The Economic and Financial Crimes Commission has urged banks and financial technology companies to avoid being used as tools for fraud.
The warning came on Friday, November 22, 2024, during a visit by Moniepoint’s management team to EFCC Chairman Ola Olukoyede.
Speaking through his Chief of Staff, Commander Michael Nzekwe, Olukoyede stressed the critical role financial institutions play in combating economic crimes.
“There’s hardly any financial crime that does not pass through banks or financial platforms. Money laundering is a major issue, and the banks play a part. Nigeria will benefit greatly when we do the right thing,” he said.
He advised Moniepoint, a fintech company, to strengthen its internal controls and avoid being exploited for illegal activities.
“Try to avoid any form of connivance and don’t make your system porous. You are key stakeholders in the fight against corruption. We are ready to assist, but no one is above the law,” Nzekwe added.
Olukoyede also pointed out the high level of fraud in tier-one accounts due to poor Know Your Customer practices, urging Moniepoint to improve its measures.
Moniepoint’s founder and CEO, Tosin Eniolorunda, highlighted the challenges the company faces due to its rapid growth.
“Moniepoint processes about 70% of Nigeria’s PoS and transfer payments. While helping people meet their needs, some misuse our platform for criminal purposes,” Eniolorunda said.
He emphasized the need for a strategic partnership with EFCC to tackle these challenges.
“There are things you see that we don’t, and things we see that we believe can help you. Together, we can fight these bad actors and ensure national security,” Eniolorunda added.
