Article summary
- Customers of Nigeria’s digital bank Eyowo plead for access to their funds after the bank’s license is revoked by the Central Bank of Nigeria.
- Despite promises to resolve the issue within 24 to 72 hours, customers remain unable to send or receive money from their accounts after five days.
- Eyowo assures customers that their money is safe but does not provide a timeline for when they can access their funds.
Customers of Nigeria’s digital bank, whose license was recently revoked by the Central Bank of Nigeria, Eyowo, have besieged the company’s social media page pleading access to their money.
Contrary to the promise by the company on Wednesday, May 24, 2003, that the restriction on their accounts will be lifted within 24 to 72 hours as it was working to resolve the issue, the customers are unable to send or receive money on their accounts 120 hours (5 days) after. As of Monday, May 29, the digital bank’s customers are still pleading with the company for access to their money.
According to the bank’s customers, they have been unable to withdraw or send money from their accounts since last week. They also expressed disappointment that the 72 hours promised by the company had lapsed, yet there is no solution.
Appeal for access
Some of the Eyowo customers, who took to the company’s Twitter page to ask for their money, appealed to the bank to release their money. Specifically, a customer of the bank who use the account to save money from people’s contribution, Sandra Avwomakpa, said she is now in big trouble as she is unable to access the money and people would demand their money at the end of the month. She said:
- “@Eyowo, I beg you in the name of God, release my money. I use the account for contributions and the money in the account is people’s money. It is month end already and people will ask for their money. Please, release the money. This is trouble!”
One of the customers, @mobaby4luv also said:
- “Please, do the needful. I need my money deposited in my account with you guys. Allow me to transfer my money, please do the needful, this is taking too long.”
Another customer, @yithrO_ wrote:
- “This is so irritating! All I’m getting is sorry no access to my money or savings! I had to beg today to settle my bills!”
Another customer with the Twitter handle @Spicoin4170, also tweeted at the company saying:
- “Please, I need my money. The 72 hours you promised have passed; you guys will lose a lot of customers.”
Customers’ money is safe
Providing an update on the issue, Eyowo in an email sent to some of its customers on Monday assured that their money is safe. The company, however, did not give any timeline of when the customers will be able to access their money.
- “We hope this email finds you well. We are reaching out to provide you with an important update regarding the recent CBN directive and its impact on our services. Our utmost priority is maintaining open lines of communication and addressing any concerns you may have during this time.
- “First and foremost, we want to assure you that your money is safe and secure, as your funds are domiciled with our commercial bank partners. There is no part of your money that has been affected by this, and neither does the NDIC deposit issue apply to you. We maintain the required licenses to power your Eyowo experience, and the money in your account always sits with our commercial bank partner and is 100% safe,” Eyowo stated in the email to its customers.
In case you missed it
The CBN in the first batch of its licence revocation announced last Tuesday withdrew the microfinance licence of Eyowo, and 46 other companies. The apex bank followed with a list of another 132 Microfinance Banks, Finance Companies, and Mortgage Banks, whose licences have been revoked
According to the apex bank, 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. The bank said this is in contravention of the Banks and Other Financial Institutions Act (BOFIA), 2020, and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.
The CBN said the various actions taken by the Regulatory Authority to halt their persistent failure to carry on business had failed, hence the decision to revoke their licence.