Eyowo lays off 11% of its employees amid restructuring

In the aftermath of a revoked license by the Central Bank of Nigeria, Nigerian digital bank Eyowo, is undergoing a restructuring that will see it cut 11% (13 employees) of its current 110 workforce.

Last month, the Apex Bank revoked the license of Eyowo and 46 other microfinance banks due to reasons including remaining inactive, insolvent, failing to render returns, closing shop, or ceasing to carry on the type of banking business for which they were licensed for more than six months.

The digital banking platform noted in a Twitter update that this restructuring will see it shut down one of its products Kwiksell, an all-in-one retail management tool, but will not affect its other product Eyowo X, an app which helps users to send, spend, receive, save and borrow money.

And while there have been reports of the company shutting down its operations on June 27, the company has debunked the narrative. CEO Yomi Adedeji said that the company as an entity is not dissolving but evolving into a different kind of business and mindset.

Eyowo further revealed that it will be transitioning its business model from being a business-to-business (B2B) company to a business-to-customer (B2C) company. This shift is expected to help Eyowo to directly offer its products to consumers and select entrepreneurs.

Concerning the safety of funds, the company says that withdrawals will be available to customers in the next 14 days.