Strengthen your systems against fraudsters, Olukoyede warns fintech firms

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on financial technology companies across Nigeria to strengthen their systems against fraudsters exploiting digital financial platforms.

Olukoyede made the call on Thursday in Abuja while addressing chief executive officers of fintech firms at an industry engagement meeting held at the EFCC headquarters.

He commended the companies for expanding financial inclusion and driving innovation in the country, noting that their platforms had significantly improved access to financial services.

However, he warned that the same digital space was increasingly being used by criminals to perpetrate fraud and other financial crimes.

“The opportunities you have created have also given criminals the opportunity to perpetrate crimes. There is a need for us to meet from time to time, even in the interest of your business,” he said.

Olukoyede stressed the need for closer collaboration between the EFCC and fintech operators, particularly in intelligence sharing and identifying vulnerabilities in their systems.

He urged the executives to protect the integrity of their platforms, warning that a single fraudulent transaction could damage years of reputation and business growth, which he described as more valuable than money.

The EFCC chairman also called for stronger compliance with know-your-customer (KYC) and suspicious transaction reporting rules, noting that better coordination was needed to curb fraud and block loopholes exploited by criminals.