Eyowo, one of Nigeria’s digital banks, has had a challenging year. While it has ambitious plans for the future, it has to deal with cashflow challenges, frustrated users and a revoked Microfinance Bank licence.
On Wednesday, Nigeria’s Central Bank revoked the operating licence of 47 microfinance banks. One of the licences revoked was Eyowo Microfinance Bank, which the digital bank, Eyowo, controls. According to the CBN, the revoked licences were either 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. While it remains unclear the specific reason Eyowo’s licence was revoked, the company’s CEO, Omoseinde Olobayo, told TechCabal that it is still “engaging the CBN to understand and resolve the issues.” This week’s licence revocation caps a truly stormy year for the digital bank.
Following CBN’s announcement, Eyowo—owned by Softcom—said…
