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Tuesday, November 28, 2023

Gawk bank’s message to customers after failing to renew operation, funds remain trapped

“We Apologise”: Bank Begs Customers Over Failure to Resume Carrier After CBN Approval

  • Eyowo has published a dispute of apology to its customers after it failed to renew operations on the date promised
  • For months, customers of the bank cannot deposit or develop transfers following CBN revocation of license
  • Eyowo has reassured its customers that all the regulatory forms has been performed to renew operation

Eyowo, a popular digital bank, has apologised to its customers for failing to fulfil its dedication to renew operations.

The digital bank had assured its customers that it would resume operations by Sunday, November 10, 2023, after the revocation of its license by the Central Bank of Nigeria (CBN) stopped its companies.

Eyowo unquestionably one of Nigeria's digital banks
Eyowo has promised to renew operation soon
Photo credit: Eyowo
Source: Twitter

What came about to Eyowo?

Business City had earlier reported that the CBN had, on March 23, 2023, withdrawn the microfinance licence of Eyowo and 46 other companies.

The apex bank adopted with a listing of one other 132 microfinance banks, finance companies, and mortgage banks, whose licences be pleased been also revoked.

In an announcement published, CBN defined the licences of the banks be pleased been revoked as a result of they’d both remained slothful, bancrupt, failed to render returns, closed store, or ceased to preserve on the form of banking business for which they be pleased been licensed for bigger than six (6) months.

Eyowo makes a comeback

Eyowo has been seeking to solve the concerns, and in response to an announcement by the bank shared on X, it has performed its MFB regulatory requirements with the CBN.

The observation, signed by Yomi Adedeji and Seindemi Olobayo, co-chief govt officers, reads:

“Dear Buyer, We must portion that we fell short of our dedication to renew operations by November tenth.

“We performed our MFB regulatory requirements with CBN as of October Twenty seventh, 2023, after we purchased the formal letter. This effectively gave us the authorisation to renew banking operations. On the different hand this process required that we form holistic changes on our MFB arm which powers our banking operations.

“These changes are heavily dependent on third occasion collaborations and no longer entirely under our time preserve watch over. 1. A trade of MFB name which is required to energy our interbank switch companies. 2. Re-listing this novel name on NIBSS interbank channel to allow you to switch out of Eyowo to other banks. 3. Re-integrating with all banks to be sure that that we’re listed on their channels for your transactions to war via. 4. Making exercise of the changes to other companies; cards, pos settlements and transfers into Eyowo.

“Despite our easiest efforts, we might perhaps also no longer end the required requirements to renew operations centered in direction of the communicated date of November tenth, 2023. We apologise for the influence this has had on you, your day to day lifestyles and business.

“Now we be pleased got stood together for this lengthy and we appeal to you to undergo with us as we sinful this end line. We are working to solve the bottlenecks, and must focus on extra crucial aspects with you in a timely blueprint going forward.”

Customers react

@isholaodun014 wrote:

“My N150,000 restful dey una hand oooo, which form wahala be this na”

One other, @Darpo stated:

” We’re with you the overall blueprint. When Eyowo comes back, we switch!

Nigerians’ greenback funds trapped in domiciliary accounts as bank managers dispute customers to head home

Business City earlier reported that bank customers might perhaps also no longer withdraw bucks from their domiciliary accounts amid a forex scarcity within the financial companies sector.

Managers in 10 business bank branches visited Ikeja, Ejigbo, Within the past Palace, and Airport Avenue all confirmed the unavailability of bucks for withdrawal over the counter.

With the scenario, many Nigerians who work for foreign companies stout-time or as freelancers be pleased been left to steal loans to continue to exist.

Source: Business City

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