Mr. Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has called on financial technology companies in Nigeria to strengthen their systems and safeguard their platforms against exploitation by fraudsters and other criminal actors.
EFCC
Olukoyede made the call yesterday in Abuja during an industry engagement meeting with chief executive officers of fintech companies held at the EFCC headquarters.
He commended the fintech sector for driving financial inclusion and innovation in the country, noting that their platforms have expanded access to financial services.
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However, he warned that the same digital space has increasingly been exploited by fraudsters.
According to him, continuous engagement between the EFCC and fintech operators is necessary to identify vulnerabilities and block loopholes being used for financial crimes.
“The opportunities you have created have also given criminals the opportunity to perpetrate crimes,” he said, adding that regular collaboration would help strengthen regulatory safeguards and protect legitimate business operations.
Olukoyede urged fintech operators to protect the integrity of their businesses, stressing that reputation remains a critical asset in the financial sector.
He warned that a single compromised transaction could damage years of trust-building.
He also advocated stronger intelligence sharing and cooperation between both parties, noting that such collaboration would enhance the EFCC’s mandate in tackling financial crimes.
On security concerns, the EFCC chairman raised alarm over the use of fintech and POS channels for ransom payments linked to terrorism financing.
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He called for stricter compliance with 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 said, urging the industry to work with regulators to close existing loopholes.
The meeting also featured discussions on regulatory and operational challenges in the fintech sector, with both sides exploring measures aimed at strengthening compliance and reducing fraud risks.
