Oshiomhole has sought for tougher regulation of OPAY and Moniepoint after cybercriminals used the fintech platforms to hack his bank account.
NaijaOnPoint Nigeria reports that Senator Adams Oshiomhole, representing Edo North, has urged the National Assembly to introduce stronger regulatory controls for financial institutions operating outside Nigeria’s traditional banking system.
His call came during Thursday’s plenary as lawmakers debated amendments to the Banks and Other Financial Institutions Act (BOFIA).
The proposed amendment seeks to enhance the supervision, registration, and designation of systemically important institutions, particularly fast-growing non-bank fintech operators.
Sharing his personal experience, Oshiomhole revealed that cybercriminals recently breached his bank account and funneled the stolen funds exclusively through non-traditional financial platforms.
“When they hacked into my account, I discovered that all the institutions used were OPAY and Moniepoint; none of the established banks were involved,” he said.
He criticised the limited physical presence and lack of identifiable leadership behind some of these platforms, noting: “They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”
The former Edo governor warned that insufficient regulation could expose millions of Nigerians to unnecessary risk, stressing that the government would ultimately face the consequences if such platforms collapsed.
“For instance, I know the directors of First Bank, Access Bank, and Zenith Bank. But I don’t know the directors of OPAY or Moniepoint,” he added.
Oshiomhole further argued that while the CBN may issue guidelines, only laws enacted by the National Assembly have binding legal effect strong enough to close loopholes exploited by fraudsters.
He encouraged lawmakers to scrutinise the amendment in detail, ensuring that ownership structures and operational standards of all financial platforms are clearly defined.
The bill, sponsored by Senator Tokunbo Abiru (APC, Lagos East), passed its second reading following the debate.