Source: Nathanael Disu/ Nairametrics

Digital bank, Eyowo, has said it would be laying off 11% of its workforce as the company undergoes internal changes.

This was disclosed in an official statement shared via its Twitter handle on Monday. Part of the statement reads:

  • “We are pivoting into a financial technology platform that provides financial connectedness and intelligence for everyday money & living choices to everyone with a smartphone.
  • “This will mean we can deliver revenue to selected entrepreneurs and offer a personal financial and life guide to everyone with a smartphone.”

The company further disclosed that it would stop operations on one of its products called Kwiksll while its other product Eyowo X would undergo improvements.

Eyowo said it would be changing its business model from being a business-to-business (B2B) company to a business-to-customer (B2C) where it would be offering its products directly to consumers and select entrepreneurs.

  • As such, Eyowo said it would be laying off 11% of its workforce whose work efforts are directly impacted by the new direction and changes.

Safety of customers’ funds

Eyowo said its customers will not be able to send or receive money from their accounts for some time as a result of the revocations of its Microfinance operating license by the Central Bank of Nigeria.

  • However, the company assured customers that “the CBN directive has no immediate impact on the safety of their money, nor is it connected in any way to the planned service improvements and ongoing onboarding freeze we announced.”
  • A few weeks ago, the CEO of Eyowo said the company would soon resume its financial services using its Payment Solution Service Providers (PSSP) as they battled with the revoking of their Microfinance Bank license.
  • According to him, with the PSSP license, Eyowo is fully backed by the CBN to continue providing its payment services.

PSSP license allows a company to provide financial services such as the operation of payment processing gateway and portals which are utilized by merchants to accept debit or credit card purchases from customers.

Source: Nathanael Disu/ Nairametrics