The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on Financial Technology companies to remain vigilant and protect their platforms from fraudulent activity.
Speaking on Thursday, 30 April 2026, at an industry meeting with Fintech chief executives at the Commission’s headquarters in Abuja, Olukoyede commended the sector for expanding financial inclusion and digital innovation across Nigeria.
He stated, however, that the same platforms can be exploited by criminals.
“We discovered over the years that there is a need for us to meet from time to time, in the interest of your business.
“We will also share insights on areas criminals are exploiting and how to strengthen the regulatory framework,” he said.
The EFCC chairman called for closer collaboration between the Commission and Fintech firms, including better intelligence sharing.
READ ALSO: Macaroni, TechCrush Launch Free Tech Scholarship for 100 Young Nigerians
He stressed that reputation is key to business growth, adding that “one mishandled transaction can damage what you have built over ten years.”
Olukoyede also pointed to issues about terrorism financing, saying that the EFCC has observed cases where ransom payments were processed through Point of Sale terminals.
He encouraged Fintech operators to comply fully with regulations on suspicious transaction reporting and Know Your Customer procedures.
“We have to work together to tidy up this loose end. Whether through KYC or other measures, we must strengthen the system,” he said.
The meeting included discussions on operational and regulatory matters aimed at improving safeguards within the Fintech sector and supporting wider economic security.