“We Apologise”: Bank Begs Customers Over Failure to Resume Service After CBN Approval
- Eyowo has published a note of apology to its customers after it failed to resume operations on the date promised
- For months, customers of the bank cannot deposit or make transfers following CBN revocation of license
- Eyowo has reassured its customers that all the regulatory paperwork has been completed to resume operation
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.
Source: Twitter
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Legit.ng had earlier reported that the CBN had, on March 23, 2023, withdrawn the microfinance licence of Eyowo and 46 other companies.
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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."
Read also
No more limit: CBN makes changes on Access, GTB, UBA, Zenith, other banks' savings accounts
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!
Nigerians' dollar funds trapped in domiciliary accounts as bank managers tell customers to go home
Legit.ng earlier reported that bank customers could not withdraw dollars from their domiciliary accounts amid a currency scarcity in the financial services sector.
Managers in 10 commercial bank branches visited Ikeja, Ejigbo, Ago Palace, and Airport Road all confirmed the unavailability of dollars for withdrawal over the counter.
With the situation, many Nigerians who work for foreign companies full-time or as freelancers have been left to take loans to survive.
Source: Legit.ng
