Discover the effects of license revocation on Eyowo customers. Learn about temporary Limitations on Withdrawals and Money Transfers” , the challenges faced, and the assurance of fund safety.
Gain insights into the actions taken by Eyowo and the Central Bank of Nigeria to resolve the situation promptly.
Stay updated on the progress and ongoing efforts to restore seamless transactions for valued Eyowo customers.
The Impact of License Revocation on Eyowo Customers
In a recent development, Eyowo, a prominent digital bank, has announced that its customers will face temporary restrictions on sending and receiving money due to the revocation of its Microfinance operating license by the Central Bank of Nigeria (CBN).
This article aims to shed light on the implications of this license revocation and its impact on Eyowo’s customers.
Despite these challenges, the bank assures its customers that their funds remain secure.
The License Revocation and its Consequences
Background on Eyowo’s License Revocation
Eyowo’s license revocation, along with that of over 100 other microfinance banks, has severed its connections with other banks in Nigeria. Consequently, the bank is currently collaborating with the CBN and its partner banks to address this issue promptly. Although Eyowo acknowledges the inconvenience caused to its customers, it emphasizes that their money is safe and unaffected by the license revocation.
Assurance of Customer Funds
Ensuring the Safety of Customer Funds
Eyowo has promptly responded to the CBN directive, assuring its customers that their funds remain secure.
Despite the temporary suspension of transactions, the bank guarantees that the license revocation has no immediate impact on the safety of its customers’ money.
Eyowo also clarifies that the license revocation is unrelated to the ongoing service improvements and onboarding freeze it previously announced.
The bank recognizes the significance of open communication during this period and promises to provide regular updates on the progress made in resolving the situation.
Temporary Suspension of Transactions
Challenges Faced by Eyowo Customers
Customers of Eyowo should be aware that they will experience difficulties when attempting to send or receive money through the platform in the coming hours.
The bank anticipates that it may take between 24 to 72 hours to completely resolve these transactional challenges.
However, Eyowo remains committed to keeping its customers informed about the progress made and the subsequent steps taken.
The bank expresses gratitude for the trust and support it receives from its valued customers and stakeholders, recognizing the inconvenience caused by the temporary disruption of services.
The CBN’s Actions and Regulatory Compliance
The CBN’s License Revocation Criteria
The Central Bank of Nigeria has justified the revocation of licenses for Eyowo and other microfinance banks based on specific criteria outlined in the Banks and other Financial Institutions Act (BOFIA), 2020, and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria. The CBN states that the revoked licenses were due to factors such as prolonged inactivity, insolvency, failure to submit required returns, closure, or the cessation of banking operations for over six months. These actions are deemed to be in contravention of regulatory guidelines.
The CBN’s Regulatory Authority
Efforts to Address Noncompliance
The CBN had previously taken measures to rectify the persistent noncompliance issues of the affected microfinance banks.
Unfortunately, these actions failed to produce the desired results, leading to the decision to revoke their licenses.
The CBN’s regulatory authority aims to maintain the stability and integrity of the Nigerian banking sector, which necessitates strict adherence to banking laws and guidelines.
Addressing Challenges and Restoring Normalcy
Eyowo’s customers currently face limitations on their ability to withdraw or send money due to the revocation of the bank’s Microfinance operating license by the CBN.
However, Eyowo is actively working with the CBN and its partner banks to resolve the issue promptly.
Despite the inconvenience caused by the temporary suspension of transactions, Eyowo emphasizes that its customers’ funds are secure.
Open communication and regular updates will be provided to keep customers informed of progress made towards resolving the situation.
Ultimately, Eyowo aims to restore normalcy and ensure a seamless banking experience for its valued customers.
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