Eyowo
Eyowo is a Nigerian CBN-regulated digital banking platform offering mobile accounts, P2P transfers, Mastercard cards, savings (up to 13%), bill payments, and developer APIs to consumers, small businesses, and unbanked Nigerians.
- Company typePrivate
- Founded2018
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Eyowo does
Eyowo is a Nigerian digital banking platform that consolidates payments, transfers, savings, card services, and bill payments into a single mobile and web application. The company operates through two Central Bank of Nigeria-regulated entities — Eyowo Integrated Payments Limited (Payments Solutions Provider, RC1512927) and Eyowo Microfinance Bank Ltd (Microfinance Bank, RC838171) — headquartered in Lagos with offices in Ikeja GRA and Victoria Island. Its core technical differentiator is treating the user's phone number (with the leading zero removed, mapped to NUBAN) as the account number, eliminating the friction of traditional bank-account opening for Nigeria's large unbanked and underbanked population.
The product suite spans eight offerings: Eyowo Instant Accounts (personal and business), Eyowo Cards (Mastercard-branded debit cards with PAN/CVV tokenised in-app), Eyowo Transfer (P2P and bank-to-bank), Eyowo Pay (airtime, data, bills), Eyowo Request (payment links and NUBAN requests), Eyowo Savings (up to 13% interest), Eyowo Insights (spending analytics), and Eyowo Developer APIs (a Connected Financial Toolkit documented on GitBook). The platform is PCI-DSS Level 1 certified and customer deposits are NDIC-insured.
Eyowo earns revenue primarily through transaction fees on transfers, airtime/data purchases, and bill payments, plus an interest-rate spread between the up-to-13% it pays on savings and the yield it earns on the resulting deposit base, and fees from Mastercard card issuance and processing. Its go-to-market is direct-to-consumer and direct-to-SMB across Nigeria, distributed through a self-serve mobile app and a network of community-based "value centres" aimed at financial inclusion. The company serves individual consumers, small businesses, and unbanked Nigerians as primary segments under a horizontal segmentation approach, and reports 3 million+ users on the platform.
Eyowo firmographics
Firmographics- Name
- Eyowo
- Legal name
- Eyowo Ltd
- Website
- https://eyowo.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Eyowo is a Nigerian CBN-regulated digital banking platform offering mobile accounts, P2P transfers, Mastercard cards, savings (up to 13%), bill payments, and developer APIs to consumers, small businesses, and unbanked Nigerians.
- Ownership category
- akta.pro rank
Eyowo industry classification
Industry- Product category
- Digital Banking
- SIC
- Finance Services (6199), Personal Credit Institutions (6141)
- akta.pro primary industry
- Instant Payouts & Earned Wage Access (EWA) (FSAMAKAM)
- akta.pro secondary industries
- Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD), Embedded Payroll, Earned Wage Access & Benefits Finance (FSAGALAI)
Keywords
Where Eyowo is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices2 records
Markets served
Eyowo business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Transaction and Payment Services: Eyowo generates revenue through transaction fees on money transfers, payments, and other banking services. As a CBN-regulated payments solutions provider and microfinance bank, the platform handles various financial transactions including airtime purchases, bill payments, and fund transfers.
- Savings Interest Spread: The company offers savings accounts with up to 13% interest rates, generating revenue through the spread between lending rates and savings interest paid to customers.
- Card Services: Revenue generated through Mastercard partnership card services including issuance and transaction processing.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Savings account with up to 13% interest rate |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Eyowo product offering
Product offeringCore offering
Eyowo is a CBN-regulated mobile banking platform that lets users open instant accounts using their phone number as the account number (NUBAN format), then send/receive money, pay bills and airtime, save with up to 13% interest, and transact via Mastercard debit cards. The service is delivered by two licensed entities — Eyowo Integrated Payments Limited (Payments Solutions Provider) and Eyowo Microfinance Bank Ltd — with PCI-DSS Level 1 security and NDIC-insured deposits.
Product overview
Eyowo is a unified digital banking platform that delivers a comprehensive suite of financial services through a single mobile application. The platform operates via two CBN-regulated entities: Eyowo Integrated Payments Limited (Payments Solutions Provider) and Eyowo Microfinance Bank. The core offering centers on Eyowo Instant Accounts (phone-number-as-account-number), supplemented by Eyowo Cards (Mastercard debit), Eyowo Transfer, Eyowo Savings (up to 13% interest), Eyowo Pay (bills/airtime), Eyowo Request (payment requests), and Eyowo Insights (spending analytics). All services are accessible via the Eyowo app, with developer access provided through the Eyowo Developer APIs.
Differentiator
Problem solved
Functional benefit
Products and services
- Eyowo Instant Accounts Instant bank accounts where the user's phone number (with the first zero removed, mapped to NUBAN format) serves as the account number, supporting both personal and business accounts and enabling account creation without visiting a bank branch. For individual consumers and small businesses in Nigeria.
- Eyowo Cards Mastercard-branded debit cards issued in partnership with Mastercard, featuring secure in-app storage of card information with no PAN, expiry date, or CVV displayed to the user. For Nigerian consumers and small businesses banking with Eyowo.
- Eyowo Transfer Money transfer service allowing users to send funds to any phone number on the Eyowo network or to any Nigerian bank account. For individual consumers and small businesses.
- Eyowo Savings Savings product offering up to 13% interest rate, enabling users to save toward specific goals such as a house or car. Delivered via Eyowo's microfinance bank license. For Nigerian consumers.
