Update: According to a new report by TechCabal, CEO Omoseindemi Olobayo denied the reports of an imminent shutdown.
In reference to the screenshot of an email, Eyowo clarified to TechCabal that the company is decommissioning a product—Kwiksell, a retail management tool and has let go of 11% of its employees whose roles have consequently become redundant.
Developing story….
Original Article
Nigerian digital banking platform, Eyowo is shutting down its operations tomorrow, June 27th.
Details
An email was sent to internal staff and other stakeholders about the company’s shutdown. According to the email, it was stated that the company could “stay true to its purpose”.
Digging Deeper
The company listed reasons for its closure including “market complications” which hindered investments.
The company will be paying all outstanding salaries and obligations it owes its employees within 3-14 days.
The Bigger Picture
Central bank Of Nigeria (CBN) had previously revoked the license of Eyowo bank alongside other 46 other microfinance institutions because of reasons including inactivity, insolvency, and failure to submit returns.
Eyowo Co CEO Yomi Adedeji, had stated that the company would resume its financial services using its Payment Solution Service Providers (PSSP) license and would continue its services.
Source: TechNext NG
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
