Eyowo has set Monday, June 12, 2023, because the new deadline for the resumption of interbank transfers. Meanwhile, the corporate is exploring alternative routes to compensate depositors who’re in dire want of their funds in Eyowo.
Digital financial institution Eyowo has now introduced a new timeline for the restoring interbank transfers—Monday, June 12. Although Eyowo customers can at the moment switch cash to different Eyowo accounts, they’re nonetheless unable to transact with different banks. “Other functionalities of the Eyowo platform, such as airtime transfers, transfers within Eyowo accounts, and cable subscriptions, continue to operate normally. We are actively collaborating with its partner banks to resolve these issues, and they anticipate a resolution by the end of business on Monday,” Eyowo mentioned in an unique interview with TechCabal. The firm has additionally mentioned that it’s pooling funds from different sources to deal with the pressing wants of prospects till then.
Since Sunday, May 25, Eyowo customers have confronted restrictions in receiving and withdrawing funds from their Eyowo accounts after the digital financial institution’s MFB licence was revoked. The CBN declined to offer particular particulars relating to the explanations for revoking Eyowo’s license after TechCabal reached out to the apex financial institution. Speaking on behalf of Eyowo, Onyekachi Irozuru, a venture supervisor and staff lead instructed TechCabal that one of the explanations for the revocation is the corporate’s failure to satisfy sure benchmarks set by the CBN for MFBs. They didn’t share particular particulars.
Eyowo has assured its customers that their funds are securely held in companion deposit banks, and the one hindrance they’re at the moment experiencing is said to regulatory points, particularly with interbank transfers.
Eyowo swimming pools funds for prospects in dire want of money
Moreover, Eyowo says that it has been utilizing numerous strategies to offer funds to prospects who’ve expressed pressing monetary necessities. In a dialog with TechCabal, the digital financial institution shared its dedication to addressing buyer wants whereas working intently with the CBN to resolve the state of affairs. “We have encountered customers who require funds for fulfilling customer orders or paying medical expenses for their loved ones. Depending on the specific circumstances, Eyowo has been sourcing funds from its network of friends, supporters, and even employees have been utilising their personal resources to fulfil either partial or full amounts requested by customers,” it acknowledged.
TechCabal was not in a position to affirm these claims, however requested why workers are actively making private monetary contributions to deal with the difficulty. Onyekachi Irozuru, a venture supervisor staff lead on the digital financial institution defined that such camaraderie stems from the corporate’s tradition, which fosters a way of working like a household. To illustrate why workers are going to nice lengths to resolve the issue, Irozuru, who has been with the corporate for 5 years, recounted a private expertise, a time when his spouse confronted issues throughout childbirth, and his boss reached out to verify on him. Upon studying concerning the issues, the boss swiftly organized for Irozuru’s spouse to be transferred to Reddington Hospital, a popularly costly hospital. “When we arrived, it became evident that the [Reddington] hospital was already prepared for their arrival, promptly taking charge of the situation and ensuring a safe delivery for my wife,” he elaborated. “Eyowo genuinely cares about people, including both customers and employees, and that is why employees are motivated to go above and beyond to resolve the current problem,” Irozuru added.
In distinction, sure Eyowo customers have resorted to various strategies to withdraw funds from their Eyowo accounts. Among these strategies, some individuals are shopping for airtime and subsequently promoting them to obtain money in return. Others are promoting the airtime on social media platforms, whereas some are utilizing options like Palmpay’s Recharge2Cash to get money. Eyowo, instructed TechCabal that the shoppers’ capability to entry their funds via these means ought to function an assurance that their cash stays safe and might be accessible by the tip of enterprise on Monday.
Editor’s notice: This article has been edited to mirror that Eyowo will solely be restoring inter-bank transfers by Monday, and never its MFB licence. The firm has not disclosed when the licence might be restored.
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