Reported by: Oahimire Omone Precious | Edited by: Gabriel Osa
Senator Adams Oshiomole has disclosed that scammers gained access to his bank account using digital financial service platforms Opay and Moniepot, sparking fresh concerns over the security and regulatory oversight of Nigeria’s rapidly growing fintech sector. Speaking on the matter, the senator emphasized that no traditional banks, such as First Bank, Access Bank, or Zenith Bank, were involved in the breach. He noted that, unlike these well-known institutions whose directors he is familiar with, he does not know the leadership of Opay and Moniepot, highlighting the opaque governance structures of some emerging fintech operators.
The revelation comes amid the Senate’s ongoing review of regulations for fintech platforms, including Opay, Palmpay, and Moniepoint, in response to a surge in cybercrime and fraud linked to digital wallets and online payment systems. Lawmakers are increasingly concerned that while fintech companies have expanded financial inclusion across Nigeria, gaps in oversight, compliance, and transparency leave customers vulnerable to scams.
Senator Oshiomole described the experience as both frustrating and enlightening, noting that the incident underscores the need for stricter accountability mechanisms and robust consumer protection frameworks in the fintech industry. “It is alarming that scammers can exploit platforms that operate with minimal regulatory scrutiny,” he said. “We know the directors of traditional banks, but these new operators are largely unknown, and that lack of transparency creates risks for all users.”
The Senate is reportedly considering measures to ensure that fintech companies implement enhanced anti-fraud systems, designate responsible officers, and maintain transparent corporate governance structures. The proposed legislation may require fintech operators to register key executives with regulatory authorities, submit regular compliance reports, and implement advanced security protocols to protect customers’ funds and personal data.
Industry analysts believe that while fintech innovations have revolutionized access to financial services in Nigeria, incidents like the one experienced by Senator Oshiomole highlight the urgency of formal regulation. Strengthening oversight could not only protect consumers but also enhance trust in digital financial services, attract more investors, and reduce the prevalence of cybercrime targeting unsuspecting users.
The senator’s disclosure adds momentum to the Senate’s deliberations, signaling that lawmakers are increasingly determined to balance innovation with consumer protection. As regulatory frameworks for digital financial services continue to evolve, stakeholders across the banking and fintech industries will be closely watching how the government enforces compliance and accountability standards.
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