one can make it higher. We are going to proceed to pioneer new merchandise, partnerships and experiences working with our wonderful crew to make dwelling and life higher for our prospects.
We apologise for the best way the state of affairs has unfolded over the previous couple of months, and take full duty for our function on this matter.
We’re grateful for the persistence our prospects have proven, as their cooperation has enabled us to beat this problem in our journey. We’re right here to offer them the help wanted to resolve any points they’ve by way of our defined channels.
We sit up for a future the place we proceed to allow financial mobility, connectedness and progress for everybody, particularly the creators and entrepreneurs we serve.
Yours faithfully, Toyosi Elegbede.
Chief Working Officer (COO) 08032170285.
