Senator Adams Oshiomhole, representing Edo North, has urged lawmakers to strengthen oversight of financial services that operate outside traditional banks.
He told colleagues that many digital platforms are poorly monitored, making them easy targets for cybercriminals. He called on the National Assembly to close the gaps that fraudsters exploit.
Oshiomhole made the appeal on Thursday during a discussion on a bill to update the Banks and Other Financial Institutions Act. The amendment aims to improve the registration, supervision, and classification of key financial institutions, including fintech companies that don’t operate like regular banks.
Sharing his own experience with fraud, Oshiomhole said his bank account was recently hacked and the criminals moved money through alternative financial platforms. He said, “When they hacked into my account, I found that all the institutions used were OPAY and Moniepoint; none of the registered banks were used.”
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He added that many of these platforms are difficult to trace. “They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility,” he said, warning that if such companies fail, the government will have to protect citizens who lose money.
Oshiomhole also noted that traditional banks have visible leadership, unlike many digital platforms. “For example, I know all the directors of First Bank, of Access Bank, of Zenith Bank. I don’t know the directors of OPAY. I don’t know the directors of Moniepoint,” he said.
He explained that while the Central Bank can issue guidelines, only laws passed by the National Assembly can effectively regulate the sector. “So, I think we should support it. And I would encourage you to do a more detailed line inquiry to ensure that all the loopholes are captured, including the owners of these banks,” he added.