EFCC Chairman urges Fintechs to fortify platforms against fraud, terrorism financing

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has charged Financial Technology (Fintech) companies across the country to remain vigilant and insulate their networks from the manipulative antics of fraudsters.

He gave this charge in Abuja on Thursday during an industry engagement meeting with Fintech Chief Executive Officers at the Commission’s corporate headquarters.

While applauding the executives for their strides in expanding the global financial space and virtual asset platforms through innovation and inclusion, Olukoyede cautioned that these same opportunities are being exploited by criminals.

He noted that the EFCC has identified specific gaps in Fintech operations and services that facilitate illicit activities, stressing the need for periodic meetings to strengthen regulatory frameworks and block these vulnerabilities.

The EFCC boss called for a more robust collaboration and enhanced intelligence sharing between the Commission and Fintech firms.

He urged the executives to jealously guard the integrity of their businesses, noting that a single mishandled transaction could destroy a reputation built over a decade.

He emphasized that in the financial sector, a solid reputation is a more valuable asset for growth than capital itself.

Mr. Olukoyede also emphasized that all business players must work in synergy to protect the national economy from threats such as insecurity.

He specifically cautioned Fintechs to firm up their networks against terrorism financing by strictly complying with regulations regarding suspicious transaction reporting.

He raised concerns regarding the ease with which criminals exploit Fintech platforms, particularly through Point of Sale (POS) terminals to collect ransoms.

He challenged the executives to tighten loose ends by enhancing Know Your Customer (KYC) protocols and developing innovative ideas to prevent their services from being used as conduits for crime.

The meeting concluded with extensive discussions on operational and regulatory measures intended to sanitize the Fintech environment and prevent fraudulent compromises.