The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a strong warning to financial technology companies operating in Nigeria, urging them to reinforce their systems against rising threats of fraud and financial crimes.
Speaking at an industry engagement meeting with chief executive officers of fintech firms held at the Commission’s corporate headquarters in Abuja on Thursday, April 30, 2026, Olukoyede acknowledged the critical role fintech companies play in expanding financial inclusion and driving innovation across the country. However, he cautioned that these same advancements are increasingly being exploited by criminal elements.
According to him, the rapid growth of digital financial platforms has inadvertently created opportunities for fraudsters to perpetrate crimes, making it imperative for operators in the sector to remain vigilant and proactive.
Olukoyede stressed the need for sustained collaboration between the EFCC and fintech stakeholders, noting that regular engagements and information sharing are essential to identifying vulnerabilities and closing gaps within the system.
He further advised fintech operators to prioritise their corporate reputation, describing trust as the cornerstone of their business sustainability.
“It has taken years for many of these companies to build credibility, but a single compromised transaction can erode that trust instantly,” he said, warning that reputational damage in the financial sector is often difficult to recover from.
The EFCC chairman also called for stronger regulatory compliance across the sector, particularly in tackling emerging threats such as terrorism financing. He highlighted concerns over the use of fintech platforms, including Point of Sale (POS) channels, in facilitating ransom payments and other illicit transactions.
Olukoyede urged operators to tighten their Know Your Customer (KYC) processes and ensure strict adherence to regulations requiring the reporting of suspicious transactions.
He maintained that a unified effort between regulators and fintech companies is critical to safeguarding Nigeria’s financial ecosystem and addressing broader security challenges linked to financial crimes.
The engagement, he noted, forms part of the Commission’s ongoing efforts to strengthen oversight, enhance cooperation, and protect the integrity of the nation’s financial system.
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