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Eyowo announces delay in its service resumption

Heres why Eyowo has unable resume its operations despite its clearance from the CBN

One of Nigeria’s fintech startups, Eyowo, has yet to resume operations even after getting clearance from the Central Bank of Nigeria CBN. The company had promised to resume operations on November 10, 2023, which would have allowed its customers to withdraw and transfer funds.

However, many customers had their hopes dashed when a notice was issued on Sunday,  with the company saying it could not keep its promise because of the circumstances surrounding the resumption, which included a change of name.

The startup is blaming the delays on “follow-on” processes it needs to conclude, such as changing its name and relisting on NIBSS, the country’s central switch.

In a statement shared by Eyowo on X, the company explained,

“We must share that we fell short of our commitment to resume operations by November 10. We completed our MFB regulatory requirements with CBN on October 27, 2023, when we received the formal letter."

They added, “This effectively gave us the authorisation to resume banking operations. However, this process required that we carry out holistic changes in our MFB arm, which powers our banking operations. These changes are heavily dependent on third-party collaborations and not completely under our time control.”