Bank Customers Beg For Access to Their Money as CBN Revokes Licenses

Bank Customers Beg For Access to Their Money as CBN Revokes Licenses

  • Customers of the digital bank whose funds are trapped in the bank are asking to have access to their monies
  • The customers said that despite the bank’s promise, nothing had been done to free up their accounts
  • The Bank, Eyowo, said in an email to the customers that their funds are intact and unaffected by the CBN’s revocation

Customers of the digital bank, Eyowo, whose license was revoked by the Central Bank of Nigeria (CBN), are begging the bank to allow them access to their funds.

The bank had promised on Wednesday, May 24, 2023, that the restrictions on their accounts would be lifted within 24 hours as it was working to resolve the issue with the apex bank.

Digital Bank, CBN, Eyowo, NDIC
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Facebook

Customers lament inability to access their funds

However, the bank customers reported that they could not get their monies out of their accounts five days after the company’s promise; they could not send and receive money into the accounts.

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Some of the bank’s customers said on social media that their inability to access their accounts affects their livelihoods.

Nairametrics reports that a customer of the bank, Sandra Avwomakpa, revealed that she is in trouble as she cannot access her funds which belong to her customers.

She said:

“@Eyowo, I beg you, in the name of God, release my money. I use the account for contributions, and the money in the account is people’s money. It is month end already, and people will ask for their money. Please, release the money. This is trouble!”

Another customer asked the bank to allow him access to his funds so he could transfer them to another bank account.

He said:

“Please, do the needful. I need my money deposited in my account with you guys. Allow me to transfer my money; please do the needful; this is taking too long.”

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In an email, the bank assured its customers on Monday, May 29, 2023, that their funds were safe and stopped short of providing a timeline for access.

The bank said that the recent statement by the Nigeria Deposit Insurance Corporation (NDIC) on liquidated banks does not affect its customers as their funds are deposited with commercial bank partners.

The bank said:

“We are reaching out to provide an important update regarding the recent CBN directive and its impact on our services. Our utmost priority is maintaining open lines of communication and addressing any concerns you may have during this time.

"By the Powers Conferred on Me": CBN revokes licenses of over 170 Microfinance Banks, finance companies reported that the Central Bank of Nigeria (CBN) had revoked the licenses of 179 microfinance banks, four primary mortgage banks, and three finance companies nationwide.

The announcement was made in the official gazette of the Federal Government, which was published on the CBN's website on Tuesday, May 23, 2023.

According to the gazette, these financial institutions had their licenses revoked due to several reasons.


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