By Erewunmi Peace

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned fintech companies operating in Nigeria about the growing risks of fraud within the financial technology space.

He gave the warning during an engagement with fintech stakeholders in Abuja, where he emphasized the need for stronger security systems to prevent exploitation by cybercriminals.

Olukoyede urged fintech firms to enhance their internal controls, including stricter customer verification processes and improved monitoring of suspicious transactions.

He also called for increased collaboration between fintech companies and law enforcement agencies, stressing that intelligence sharing is crucial in tackling financial crimes.

According to him, the rapid growth of digital financial services has made the sector attractive to fraudsters, highlighting the need for proactive measures to protect users and maintain trust.

The EFCC boss noted that failure to address vulnerabilities could have serious implications for both businesses and the broader financial system.

The development underscores ongoing efforts by authorities to strengthen financial security and combat cyber-related crimes in Nigeria.

Further engagements between regulators and industry players are expected as efforts to safeguard the fintech ecosystem continue.