Eyowo, a Nigerian digital banking platform, is shutting down operations on June 27, 2023, laying off most of its employees. The company cited severe market complications, particularly regulatory challenges from the Central Bank of Nigeria (CBN), which undermined its financial stability and ability to secure investments. This led to an inability to fulfill obligations and maintain its operations. While a small team will remain for product innovation and customer support, the majority of staff are affected. Eyowo is part of the fintech industry and has committed to settling outstanding salaries within a short timeframe.
