CBN revokes license of digital banks in Nigeria News - THE INFORMANTI
CBN revokes license of digital banks in Nigeria News

Customers of Eyowo, a Nigerian digital bank, have expressed concerns over their inability to make transactions.

The bank has also confirmed in a statement on its Twitter account that its customers cannot make withdrawals or transfers at the moment, stating that the transactional failures may linger for 24 to 72 hours due to the revocation of its operating license by the CBN.

The bank however assured its customers that their funds are safe and that active steps are being taken to resolved the matter with the apex bank.

Part of the Twitter statement read; “…we remain committed to ensuring the security of your money and apologise for any inconveniences that you will experience in this period.”

“Regarding the CBN directive, we are actively working with the Central Bank of Nigeria to resolve all pending issues and put our users at ease,” Eyowo said.

The Central Bank of Nigeria had on Tuesday revoked the licenses of 47 microfinance banks, and 132 other financial institutions operating as Microfinance Banks, Finance Companies and Primary Mortgage Banks. 

According to the official gazette of the Federal Government published on the website of the CBN on Tuesday, officially disclosing the revocation exercise, the banks lost their licenses because they had either remained inactive, insolvent, failed to render returns, or closed shop,

Or they were found to have not been carrying on the type of banking businesses for which their licenses were issued over a period of 6 months.

The affected banks and financial institutions also have fallen short in their obligations to  the regulations mandated by the CBN in the Bank’s and Other Financial Institutions Act (BOFIA) 2020, Act No 5.

As for the other 132 financial companies, the CBN gave reasons for the withdrawn licenses as follows;

“(a) ceased to carry on, in Nigeria, the type of business for which their licenses were issued for a continuous period of 6 months.

“(b) failed to fulfill or comply with the conditions subject to which their licenses were granted; or

“(c) failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

Eyowo is the first of the 47 affected Microfinance banks to make an open statement and address its customers on the impact of the CBN sanction.



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