Oshiomhole Raises Alarm Over OPAY, Moneypoint After Hack, Urges Stronger Fintech Regulation
Senator Adams Oshiomhole has urged the National Assembly to intensify oversight of financial technology companies following a cyberattack on his bank account allegedly carried out through OPAY and Moneypoint.
Speaking during Thursday’s plenary debate on a bill to amend the Banks and Other Financial Institutions Act (BOFIA), Oshiomhole said the rise of fintech platforms operating outside traditional banking structures poses a growing risk to Nigerians.
Oshiomhole noted that while the platforms provide convenient services, their regulatory and operational standards remain unclear. He said his personal encounter with cyber fraud revealed how non-traditional financial channels are being exploited.
“When they hacked into my account, all the institutions used were OPAY and Moneypoint — none of the registered banks were involved,” he said.
“And when I made inquiries, I was told these platforms have no branches in Abuja, employ no labour, and bear no social responsibility.”
The former Edo State governor said fintech operators must be held to the same accountability standards as commercial banks.
He stressed that laws passed by the National Assembly have binding force — far stronger than the Central Bank of Nigeria’s regulations — and should be used to ensure that major technology-driven financial institutions operate transparently.
“I know the directors of First Bank, Access Bank, Zenith Bank. But I don’t know the directors of OPAY or Moneypoint,” he added.
“These institutions are playing huge roles in our economy, and if anything goes wrong, government will bear the burden of protecting Nigerians who lose their money.”
Oshiomhole maintained that the federal government has a responsibility to shield citizens from emerging financial risks as fintech platforms continue to grow in influence across the country.
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