How Eyowo’s bid to become a fintech giant hit the rocks
Eyowo, one of Nigeria’s earliest digital banks, faced challenges after shifting its focus from B2B to consumer-facing products. Former employees blamed the company's lack of experience in core banking and poor strategic thinking.
₦200,000 deposit payout for customers of shuttered microfinance banks began in May 2023
The Nigerian Deposit Insurance Corporation (NDIC) has compensated some customers of 132 microfinance banks whose operating licences were revoked by Nigeria’s Central Bank in May 2023. Two of the most prominent banks affected by the CBN action are Eyowo Microfinance Bank, backed by the fintech Softco
