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Senator Adams Oshiomhole has urged the National Assembly to tighten regulatory oversight on non-bank financial platforms after revealing that cybercriminals recently hacked his bank account and moved funds exclusively through OPAY and Moniepoint.
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EKO HOT BLOG reports that he made the appeal on Thursday during plenary while contributing to a debate on a bill seeking amendments to the Banks and Other Financial Institutions Act to improve supervision, registration and control of systemically important institutions, including fintech operators.
Oshiomhole told lawmakers that the platforms used in the fraudulent transactions had no visible branches, physical presence or identifiable directors, raising concerns about accountability and customer protection.
He noted that while he could identify the leadership of major commercial banks, the same could not be said of OPAY and Moniepoint, despite their growing influence in the financial sector.
The senator warned that without proper regulation, millions of Nigerians risk losing their funds if such platforms collapse, leaving government with the burden of managing the fallout. Although the Central Bank issues guidelines for operators, Oshiomhole said only laws enacted by the National Assembly provide enforceable legal backing. He called for careful scrutiny of the amendment bill to ensure all loopholes are addressed.
The bill, sponsored by Senator Tokunbo Abiru, passed second reading after debate and is expected to undergo further legislative review.