- Eyowo Pay Bill payment service enabling users to buy airtime, purchase mobile data, and settle recurring bills directly from the Eyowo app. For Nigerian consumers and small businesses.
- Eyowo Request Payment-request feature allowing users to request money from anyone by sending an Eyowo request, a payment link, their phone number, or a NUBAN account number. For Nigerian consumers and small businesses.
- Eyowo Insights In-app financial analytics dashboard that surfaces insights on how, what, where, and why users spend, helping them manage their finances. For Nigerian consumers banking with Eyowo.
- Eyowo Developer APIs (Connected Financial Toolkit) Connected Financial Toolkit API providing developers programmatic access to integrate Eyowo's payments, transfers, and account management into third-party applications. For software developers and fintech integrators in Nigeria.
Quantifiable outcome
- 3 million+ Nigerians bank on Eyowo
- +1 more outcomes
Companies that use Eyowo
Customer profileSegments3 records
Ideal customer profiles3 records
Eyowo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Eyowo partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- MastercardcoreEyowo partnered with Mastercard to provide debit cards to its customers. The partnership enables Eyowo to offer secure card services with the safest card in Nigeria, with card information securely stored in the app.
- Central Bank of Nigeria (CBN)coreEyowo operates under CBN regulation through two licensed entities: Eyowo Integrated Payments Limited (Payments Solutions Provider) and Eyowo Microfinance Bank Ltd (Microfinance Bank). The CBN licensing provides regulatory oversight and legitimacy.
- NDICcoreCustomer deposits with Eyowo are insured by the Nigeria Deposit Insurance Corporation (NDIC), providing protection for customer funds and enhancing trust in the platform.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
Eyowo competitors and assessment
Company assessmentBroad incumbents
- Flutterwave: Nigerian-headquartered payments infrastructure platform serving merchants and enterprises across Africa. Adjacent to Eyowo's payments rails and developer APIs, but focused on B2B merchant processing rather than consumer banking.
- Paystack: Nigerian online payments gateway (acquired by Stripe) used by businesses to accept payments. Competes with Eyowo's developer/API-oriented payment services on the merchant/integration side rather than the consumer banking side.
Direct peers
- PalmPay: Nigerian mobile money and digital wallet platform offering transfers, airtime, bill pay, and savings. Directly competes with Eyowo's consumer payments and savings offerings.
- OPay: Nigerian mobile payments and digital banking super-app offering transfers, savings, airtime, and merchant payments. Directly competes with Eyowo across consumer wallets, transfers, and card services in the same Nigerian market.
- Paga: Nigerian mobile payments pioneer offering transfers, bill pay, and merchant services. Operates in the same Nigerian consumer payments space as Eyowo.
- Carbon (formerly Paylater): Nigerian digital lender and banking app offering credit, savings, and payments. Overlaps with Eyowo on consumer accounts, transfers, and microfinance-style lending to underbanked Nigerians.
- FairMoney: Nigerian microfinance bank–licensed digital lender providing personal loans, accounts, and cards. Competes with Eyowo's Microfinance Bank entity on consumer credit and banking.
- Moniepoint: Nigerian fintech (formerly TeamApt) providing payments, banking, and merchant acquiring services. Competes with Eyowo in payments processing and consumer-facing financial services.
- Kuda Bank: Nigerian digital-only retail bank (licensed by CBN) offering accounts, cards, transfers, and savings. Competes head-on with Eyowo in mobile-first consumer banking in Nigeria.
Regional players
- Chipper Cash: Pan-African cross-border payments and digital financial services app. Comparable product set (transfers, cards, savings) to Eyowo but with multi-country African coverage rather than Nigeria-only focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Eyowo social profiles
Digital presenceEyowo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Eyowo leadership team
Management profileNumber of profiles
Profiles1 record
Eyowo funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Eyowo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Eyowo
What does Eyowo do?
Eyowo is a CBN-regulated mobile banking platform that lets users open instant accounts using their phone number as the account number (NUBAN format), then send/receive money, pay bills and airtime, save with up to 13% interest, and transact via Mastercard debit cards. The service is delivered by two licensed entities — Eyowo Integrated Payments Limited (Payments Solutions Provider) and Eyowo Microfinance Bank Ltd — with PCI-DSS Level 1 security and NDIC-insured deposits.
Is Eyowo a public or private company?
Eyowo is a private company. It is classified as unknown and is currently operating.
When was Eyowo founded?
Eyowo was founded in 2018. It employs 101 to 250 people.
Where is Eyowo based?
Eyowo is headquartered in Lagos, Nigeria, in the Africa region.
How does Eyowo make money?
Three revenue lines are on record. Transaction and Payment Services are the primary driver. The others are savings Interest Spread and card Services.
Who are Eyowo's main competitors?
Broad incumbents on record are Flutterwave and Paystack. Direct peers are PalmPay, OPay, Paga, Carbon (formerly Paylater), FairMoney, Moniepoint and Kuda Bank. Chipper Cash is listed as a regional player.
Does Eyowo have an API?
Yes. Eyowo provides a Connected Financial Toolkit API to power payment experiences for developers. The API enables developers to integrate Eyowo's financial services including payments, transfers, and account management. Documentation is available via GitBook. Developer documentation is at eyowo.gitbook.io/eyowo-developer-apis.
What industry is Eyowo in?
Eyowo's product category is Digital Banking. Its primary akta.pro industry code is FSAMAKAM, Instant Payouts & Earned Wage Access (EWA), with a secondary code of FSABAIAD, Account & Balance Services (Operating accounts, statements, eBAM). Its SIC code is 6199.