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The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on financial technology companies in Nigeria to enhance their systems and protect their platforms from exploitation by fraudsters and criminal elements.
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His remarks came during an industry engagement meeting with fintech CEOs on April 30, 2026, in Abuja.
Acknowledging Fintech Contributions
Olukoyede commended the fintech sector for its role in promoting financial inclusion and innovation across Nigeria. He highlighted how these platforms have successfully expanded access to essential financial services for many Nigerians.
Warning Against Exploitation
Despite the positive contributions, Olukoyede cautioned that the digital landscape has become a target for fraudsters. He emphasized the need for ongoing collaboration between the EFCC and fintech operators to identify vulnerabilities and close loopholes exploited for financial crimes.
The Importance of Collaboration
“The opportunities you have created have also given criminals the opportunity to perpetrate crimes,” he stated. Regular collaboration is essential to strengthen regulatory safeguards and protect legitimate business operations within the fintech space.
Protecting Business Integrity
The EFCC chairman urged fintech operators to maintain the integrity of their businesses, stressing that reputation is a critical asset in the financial sector. He warned that even a single compromised transaction could undermine years of trust-building.
Enhancing Intelligence Sharing
Olukoyede advocated for stronger intelligence sharing and cooperation between the EFCC and fintech companies. This collaboration is vital for enhancing the EFCC’s mandate in combating financial crimes effectively.
Addressing Security Concerns
On security matters, Olukoyede raised concerns about the use of fintech and Point of Sale (POS) channels for ransom payments associated with terrorism financing. He called for stricter adherence to Know Your Customer (KYC) requirements and improved monitoring of suspicious transactions.
“We have seen that criminals exploit your space, especially in areas involving ransom payments,” he noted, urging the industry to work closely with regulators to close existing loopholes.
EFCC’s aiming to safeguard integrity of Nigeria’s burgeoning fintech industry
The meeting also covered regulatory and operational challenges facing the fintech sector, with discussions focused on measures to strengthen compliance and reduce fraud risks. The EFCC’s proactive stance aims to safeguard the integrity of Nigeria’s burgeoning fintech industry.
