EFCC Urges Fintech Firms to Strengthen Systems Against Fraud

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Financial Technology (Fintech) companies across Nigeria to reinforce their platforms against exploitation by fraudsters.

Olukoyede made this call on Thursday, April 30, 2026, in Abuja during an industry engagement meeting with Chief Executive Officers of Fintech firms held at the Commission’s corporate headquarters.

While commending the companies for expanding financial inclusion and creating innovative digital platforms, he warned that these same advancements are increasingly being exploited by criminals for fraudulent activities.

“The opportunities you have created have also opened doors for criminals. We believe there is a need for continuous engagement where we can share intelligence on vulnerabilities within your systems and work together to close those gaps,” he stated.

He emphasized the importance of collaboration between the EFCC and Fintech operators, particularly in intelligence sharing and regulatory compliance. According to him, safeguarding business reputation is critical, noting that a single compromised transaction could undo years of hard work.

“It takes years to build a credible business, but one mishandled transaction can destroy it. Reputation remains your most valuable asset,” he added.

Olukoyede further stressed the need for collective action among stakeholders to strengthen the financial ecosystem and tackle threats such as insecurity and terrorism financing. He urged Fintech firms to strictly comply with regulations on suspicious transaction reporting and to enhance Know Your Customer (KYC) processes.

Highlighting emerging risks, he noted that ransom payments are often funneled through digital payment channels, including POS systems, and called for urgent measures to address such loopholes.

The meeting featured extensive discussions on operational and regulatory challenges, with a shared commitment to sanitizing the Fintech space and building resilience against fraud and financial crimes.