Adams Oshiomhole, the senator representing Edo North, has asked the national assembly to increase supervision of financial institutions that operate outside regular banks.
Speaking during a debate on a bill to amend the Banks and Other Financial Institutions Act (BOFIA), Oshiomhole said lawmakers must carefully review it so that “all loopholes are blocked”.
He shared his personal experience about cyber-fraud, noting that the criminals who hacked his bank account used OPAY and Moneypoint — not any traditional bank.
“When my account was hacked, I discovered that OPAY and Moneypoint were used. None of the registered banks were involved,” he said.
He added that he was surprised that these platforms operate widely without physical branches or clear social responsibility obligations.
Oshiomhole also said that while the leadership of traditional banks is known, the same cannot be said of several fintech companies.
“For example, I know the directors of First Bank, Access Bank, and Zenith Bank. But I don’t know the directors of OPAY or Moneypoint,” he said.
According to him, these companies handle huge financial activities, so if anything goes wrong, government will have to respond to protect citizens who lose money.
He stressed that the national assembly must ensure that technology-based financial institutions meet proper regulatory and operational standards.
He also noted that laws passed by the national assembly carry more weight than regulations issued by the Central Bank of Nigeria (CBN).
The bill, sponsored by Senator Tokunbo Abiru from Lagos East, passed second reading after deliberation.
Oshiomhole said that in the future, the government must be able to trace the owners and managers of fintech companies. He noted that Nigerians deserve to know who is running platforms that handle their money and be able to hold them responsible when problems occur.
Other senators agreed that stronger oversight will help protect citizens from cyber fraud and improve transparency in the financial system.
They said the proposed amendments will now move to the committee stage, where the details will be properly studied before further legislative action.
