Eyowo App: Strengths and Weaknesses

Eyowo App: Strengths and Weaknesses

Last updated on June 9th, 2019 at 08:02 pm

Fintech is growing rapidly all over the world, and Nigeria isn’t left out in this financial technology world. One of the products in the fintech space is eyowo app.

In this review, we’ll tell you the pros and cons of using what could be the absolutely the best mobile money app in Nigeria.

Disclaimer:

The review about eyowo is the opinion of the review writer. It is not meant to discredit the company in eyes of the generality of users.

This review is written base on feedback we’ve got from users, and it’s meant to call the attention of the developer to issues that quickly need technical attention.

What is eyowo?

Eyowo is an app that enables everyone (whether you have bank account or not) to perform banking services on their mobile devices.

You don’t need a browsing phone to use eyowo, any good phone which can make call and send message can be used to perform transactions. That to us is a great innovation.

We first came in contact with eyowo app during the launch of Federal Government’s tradermoni, a programme aimed at assisting two million Nigerian petty traders in financing their small businesses.

Eyowo is the medium through which the petty traders can use to claim their grants.

What’s eyowo doing differently?

Financial institutions in Nigeria all have mobile apps through which their customers perform all kinds of transactions.

But something is left out…

You can not use their (Nigerian banks) app to credit someone else’ account who do not have a bank account, that’s the gap eyowo has filled.

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This kind of innovation has been on for some time in Kenya, South Africa and some other African countries: SMS banking.

At a time, Airtel introduced this method of SMS banking, but we don’t think it did well in Nigerian market.

The Strengths

The good part of eyowo is that it’s designed having the aspirations of unbanked Nigerians at heart, that’s our opinion though.

We found out that the app would be a perfect match of most of Nigerian petty traders who hardly take their money to bank; most of them sell and buy their goods and products right away.

Eyowo brings simplicity to fintech by using USSD code to bank using your phone, which doesn’t have to be android, or smartphones, the cheapest phone can do this.

All what your sender needs to do is to fund his eyowo account and make transfer to your phone number. When you’re credited an instruction on how to withdraw it is sent to you.

With eyowo app, you can make payment, transfer, track and engage customers, but the it doesn’t come without its own weaknesses.

fintech and business
Photo credit: canva.com

The weaknesses:

We’ve received complaints from market women whose eyowo account have been credited.

They are unable to transfer as claimed by the developer of the app, softcom limited. Some of eyowo weaknesses include:

  • No channel of communication with REAL users
  • No means of resetting pass code
  • Unresponsive pin code
  • No means of resetting pass code

Poor user experience: Eight out of 10 market women in Osun State said their money is trapped because the USSD code they’re to use would not work.

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They are stranded.

Some petty traders who registered and have got credit SMS at Sasha market, Oke-Baale Area, OSBC/Ibokun road, in Osun State, South west Nigeria, are also finding it difficult to make transfer and making withdrawal, thereby depriving them of enjoying the real benefit of the FG’s tradermoni programme.

No channel of communication with users: A product that’s designed for millions of people should have great customer support.

Unfortunately the only means of communication created by eyowo is through Facebook and Twitter.

That’s bad if the use of USSD code can be implemented by anyone to perform banking services.

The question is: How many market women are on twitter and Facebook?

We believe that the brains behind the great innovation should come up with phone numbers user can call to resolve issues within 24 hours.

UPDATE: Eyowo now has a customer support phone number which users can call to resolve their problem.

To contact eyowo, call 01-7001520

No means of resetting pass code: It may be for security reasons, but unavailability of option to reset pin code could lock millions of users out of eyowo, making them to forfeit their monies in the process.

Anyone can forget his password, when that happens there should be some security questions user should be able to interact with for them to gain unrestricted access to their account.

UPDATE: To reset your eyowo six digit PIN now, you will also have to call 01-7001520 and answer some questions to ascertain the ownership of the account.

Unresponsive pin code: Once pin code is set, it becomes difficult to even use the same pin code to gain full access to eyowo account. Most of the users can only view their account balance, they can’t make transfer.

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According to the company, it could be due to poor network, but most of the affected people have been on the same problem for more than three days, it means eyowo needs to fix a lot of issues from the control unit.

UPDATE: The six digit PIN code is now working perfectly fine. If yours isn't working or giving you erroe MMI, please call the support phone number of eyowo between 9AM to 4PM, Monday to Friday.Click To Tweet

Wrapping up:

Eyowo will be the best to happen to fintech industry in Nigeria, if the developer consolidates on its strengths, and quickly fix issues we highlighted above.

If you’ve used eyowo USSD code or the app, we’d be happy to hear your views.

11 thoughts on “Eyowo App: Strengths and Weaknesses”

  1. I am the one who ask you to put me through on how to get the eyowo code working for the beneficiaries.
    How do I go about it sir.

  2. Despite their good intentions, the various weaknesses is making people to think they are fraud, I tried to cash out 9000 from Atm on Friday , was given token number and pin number to use and the money was deducted from my account,the token and pin did not work and till now my money was not refund.

  3. I downloaded the app and I got money transferred to my phone number from a trader mini subscriber.I tried transferring into my bank account but it was not successful so I opted for the ATM cardless,I gilot the pin and tried it on the ATM no success, the money has left my wallet and its pending, what is the next step cos my money is hanging in my wallet. I need this problem solved

    • Hi Abiodun,

      I think the issue of transferring from eyowo to a bank account has become a national issue. We are hoping to see the company come to the open to address this problem. Thousands of other beneficiaries across Nigeria are still finding it difficult to withdraw their tradermoni funds.

      Please contact them on twitter @Myeyowo

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