Fraudsters hacked into my account through OPAY, Moniepoint – Oshiomhole

Adams Oshiomhole, senator representing Edo North, has urged the national assembly to tighten scrutiny of financial technology operators, warning that platforms outside the mainstream banking sector are increasingly being used for fraudulent activities.

Speaking during Thursday’s plenary, Oshiomhole contributed to deliberations on a bill seeking amendments to the Banks and Other Financial Institutions Act.

The proposed changes aim to introduce formal designation, registration and stronger supervision for systemically important financial institutions.

The former Edo governor advised his colleagues to not only back the legislation but also examine it line by line to ensure “all possible loopholes are blocked”.

Citing a personal incident, Oshiomhole said his own experience with cybercrime revealed how alternative financial service providers are being exploited.

“When they hacked into my account, I found that all the institutions used were OPAY and Moniepoint; none of the registered banks were used,” he said.

“And when I asked, I’m told that’s it. They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”

He added that the bill would help establish minimum regulatory and operational benchmarks for technology-driven financial companies.

“For example, I know all the directors of First Bank, of Access Bank, of Zenith Bank. I don’t know the directors of OPAY. I don’t know the directors of Moniepoint,” he said.

“These are visible players in our economy, playing such an important role. And the day they go under, the political authority will be left with the burden of providing for Nigerians who have been duped.”

Oshiomhole stressed that government has a responsibility to safeguard its citizens “in every ramification”.

He also argued that laws passed by the national assembly carry stronger force than regulatory guidelines issued by the Central Bank of Nigeria (CBN).

“So, I think we should support it,” he said. “And I would encourage you to do a more detailed line inquiry to ensure that all the loopholes are captured, including the owners of these banks.”

The bill, sponsored by Senator Tokunbo Abiru of Lagos East, was eventually approved for second reading.