The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has charged the management of Moniepoint Microfinance Bank to prioritise strict regulatory compliance in the delivery of its financial services.
Olukoyede gave the charge on Thursday, January 22, 2026, when the management of the bank, led by its founder and Chief Executive Officer, Tosin Eniolorunda, paid him a courtesy visit at the EFCC headquarters in Jabi, Abuja.
The EFCC chairman emphasised the importance of due diligence in Moniepoint’s day-to-day operations, noting that robust compliance measures would strengthen the fintech company and prevent its platform from being exploited by criminal elements for money laundering or terrorism financing.
He urged the bank to operate strictly within regulatory frameworks, stressing that adherence to the law was critical to sustaining business growth. Olukoyede also highlighted the importance of Know Your Customer (KYC) procedures, particularly in the context of evolving regulations by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), including those relating to cryptocurrency.
According to him, strong KYC processes are essential to safeguarding the financial system and ensuring accountability within the fintech ecosystem.
Olukoyede commended the Moniepoint management team for its resilience and commitment to providing quality services, describing the growth of the institution as a testament to courage and determination in Nigeria’s challenging business environment.
In his remarks, Eniolorunda assured the EFCC of Moniepoint’s continued commitment to regulatory compliance and the security of financial transactions on its platform. He said the bank was conscious of its growing influence in society and the responsibility to uphold strong anti-fraud and anti-money laundering frameworks.
He explained that the company had evolved through different stages of growth and now operated with more mature systems capable of combating fraud, which had previously posed significant challenges to the fintech sector.