The EFCC has urged fintech companies in Nigeria to strengthen their systems against fraud and terrorism financing. Here’s what businesses must know to stay compliant and secure.
EFCC Urges Fintech Firms to Tighten Security Measures
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on financial technology companies across Nigeria to strengthen their systems against fraud and criminal exploitation.
Speaking at an industry engagement held in Abuja on April 30, 2026, Olukoyede addressed fintech CEOs, emphasizing the urgent need for vigilance in safeguarding digital financial platforms.
Innovation Comes With Risks
While acknowledging the significant role fintech companies play in expanding financial inclusion and innovation, Olukoyede warned that these advancements have also created opportunities for cybercriminals.
He noted that fraudsters are increasingly exploiting fintech platforms to carry out illegal activities, making it essential for companies to continuously review and reinforce their security frameworks.
According to him, regular engagement between regulators and fintech operators is necessary to identify vulnerabilities and implement effective safeguards.
EFCC Pushes for Stronger Industry Collaboration
The EFCC chairman stressed the importance of collaboration between the Commission and fintech firms. He highlighted intelligence sharing and regulatory cooperation as key strategies to combat financial crimes.
Olukoyede also warned business leaders about the fragile nature of corporate reputation.
A single poorly handled transaction, he said, can undo years of hard work and damage public trust beyond repair. Maintaining credibility, therefore, should be a top priority for all financial service providers.
Rising Concerns Over Terrorism Financing
The EFCC further raised concerns about the misuse of fintech platforms in facilitating terrorism financing.
Olukoyede pointed out that ransom payments are sometimes processed through Point of Sale (POS) systems, exposing critical loopholes in the financial ecosystem.
He urged fintech operators to strengthen their Know Your Customer (KYC) processes and ensure strict compliance with regulations on suspicious transaction reporting.
Call for Stronger Regulations and Industry Unity
The anti-graft agency emphasized that combating financial crimes requires a unified approach across all sectors. Businesses were encouraged to work together to strengthen regulatory systems and protect Nigeria’s economy from emerging threats.
The meeting concluded with extensive discussions on improving operational standards, enhancing compliance, and building a more secure fintech environment resistant to fraud and abuse.