Banking
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.
By Modupe Gbadeyanka
A veteran bank and founder of the defunct Diamond Bank Plc, Mr Pascal Gabriel Dozie, has died at the age of 85.
The former chairman of MTN Nigeria, a leading telecommunications firm, died in the early hours of Tuesday, April 8, 2025, just a day to his 86th birthday.
The Nigerian entrepreneur and businessman chairman of Pan-Atlantic University established Diamond Bank in 1990. The company later became one of Nigeria’s most respected financial institutions.
The current Governor of Abia State, Mr Alex Otti, once headed the lender before handing over to the founder’s son, Mr Uzoma Dozie, when he veered into politics.
Diamond Bank merged with Access Bank in 2019.
Mr Pascal Dozie, who was once the President of the Nigerian Exchange Limited, then known as the Nigerian Stock Exchange (NSE), was born on April 9, 1939, in Egbu, Owerri, Imo State, and began his career as an economist at the National Economic Development Office in the United Kingdom.
By Modupe Gbadeyanka
Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of its Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.
This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.
Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.
One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.
Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.
“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.
“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.
Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.
“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.
“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.
“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.
“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.
By Modupe Gbadeyanka
The second edition of Oja Oge by Ecobank Nigeria Limited will attract more than 100 exhibitors, who will showcase their products to potential customers.
The 3-day fashion, beauty, wellness, and lifestyle exhibition will take place at the state-of-the-art Ecobank Pan African Centre (EPAC) in Lagos from April 18 to 20, 2025, at 10 am.
The financial institution is organising the 2024 edition following on the immense success of its first edition last year.
This programme will have exhibitors displaying a wide range of fashion, beauty, wellness, and lifestyle products, as well as entertainment offerings.
Oja Oge by Ecobank provides a dynamic platform for businesses to engage with a diverse audience of shoppers and entrepreneurs.
Already, Ecobank Nigeria has partnered with leading corporates in the telecoms, payments, airline and FMCG space – Airtel Nigeria, Flutterwave, Qatar Airways and Maltina respectively to deliver this second edition of its premier fashion pop up event Oja Oge over the Easter weekend.
“Oja Oge by Ecobank offer premium entertainment and provide a platform for local vendors to showcase and sell their products to a wider audience.
Participants will also have the chance to network and build relationships, gaining access to new markets. For us, as a Pan African bank, supporting small businesses in this way is a core part of our mission,” the Head of SME, Partnerships, and Collaborations at Ecobank, Ms Omoboye Odu, stated.
“Participation is free, and we invite everyone to come along with family and friends to enjoy the fair. It’s not just about buying and selling; it’s an opportunity to experience the creativity and luxury of current fashion and lifestyle trends, alongside a variety of music, food, and entertainment,” she added.
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