Eyowo Trims Workforce by 11% After Rejigging Business Model

By Modupe Gbadeyanka

A digital banking platform, Eyowo, has said its workforce would be cut down by 11 per cent as part of its restructuring process caused by the revocation of its microfinance bank license by the Central Bank of Nigeria (CBN) a few weeks ago.

Eyowo offers different services to its customers in the financial sector.

Some days ago, Business Post reported that the organisation was resuming its financial services using its Payment Solution Service Providers (PSSP) license.

According to the co-chief executive of Eyowo, Mr Yomi Adedeji, the firm would partner with Providus Bank to operate under its new licence to offer financial services to customers.

However, some of those in the segment of its revoked operations would have to go. They are the 11 per cent of the staff to be laid off by the company.

In a notice on Monday, Eyowo said, “Our pivot in business and operating model will affect 11 per cent of our workforce, whose work efforts are directly impacted by the direction and internal changes.”

However, in an internal disclosure to its employees, the firm emphasised that it would be paying all outstanding salaries and obligations it owes its workers within 3-14 days.

It said this decision was difficult to take because “we have never thought for once that dismantling the company would become an option as our goal was to restore the joy and culture of the company we all loved.”

“It is now apparent that own desires can no longer be a constraint to your career and wellbeing, so we must take immediate action of putting work to an end for most people,” it added.

In the statement released last night, Eyowo said its new business model will involve the offering of products tailored directly to “consumers and selected entrepreneurs within our ecosystem of growth.”

“This also means that we will re-design all our internal processes, procedures and departments to enable our new operating model, a new culture in our company and business approach,” it added.

It further stated that, “This new operating model will enable us to build an innovative product that will make money and life choices better, provide answers to people and drive a scalable business model.”

However, it stressed that this change would not in any way affect our product, Eyowo X, in the market.