Senator Adams Oshiomole has expressed strong support for the Senate’s efforts to regulate fintech companies like Opay, Palmpay, and Moniepoint, citing his personal experience after scammers gained access to his bank account.
According to him, investigations showed that all the unauthorized transactions were carried out through Opay and Moniepoint, with none involving traditional, fully registered commercial banks.
He said:
“When my account was hacked, I found that the transactions were done through Opay and Moniepoint. None of the traditional banks were involved. I know the directors of First Bank, Access Bank, and Zenith Bank, but I have no idea who runs Opay or Moniepoint.”
Oshiomole also raised concerns about the lack of transparency and physical presence of these digital financial institutions:
“I’m told they don’t have branches in Abuja, they don’t employ people, and they take on no social responsibility. They play major roles in our financial system, yet their owners remain unknown. If they collapse tomorrow, the government will be left to deal with the aftermath and the citizens who lose their money.”
He stressed that the government’s primary duty is to protect its citizens and noted that while the CBN issues regulations, they do not carry the same legal force as a law passed by the National Assembly:
“This law is timely and necessary. CBN regulations do not have the full force of law. Laws can be enforced in court; I’m not sure regulations carry the same weight.”
He urged lawmakers to thoroughly examine the bill and close every possible loophole:
“We should support this bill and go deeper to block all loopholes, including identifying the actual owners and directors of these fintech banks.”
Oshiomole emphasized that without proper oversight, the rapid expansion of online banks could pose financial and security risks to Nigerians.
My Opinion
The senator raises legitimate concerns—not because fintech platforms are inherently unsafe, but because rapid technological growth often outpaces regulation. Three things can be true at once:
1. Fintechs provide huge benefits—financial inclusion, fast transfers, low fees.
2. They still need strong governance, transparency, and consumer protections.
3. A balanced regulatory framework is healthier than either overregulation or no regulation at all.
If a sector handles millions of users’ money, it absolutely must be accountable, secure, and transparent about ownership and operational procedures.
However, it’s also important that regulation doesn’t stifle innovation. The goal should be to improve trust, security, and oversight—not to hinder the convenience and progress fintechs bring.
A thoughtful, collaborative regulatory approach—one involving the CBN, fintech companies, cybersecurity experts, and lawmakers—would likely produce the best long-term outcome.
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