ENUGU, Nigeria (VOICE OF NAIJA)- The Central Bank of Nigeria (CBN) has revoked the microfinance licenses of Eyowo, one of Nigeria’s digital banks.
Eyowo’s licence was revoked along with the licenses of 46 other microfinance institutions.
The CBN Governor, Godwin Emefiele, announced the cancellation of the companies’ licenses in a notification on its website on Wednesday.
According to the apex bank, the 47 microfinance banks’ licences, were withdrawn because they were inactive, insolvent, failed to submit returns, shut down, or stopped conducting banking business as they were licensed for over six months.
They were also accused of violating the revised regulatory and supervisory guidelines for microfinance banks in Nigeria and the Banks and Other Financial Institutions Act (BOFIA), 2020.
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Meanwhile, Eyowo customers have expressed concern over their inability to make transactions.
However, on Wednesday, Eyowo released a statement saying there was no cause for alarm, pledging, “We remain committed to ensuring the security of your money and apologise for any inconveniences that you will experience in this period.”
“Regarding the CBN directive, we are actively working with the Central Bank of Nigeria to resolve all pending issues and put our users at ease.
“To our users, rest assured that the CBN directive has no immediate impact on the safety of your money, nor is it connected in any way to the planned service improvements and ongoing onboarding freeze we announced.” The statement was released via Twitter.