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CBN reinstates license of popular bank after revocation

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CBN reinstates license of popular bank after revocation

 

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The Central Bank of Nigeria (CBN) has reinstated the license of a popular digital bank, Eyowo.

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This was disclosed by Yomi Adedeji, Co-Chief Executive Officer of Eyowo, in a message posted on its X account.

The apex bank had, on March 23, 2023, withdrawn the microfinance licence of Eyowo and 46 other companies.

 

 

In a statement published, CBN explained the licences of the banks were revoked because they had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months.

 

Eyowo announced that the CBN restored its Microfinance licence with approval in principle after meeting the regulatory requirements.

The company ensured customer access to funds through a partnership with ProvidusBank, enhancing safety, fraud prevention, and regulatory compliance.

In his post, Eyowo CEO, Yomi Adedeji’ wrote:

“Hi Everyone, just to let you all know, we have our full and final license back for @eyowo from the @cenbank of Nigeria.

“We will share details over the next few weeks. Impossible is nothing! Thank you, and cheers to it for us this weekend.”

 

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