Eyowo, a Nigerian digital bank, has faced a turbulent year marked by operational hurdles, financial strain, and regulatory challenges. Among its most pressing issues was the recent revocation of its microfinance banking license by the Central Bank of Nigeria (CBN).
This decision, part of a broader clampdown on inactive and insolvent banks, has disrupted Eyowo’s interbank transactions, leaving many users frustrated. Eyowo, which operates under Softcom, informed customers that the suspension of transfers could last up to 72 hours as they worked on restoring operations. Despite this reassurance, some customers expressed concerns over limited access to their funds, with disruptions reportedly beginning weeks before the official license revocation.
The challenges with Eyowo’s product offerings have further compounded its difficulties. Persistent transfer failures and delays were reported in the lead-up to the CBN’s decision. To address these issues, Eyowo recently paused new user registrations, stating this move was part of efforts to improve the platform’s functionality.
Amid these setbacks, Eyowo’s leadership remains optimistic about its vision. CEO Omoseinde Olobayo emphasized the company’s focus on enabling financial growth for businesses, aspiring to connect entrepreneurs with a larger consumer base through innovative offerings. However, this ambitious roadmap has come at a cost. Reports surfaced earlier in the year regarding unpaid staff salaries, a challenge Eyowo attributed to prolonged product development and economic disruptions, including the impact of COVID-19.
While the company has reportedly begun resolving some of its financial obligations, including partial payments to staff, significant uncertainties linger. As Eyowo continues discussions with the CBN to potentially regain its license, its path forward hinges on addressing internal and external challenges while striving to achieve its long-term goals.
