EFCC Urges Fintech Firms to Strengthen Systems Against Fraud

JOEL OLADELE, Abuja

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has called on financial technology companies to reinforce their platforms against fraud and criminal exploitation, warning that weak systems could undermine both business integrity and national security.

Olukoyede gave the charge on Thursday in Abuja during an industry engagement with chief executives of fintech firms at the Commission’s headquarters, according to a statement signed by EFCC Head of Media and Publicity, Dele Oyewale.

While commending the companies for expanding financial inclusion and driving innovation, the EFCC boss cautioned that the same digital ecosystem has increasingly become a target for fraudsters.

“The opportunities you have created have also given criminals the opportunity to perpetrate crimes,” he said, noting that the Commission would continue to engage operators to share intelligence on emerging threats and vulnerabilities within their systems.

He stressed the need for periodic collaboration between regulators and fintech operators, saying such engagement would help identify loopholes exploited by criminals and strengthen safeguards across the sector.

Olukoyede also warned that reputational risks remain one of the biggest threats to fintech businesses, urging operators to prioritise compliance and due diligence in their transactions.

“It has taken some of you years to build your businesses, but one transaction mishandled can destroy what you have built over a decade. Your reputation is your most valuable asset,” he said.

The anti-graft agency further emphasised the importance of closer cooperation, particularly in intelligence sharing, to enhance regulatory oversight and tackle financial crimes more effectively.

Beyond fraud, Olukoyede raised concerns over the use of digital platforms in facilitating terrorism financing, urging firms to tighten their Know Your Customer (KYC) processes and comply strictly with regulations on suspicious transaction reporting.

“We have seen that some of these criminal elements exploit your platforms, including for ransom payments through POS channels. It is time to address these gaps decisively,” he added.

Participants at the meeting also deliberated on a range of operational and regulatory issues, with a focus on strengthening compliance frameworks and improving the resilience of fintech systems against abuse.

The EFCC said the engagement forms part of its broader strategy to sanitise Nigeria’s financial ecosystem and build a more secure, transparent and accountable digital economy.