Senator Adams Oshiomhole has urged the National Assembly to impose stronger regulatory controls on financial technology platforms operating outside Nigeria’s traditional banking system. His call came during Thursday’s plenary as lawmakers debated a bill to amend the Banks and Other Financial Institutions Act (BOFIA).
The proposed amendment, sponsored by Senator Tokunbo Abiru (APC, Lagos East), seeks to enhance oversight, registration requirements, and classification of systemically important financial institutions—particularly non-bank fintech companies that now play major roles in Nigeria’s payment ecosystem.
‘They Used Only Fintech Channels’, Oshiomhole Says of Account Breach
In a passionate contribution, Oshiomhole revealed that his recent experience with cyber fraud exposed troubling gaps in the current regulatory framework.
According to him, perpetrators who hacked his bank account carried out their transactions exclusively through digital financial platforms.
“When they hacked into my account, every fraudulent transfer was done through OPAY and Moniepoint. Not one conventional bank was involved,” he told the chamber.
He expressed concern that many of these fast-growing fintech operators lack physical branches, visible leadership structures, or clear accountability mechanisms.
“They don’t have offices in Abuja; they don’t employ workers; they provide no social responsibility. Yet millions of Nigerians rely on them daily,” he said.
Fintech Growth Demands Real Accountability, Senator Warns
Oshiomhole argued that although the Central Bank of Nigeria can issue guidelines, only legislation enacted by the National Assembly can provide the firm legal backing needed to hold operators accountable.
He warned that if any major non-bank financial platform were to collapse, the consequences could be catastrophic for users—and for the government that would likely bear the responsibility for the fallout.
“These institutions have become critical players in our economy. If they go under, Nigerians who lose their savings will look to political authorities for answers,” he cautioned.
Oshiomhole also noted a stark contrast in transparency between traditional banks and newer digital platforms.
“I know the directors of First Bank, Access Bank, and Zenith Bank. But who are the directors of OPAY? Who are the owners of Moniepoint?” he questioned.
Senate Advances Bill After Heated Debate
He applauded the intent of the amendment bill but pressed for deeper scrutiny to ensure no regulatory loopholes remain open, especially regarding ownership, supervision, and statutory obligations of fintech operators.
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After deliberations, the Senate passed the bill for second reading, paving the way for further legislative work by the relevant committees.
