Senator Adams Oshiomhole, who represents Edo North, has urged lawmakers to tighten control over financial services that operate outside regular banks.
He told his colleagues that many digital platforms are not properly monitored, making them easy targets for cybercriminals. He asked the National Assembly to close the loopholes that fraudsters currently use.
Senator Adams Oshiomhole, who represents Edo North, has urged lawmakers to tighten control over financial services that operate outside regular banks.
He told his colleagues that many digital platforms are not properly monitored, making them easy targets for cybercriminals. He asked the National Assembly to close the loopholes that fraudsters currently use.
He made this appeal on Thursday during a discussion on a bill that seeks to update the Banks and Other Financial Institutions Act. The new amendment is meant to improve the registration, supervision, and classification of key financial institutions, including popular fintech companies that do not operate like traditional banks.
While speaking, Oshiomhole shared his own recent experience with fraud. He explained that his bank account was hacked and the criminals quickly moved money only 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.”
He added that many of these platforms are hard to trace. According to him, “They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.” He warned that if such companies collapse, the government will be left to deal with the damage and protect citizens who lose money.
Oshiomhole explained that traditional banks have known and visible leadership, something missing in many digital platforms. He said, “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 noted that the Central Bank can issue guidelines, but only laws approved by the National Assembly are powerful enough to control the sector effectively. In his words, “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.”
The bill, sponsored by Senator Tokunbo Abiru of Lagos East, later passed its second reading after the discussion.
