The Economic and Financial Crimes Commission (EFCC) has urged Nigerian banks and fintech organizations to intensify their efforts in combating financial crimes and avoid being used as tools for fraudulent activities. This call was made on Friday, November 22, 2024, during a courtesy visit by the management team of Moniepoint, a leading fintech company, to the EFCC Chairman, Mr. Ola Olukoyede, at the Commission's headquarters in Abuja.
Speaking through his Chief of Staff, Commander Michael Nzekwe, Mr. Olukoyede decried the increasing complicity of financial institutions in money laundering and other financial crimes, urging them to prioritize integrity and the growth of the Nigerian economy. "There’s hardly any financial crime that would not go through the financial institutions. Money laundering is a major issue, and the perpetrators often rely on banks. Nigeria will be the greatest beneficiary when we do the right thing," he noted.
The EFCC Chairman also highlighted the vulnerabilities within fintech operations, especially in opening tier-one accounts with inadequate Know Your Customer (KYC) protocols. He emphasized the need for stronger internal controls to prevent abuse by criminals targeting underserved and unbanked populations.
Addressing Moniepoint, he said, "Try as much as possible to avoid connivance and ensure your systems are not porous. You are a major stakeholder in the fight against corruption. We are open to assisting in any way we can, but no one is above the law."
Moniepoint's founder and Group CEO, Tosin Eniolorunda, acknowledged the challenges accompanying the company’s rapid growth and the increasing misuse of its platforms by fraudsters. He revealed that Moniepoint processes about 70% of Nigeria’s Point-of-Sale (PoS) and transfer payments, serving largely underserved and mid-class businesses.
“As Moniepoint helps people make ends meet, some bad actors are trying to use our channels for criminal purposes. We are improving our KYC systems and money-laundering protections but recognize we need strategic partnerships with agencies like the EFCC to combat this effectively," Eniolorunda stated.
Both parties agreed to strengthen collaboration and share intelligence to mitigate risks and enhance financial system security. Mr. Olukoyede assured Moniepoint of the EFCC’s readiness to support their efforts, emphasizing the importance of shared responsibility in fighting economic crimes.
The meeting underscored the critical role of cooperation between financial institutions, fintech companies, and law enforcement in safeguarding Nigeria’s economic landscape.
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