‘Hackers hit my account through OPAY, Moneypoint’ — Oshiomhole calls for stricter fintech oversight

Adams Oshiomhole, senator representing Edo north, says thenational assembly must tighten oversight of financial institutions operatingoutside the traditional banking system. Oshiomhole spoke on Thursday while contributing to debateduring the plenary on a bill seeking to amend the Banks and Other FinancialInstitutions Act to provide for the designation, registration and enhancedsupervision of systemically important institutions. Oshiomhole said the red chamber should not only support thelegislation but also examine it closely to ensure that “all possible loopholesare blocked”. He said his personal experience with cyber fraud shows hownon-traditional financial platforms are being used for illicit transactions. “When they hacked into my account, I found that all theinstitutions used were OPAY and Moneypoint; none of the registered banks wereused,” he said. “And when I asked, I’m told that’s it. They don’t have abranch in Abuja. They don’t employ labour. They bear no social responsibility.” The lawmaker said the provisions of the bill will helpensure that technology-driven financial institutions meet basic regulatory andoperational standards. “For example, I know all the directors of First Bank, ofAccess Bank, of Zenith Bank. I don’t know the directors of OPAY. I don’t knowthe directors of Moneypoint,” he said. “These are visible players in our economy, playing such animportant role. And the day they go under, the political authority will be leftwith the burden of providing for Nigerians who have been duped.” He said the government holds a duty to protect citizens “inevery ramification”. Oshiomhole added that laws enacted by the national assemblycarry enforceable weight, unlike regulations issued by the Central Bank ofNigeria (CBN). “So, I think we should support it,” the former Edo stategovernor said. “And I would encourage you to do a more detailed lineinquiry to ensure that all the loopholes are captured, including the owners ofthese banks.” At the end of the debate, the bill, sponsored by TokunboAbiru, senator representing Lagos east, passed the second reading.

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