"CBN Doesn’t Even Know Where Many Fintech Banks Operate From" — Lawmaker, Hon Olufemi Bamisile Alleges.
Chairman of the House of Representatives Ad-hoc Committee investigating the operations of fintech companies in Nigeria, Hon. Olufemi Bamisile, has raised serious concerns over the Central Bank of Nigeria’s (CBN) limited oversight and lack of vital information about major fintech operators in the country.
Speaking during a live television interview, Bamisile said the committee’s ongoing probe revealed troubling regulatory lapses, suggesting that the apex bank may not have full knowledge of where or how some fintech firms operate.
He noted that key players in the sector, including MoniePoint, OPay, and Kuda Bank, failed to honour invitations to appear before the National Assembly, with several official emails sent to them bouncing back.
“It’s alarming that the CBN doesn’t even know where these operators are located,” Bamisile said. “We found out that OPay, for instance, is owned by someone in China. This raises serious national security and economic concerns.”
The lawmaker also alleged possible collusion within the system, pointing out that many of these platforms appear to be run by local agents without transparent ownership structures.
Bamisile reaffirmed that the House committee will conclude its investigation within the stipulated timeframe and recommend stronger regulations to ensure accountability and protect Nigeria’s financial ecosystem.
Chairman of the House of Representatives Ad-hoc Committee investigating the operations of fintech companies in Nigeria, Hon. Olufemi Bamisile, has raised serious concerns over the Central Bank of Nigeria’s (CBN) limited oversight and lack of vital information about major fintech operators in the country.
Speaking during a live television interview, Bamisile said the committee’s ongoing probe revealed troubling regulatory lapses, suggesting that the apex bank may not have full knowledge of where or how some fintech firms operate.
He noted that key players in the sector, including MoniePoint, OPay, and Kuda Bank, failed to honour invitations to appear before the National Assembly, with several official emails sent to them bouncing back.
“It’s alarming that the CBN doesn’t even know where these operators are located,” Bamisile said. “We found out that OPay, for instance, is owned by someone in China. This raises serious national security and economic concerns.”
The lawmaker also alleged possible collusion within the system, pointing out that many of these platforms appear to be run by local agents without transparent ownership structures.
Bamisile reaffirmed that the House committee will conclude its investigation within the stipulated timeframe and recommend stronger regulations to ensure accountability and protect Nigeria’s financial ecosystem.
"CBN Doesn’t Even Know Where Many Fintech Banks Operate From" — Lawmaker, Hon Olufemi Bamisile Alleges.
Chairman of the House of Representatives Ad-hoc Committee investigating the operations of fintech companies in Nigeria, Hon. Olufemi Bamisile, has raised serious concerns over the Central Bank of Nigeria’s (CBN) limited oversight and lack of vital information about major fintech operators in the country.
Speaking during a live television interview, Bamisile said the committee’s ongoing probe revealed troubling regulatory lapses, suggesting that the apex bank may not have full knowledge of where or how some fintech firms operate.
He noted that key players in the sector, including MoniePoint, OPay, and Kuda Bank, failed to honour invitations to appear before the National Assembly, with several official emails sent to them bouncing back.
“It’s alarming that the CBN doesn’t even know where these operators are located,” Bamisile said. “We found out that OPay, for instance, is owned by someone in China. This raises serious national security and economic concerns.”
The lawmaker also alleged possible collusion within the system, pointing out that many of these platforms appear to be run by local agents without transparent ownership structures.
Bamisile reaffirmed that the House committee will conclude its investigation within the stipulated timeframe and recommend stronger regulations to ensure accountability and protect Nigeria’s financial ecosystem.
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