Not Heritage Bank: Nigerian Bank's CEO Excited As CBN Restores Full License After Suspension

Not Heritage Bank: Nigerian Bank's CEO Excited As CBN Restores Full License After Suspension

  • The Central Bank of Nigeria (CBN) has decided to reinstate Eyowo's banking licence, months after revocation
  • The fintech company faced setbacks in 2023 after the CBN revoked its license alongside that of 172 microfinance banks
  • Having satisfied all CBN requirements, Eyowo will now be allowed to resume digital banking services journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Eyowo, a popular digital bank, has announced that the Central Bank of Nigeria (CBN) has reinstated its full licence.

This was disclosed by Yomi Adedeji, co-chief executive officer of Eyowo, in a message posted on X.

Eyowo to resume operation after withdrawal of licence by CBN
Nigerian bank, Eyowo, to resume operation after months of suspension Photo credit: Pius Utomi Ekpei
Source: Getty Images previously reported that on March 23, 2023, the CBN withdrew the microfinance license of Eyowo along with 46 other companies.

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The apex bank subsequently released a list of an additional 132 microfinance banks, finance companies, and mortgage banks whose licenses were also revoked.

In a statement published, CBN explained the licences of the banks were revoked because they had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months.

Eyowo makes a comeback

In March 2024, Eyowo announced that the CBN restored its Microfinance licence with approval in principle after meeting regulatory requirements.

The company ensured customer access to funds through a partnership with ProvidusBank, enhancing safety, fraud prevention, and regulatory compliance.

The latest development is now a full license.

In his post, Eyowo's CEO, Yomi Adedeji, wrote:

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"Hi Everyone, just to let you all know, we have our full and final license back for @eyowo from the @cenbank of Nigeria.
"We will share details over the next few weeks. Impossible is nothing! Thank you, and cheers to it for us this weekend."

This reinstatement now allows Eyowo to resume offering its products, including digital banking, payment solutions, and financial management tools tailored for individuals and businesses

CBN revokes over 170 licences earlier detailed CBN's revocation of 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.

Proofreading by James Ojo Adakole, journalist and copy editor at


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: