'We apologise' - Bank begs customers over failure to resume service after CBN approval

Eyowo, a popular digital bank, has apologised to its customers for failing to fulfil its commitment to resume operations.

The digital bank had assured its customers that it would resume operations by Sunday, November 10, 2023, after the revocation of its license by the Central Bank of Nigeria (CBN) stopped its services.

What happened to Eyowo?

Legit.ng had earlier reported that the CBN had, on March 23, 2023, withdrawn the microfinance licence of Eyowo and 46 other companies.

The apex bank followed with a list of another 132 microfinance banks, finance companies, and mortgage banks, whose licences were also revoked.

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 makes a comeback

Eyowo has been trying to resolve the issues, and according to a statement by the bank shared on X, it has completed its MFB regulatory requirements with the CBN.

The statement, signed by Yomi Adedeji and Seindemi Olobayo, co-chief executive officers, reads: "Dear Customer, We must share that we fell short of our commitment to resume operations by November 10th.

"We completed our MFB regulatory requirements with CBN as of October 27th, 2023, when we received the formal letter. This effectively gave us the authorisation to resume banking operations. However this process required that we carry out holistic changes on our MFB arm which powers our banking operations.

"These changes are heavily dependent on third party collaborations and not completely under our time control. 1. A change of MFB name which is required to power our interbank transfer services. 2. Re-listing this new name on NIBSS interbank channel to enable you to transfer out of Eyowo to other banks. 3. Re-integrating with all banks to ensure that we are listed on their channels for your transactions to go through. 4. Applying the changes to other services; cards, pos settlements and transfers into Eyowo.

"Despite our best efforts, we could not finish the necessary requirements to resume operations targeted towards the communicated date of November 10th, 2023. We apologise for the impact this has had on you, your everyday life and business.

"We have stood together for this long and we appeal to you to bear with us as we cross this finish line. We are working to resolve the bottlenecks, and will communicate further details with you in a timely manner going forward." Customers react

isholaodun014 wrote: "My N150,000 still dey una hand oooo, which kind wahala be this na" Another,

Darpo said: " We’re with you all the way. When Eyowo comes back, we move!