Senator Adams Oshiomhole, representing Edo North, has called for stronger legislative oversight of financial technology companies operating outside Nigeria’s traditional banking framework, citing his own experience with cybercriminals who allegedly exploited alternative payment platforms to siphon funds from his account.
Oshiomhole made the remarks on Thursday during plenary while contributing to debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA). The proposed amendment aims to introduce a formal process for designating, registering and supervising systemically important financial institutions, many of which now include major fintech operators.
The former Edo State governor stressed that the Senate should not only pass the bill but also scrutinise it thoroughly to prevent gaps that could enable financial misconduct.
“When they hacked into my account, I discovered that all the institutions used were OPAY and Moneypoint; none of the traditional banks were involved,” he said.
“And when I asked further, I was told that’s how it is. They don’t have offices in Abuja. They don’t employ labour. They bear no social responsibility.”
Oshiomhole argued that Nigeria cannot afford to allow major financial players operate without clear accountability structures. He compared the transparency of conventional banks, whose directors are publicly known, against what he described as the opacity surrounding some fast-growing fintech companies.
“For First Bank, Access Bank, Zenith Bank, I know the directors. But I don’t know who the directors of OPAY or Moneypoint are,” he noted.
“These are key players in our economy. If any of them collapses, political leaders will be left to deal with the consequences and the Nigerians who have been defrauded.”
The senator insisted that while innovation has transformed financial transactions in Nigeria, it must be balanced with robust supervision to protect users and ensure systemic stability.
He further maintained that legislative action is crucial because parliamentary laws carry stronger enforcement authority than guidelines issued by the Central Bank of Nigeria (CBN).
“The government has a responsibility to protect citizens in every ramification,” he said. “And that is why this Senate must block all loopholes, including identifying the true owners of these institutions.”
Bill ScThe bill, sponsored by Senator Tokunbo Abiru (Lagos East), seeks to upgrade regulatory oversight of emerging financial institutions whose operations increasingly influence the national economy.
After debate, the Senate passed the bill through second reading, moving it one step closer to committee review and eventual passage.
If enacted, the law would strengthen supervision of fintechs and other non-traditional operators, ensuring they meet the same standards of transparency, governance, and consumer protection expected of mainstream banks.
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