Eyowo, an embattled financial technology company, has been at the center of a swirling controversy following reports of its operational shutdown, which the company has vehemently denied. This denial, however, appears to contradict earlier insinuations contained in an internal email sent to its staff and stakeholders, detailing significant changes within the organization.

Initial reports from Technext suggested Eyowo was indeed shutting down its operations after a challenging Q1. This was supported by an email from the company to its employees, outlining plans to relieve most of them of their jobs. Excerpts from this internal communication revealed intentions to "wrap up Softcom and Eyowo as you know it" and explicitly stated that "all our processes, procedure, responsibilities and departments have all been dissolved." The mail further indicated a plan to put "work to an end for MOST people," retaining only "a small group of staff" focused on product innovation and customer support.

In stark contrast, Eyowo later issued an official statement on its Twitter account, refuting the shutdown claims. The company asserted that it is not ceasing operations but rather "pivoting into a financial technology platform that provides 'financial connectedness and intelligence for everyday money and living choices to everyone with a smartphone'." Furthermore, the statement claimed that only 11% of its workforce would be affected by this "pivot in business and operating model," a figure significantly lower than the "most people" mentioned in the internal email.

This public stance also stated that the changes would not affect its product, Eyowo X, or its existing capabilities, promising to enhance them with more intelligence. It clarified that while the inventory capabilities of Kwiksell would no longer be offered, its payment services would remain. However, the company failed to provide clear clarifications regarding the statements in the internal mail concerning the "wrapping up" of Softcom and Eyowo or what was precisely meant by "dissolving its processes, procedures, responsibilities and departments."

Further attempts to clarify the situation came from Adebanjo Tomiwa, Eyowo’s Lead, SME Business, in an exclusive chat with Technext. He asserted that the internal mail was intended to communicate the elimination of redundant roles within the company, not a complete business shutdown. Tomiwa added that the company would shift focus to existing products like Eyowo X and Eyowo Office (for businesses) and that retained staff would see salary adjustments to align with new Nigerian economic realities. Yet, when pressed for more specific clarifications on the contentious statements in the internal email, he refrained from providing them.

Adding another layer of complexity, Eyowo was among 47 microfinance banks whose licenses were revoked by the Central Bank of Nigeria (CBN). The CBN cited reasons such as inactivity, insolvency, failure to submit returns, and ceasing banking business for longer than six months. Despite this regulatory setback, Yomi Adedeji, Eyowo’s co-CEO, announced at the beginning of the month that the company was 98.8% ready to resume financial services using its Payment Solution Service Providers (PSSP) license, being one of 75 companies licensed by the CBN for this purpose.

Despite the company's assurances, customers have expressed significant concern over their inability to complete transactions. Users have reported issues making transfers and withdrawing money, with several complaints surfacing on social media platforms. Eyowo, while apologizing for inconveniences, pledged its commitment to ensuring the security of customer funds, yet the transactional difficulties persist, creating an atmosphere of uncertainty among its user base.