Nigerian fintech startup, Eyowo has denied the report by tech publication Technext, that the Nigerian startup would allegedly shut down on June 27, citing “market complications” as the reason for the shutdown.
However, Eyowo co-CEOs Yomi Adedeji and Omoseindemi Olobayo informed TechCabal that there are no intentions for the company to close.
Olobayo, who verified that the corporation sent emails to staff informing them of substantial changes at Eyowo, asserted that the communication had been misconstrued by the news stories going about. Eyowo has terminated the employment of employees whose positions have become obsolete as a result of the deactivation of the retail management tool Kwiksell.
Out of the 110 people who are now employed by the company, 13 are being let go, according to Olobayo.
In a statement to TechCabal, the co-founders, Olobayo and Yomi Adedeji stated that the company is not shutting down but rather changing into a different kind of organisation.
In a response tweet last night, Eyowo stated that the company is “pivoting into a financial technology platform that provides financial connectedness and intelligence for everyday”
It also added that the change will not affect the product (Eyowo X) in the market and its capabilities. Eyowo X, experienced a brief pause following the Central Bank of Nigeria’s revocation of its licence in May.
Eyowo had a difficult quarter of 2023. Employees at the company disclosed earlier this year that it had encountered a number of difficulties as a result of weak products. The business acknowledged at the time that their problems had resulted in some salary delays for its workers.