Eyowo Gets PSSP License, To Resume Operations After CBN Ban

By Adedapo Adesanya

A digital bank, Eyowo, has announced that it is close to resuming its financial services using its Payment Solution Service Providers (PSSP) license. The firm is resorting to this after the Central Bank of Nigeria (CBN) revoked its microfinance bank license.

Recall that the CBN recently revoked the operating licenses of 179 microfinance banks in the country, alongside four primary mortgage banks and three finance companies.

Eyowo was one of the affected banks, creating worries for customers who had their funds trapped. However, the bank has made fresh moves to stay afloat.

The co-Chief Executive Officer of the lender, Mr Yomi Adedeji, said it had partnered with Providus Bank to be able to continue its operations, noting that it is 99.8 per cent ready to resume operations.

He said Eyowo has started connecting its tier 2 and tier 3 customers to new accounts powered by partner Providus Bank, enabling interbank transactions, with further details to be communicated to customers in its next email update.

In his words, “Please bear in mind that with our PSSP license, we are fully backed by the CBN to continue providing the services you enjoy on Eyowo.

“We appreciate our partner, Providus Bank, for taking proactive steps to provide us with all the support we needed to get all Eyowo services back up for you and your business. They have been our proud partners of potential.

“We have connected all Tier 2 and Tier 3 users to new accounts powered by Providus Bank. Tier 1 customers will be upgraded as soon as your BVN is added.

“As we go live, the next email you will receive will include all you need to know to resume interbank transactions.”

The PSSP licence is separate from the MFB licence. It allows a company to provide financial services such as the operation of payment processing gateway and portals utilised by merchants to accept debit or credit card purchases from customers.

Eyowo is now one of the 75 companies licensed by CBN as PSSPs.

However, the development doesn’t mean Eyowo is still not without its challenges.

Mr Adedeji said, “The problems of financial confusion, difficulty, and stagnation, especially at adulting, are without borders for both humans, and We know this because we have also experienced it ourselves.

“We are committed to creating a future where everyone with a mobile phone has the guide they need to financial freedom and prosperity.”