Not Heritage Bank: Nigerian Bank's CEO excited as CBN restores full license after suspension

Eyowo, a popular digital bank, has announced that the Central Bank of Nigeria (CBN) has reinstated its full licence.

This was disclosed by Yomi Adedeji, co-chief executive officer of Eyowo, in a message posted on X.

Legit.ng previously reported that on March 23, 2023, the CBN withdrew the microfinance license of Eyowo along with 46 other companies.

The apex bank subsequently released a list of an additional 132 microfinance banks, finance companies, and mortgage banks whose licenses 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.

In March 2024, Eyowo announced that the CBN restored its Microfinance licence with approval in principle after meeting regulatory requirements.

The company ensured customer access to funds through a partnership with ProvidusBank, enhancing safety, fraud prevention, and regulatory compliance.

The latest development is now a full license. In his post, Eyowo's CEO, Yomi Adedeji, wrote: "Hi Everyone, just to let you all know, we have our full and final license back for @eyowo from the @cenbank of Nigeria. "We will share details over the next few weeks.

Impossible is nothing! Thank you, and cheers to it for us this weekend." This reinstatement now allows Eyowo to resume offering its products, including digital banking, payment solutions, and financial management tools tailored for individuals and businesses.