Olukoyede To Fintechs: Guide Your Platforms Against Fraudsters

Abuja, Nigeria — April 30, 2026

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged Financial Technology companies across Nigeria to strengthen their systems against the activities of fraudsters exploiting digital financial platforms.

Olukoyede gave the charge on Thursday, April 30, 2026, while addressing chief executive officers of fintech firms during an industry engagement meeting held at the Commission’s headquarters in Abuja.

While commending the firms for expanding financial inclusion and creating innovative digital asset platforms, he warned that the same technological advancements are being exploited by criminal elements to perpetrate fraud and other financial crimes.

“The opportunities you have created have also given criminals avenues to operate. There is a need for continuous engagement to identify vulnerabilities and strengthen regulatory frameworks,” he said.

The EFCC boss called for stronger collaboration between the Commission and fintech operators, emphasising the importance of intelligence sharing and proactive measures to curb financial crimes.

He also urged operators to prioritise the integrity and reputation of their platforms, noting that a single compromised transaction could undermine years of business growth.

“Reputation remains your most valuable asset. Once it is damaged, it is difficult to rebuild,” he cautioned.

Olukoyede further stressed the need for synergy among stakeholders in the financial ecosystem to strengthen regulatory compliance and tackle broader threats to the economy, including insecurity.

He specifically warned about the use of fintech platforms in facilitating terrorism financing and ransom payments, urging companies to enhance Know Your Customer (KYC) processes and comply strictly with regulations on suspicious transaction reporting.

According to him, improved safeguards and collaborative efforts are essential to closing loopholes exploited by criminal networks and ensuring the stability of Nigeria’s financial system.

The meeting also featured discussions on key operational and regulatory issues aimed at sanitising the fintech space and reinforcing safeguards against fraudulent activities.