“Can a phone-number-as-account-number digital bank own financial inclusion for the Nigerian mass market?”
Eyowo started in 2017 as a phone-number-based money disbursement rail for unbanked Nigerians (notably powering the federal TraderMoni loan scheme), then formally launched as a digital bank in 2019 with retail banking POS tooling. The CBN revoked its MFB license in May 2023 — a near-existential event — but the license was reinstated in stages through 2024, allowing Eyowo to resume positioning itself as a self-licensed Nigerian digital bank covering payments, savings, cards, and lending.
Eyowo discloses Eyowo Microfinance Bank Ltd (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Eyowo does not disclose a bank charter of its own; its banking services are provided through Eyowo Microfinance Bank Ltd (in-house).
Eyowo processes payments through Eyowo Payments (self-operated).
Eyowo's lending and capital products are provided by Eyowo Microfinance Bank Ltd (in-house).
The Embedded Finance Index 2026 maps 4 layers in Eyowo's stack: Payments / PSP (Eyowo Payments (self-operated)); Banking / BaaS (Eyowo Microfinance Bank Ltd (in-house)); Lending (Eyowo Microfinance Bank Ltd (in-house), Eyowo borrow (no-interest microloans referenced) and TraderMoni disbursement rail (historical)); Sponsor bank (Eyowo Microfinance Bank Ltd (in-house)).
Eyowo is founded in 2017 and headquartered in Lagos, Nigeria.
Get a read on where your own stack stands against Eyowo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.