‘Hackers hit my account through OPAY, Moneypoint’ — Oshiomhole calls for stricter fintech oversight

Oshiomhole’s Call for Stricter Oversight of Fintech Platforms After Cyber Fraud Incident

Adams Oshiomhole, senator representing Edo North and former governor of Edo State, has raised alarm over the vulnerabilities in Nigeria’s fast-growing fintech sector following a personal experience with cyber fraud.

Speaking during a plenary session on a bill to amend the Banks and Other Financial Institutions Act, Oshiomhole revealed that hackers gained access to his account and routed transactions exclusively through OPAY and Moneypoint, bypassing traditional banks entirely.

The senator emphasized that while conventional banks such as First Bank, Access Bank, and Zenith Bank operate under visible regulatory structures with identifiable directors, many technology-driven financial institutions remain opaque. 

He noted that he could not identify the directors of OPAY or Moneypoint, despite their significant role in Nigeria’s financial ecosystem. This lack of transparency, he argued, poses systemic risks, as millions of Nigerians rely on these platforms for daily transactions.

Oshiomhole criticized the absence of physical branches, employment structures, and social responsibility commitments from such fintech companies. 

He warned that if these institutions collapse, the burden of compensating defrauded citizens would fall on the government. He stressed that the National Assembly has a duty to enact laws with enforceable weight, unlike Central Bank of Nigeria (CBN) regulations, which may lack the same binding authority.

The bill under debate, sponsored by Senator Tokunbo Abiru of Lagos East, seeks to designate, register, and enhance supervision of systemically important financial institutions. 

Oshiomhole urged his colleagues to support the legislation while conducting a detailed inquiry to close loopholes and ensure accountability. He insisted that oversight must extend to identifying the owners and directors of fintech firms, thereby aligning them with the standards expected of traditional banks.

The incident underscores broader concerns about cybersecurity, consumer protection, and the balance between innovation and regulation in Nigeria’s financial sector.

As fintech platforms continue to expand their reach, the debate highlights the urgent need for stronger frameworks to safeguard users and maintain trust in digital financial services.