By Nkechi Eze
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on financial technology companies in Nigeria to reinforce their platforms against fraudsters and tighten safeguards to prevent exploitation by criminal elements.
According to an official signed statement by the Head, Media and Publicity of the EFCC, Dele Oyewale, the charge was given on Thursday, April 30, 2026, during an industry engagement with Chief Executive Officers of fintech companies held at the Commission’s headquarters in Abuja.
Addressing the executives, Olukoyede commended fintech operators for expanding financial inclusion and creating innovative digital platforms that have enhanced access to financial services across the country. However, he warned that the same technological advancements have also created avenues for fraudsters to perpetrate financial crimes.
He noted that the evolving nature of financial crimes necessitates continuous engagement between regulators and industry players, stressing that the EFCC is prepared to share intelligence on emerging threats and vulnerabilities within fintech operations to help operators strengthen their systems.
“The opportunities you have created have also given criminals the opportunity to perpetrate crimes. There is a need for us to meet regularly in the interest of your businesses. We will continue to provide insights into areas being exploited and how to block those gaps while strengthening regulatory compliance,” he said.
The EFCC Chairman emphasised the importance of collaboration and intelligence sharing between the Commission and fintech firms, describing it as critical to safeguarding the integrity of the financial ecosystem.
He further urged operators to prioritise their corporate reputation, warning that a single compromised transaction could undermine years of business growth and erode public trust.
“It has taken years for many of you to build your platforms, but one poorly handled transaction can destroy that effort. Reputation remains your most valuable asset, and once lost, it is difficult to rebuild,” he stated.
Olukoyede also called for stronger synergy among stakeholders in the financial sector to enhance regulatory frameworks and build resilience against threats to the nation’s economy, particularly insecurity.
He expressed concern over the role of digital financial platforms in facilitating terrorism financing, revealing that investigations have shown that ransom payments are sometimes processed through point-of-sale channels and other fintech-enabled systems.
Highlighting the need for stricter compliance, he urged fintech operators to strengthen their Know-Your-Customer (KYC) processes and ensure diligent reporting of suspicious transactions in line with existing regulations.
“We are concerned about insecurity and the financing behind it. Some of these activities are being carried out through your platforms. It is time to close these gaps, whether through improved KYC processes or other innovative safeguards,” he added.
The engagement featured extensive discussions on operational and regulatory issues aimed at sanitising the fintech ecosystem, strengthening compliance mechanisms, and enhancing collective capacity to combat fraud and financial crimes.
The EFCC reiterated its commitment to working closely with fintech stakeholders to build a more secure, transparent, and resilient financial system capable of supporting sustainable economic growth in Nigeria.
