Eyowo says the revocation of its license by the CBN will prevent its users from sending or receiving money from their accounts for a while. But said its users’ funds are safe.

Eyowo, one of the banks whose licence was revoked by the Central Bank of Nigeria, has assured its customers their money is safe. The digital bank tweeted a statement on Wednesday. 

On Wednesday, the Central Bank of Nigeria revoked the operating licences of the microfinance bank, Eyowo, and more than a hundred financial institutions across the country for non-compliance. According to Eyowo, its users won’t be able to transfer or receive money from their accounts for a while because of this move by the apex bank. But said it is actively working with the CBN to fix the issue.

“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. We remain committed to ensuring the security of your money and apologise for any inconveniences that you will experience in this period,” the statement reads in part. “Over the next few hours, you will experience challenges sending and receiving money with Eyowo. This may take up to 24-72 hours to completely resolve, we will keep you abreast of the progress made and the next steps.”

Eyowo said transactions by customers would be halted for a while, and it’s working on a “quick fix” to address the issue. 

The digital bank has promised its customers continued communication until the issue is resolved. “We recognise the significance of open communication during this period and will keep you informed of any developments and progress made towards resolving the situation,” the statement said. 

Faith Omoniyi Reporter

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