The Economic and Financial Crimes Commission (EFCC) has warned financial institutions across Nigeria to ensure their systems are not exploited for fraudulent activities, emphasizing stricter internal controls to curb money laundering and other economic crimes.
EFCC Executive Chairman, Ola Olukoyede, highlighted that banks have historically facilitated financial crimes and urged them to prioritize national growth by avoiding such practices.
The warning came on Friday during a courtesy visit by Moniepoint’s management team, led by founder and Group CEO Tosin Eniolorunda, to the Commission’s headquarters. The visit was aimed at fostering stronger collaboration in the fight against corruption.
Olukoyede, speaking through his Chief of Staff, Commander CE Michael Nzekwe, stressed that fraud is prevalent at unbanked and underserved levels, particularly due to poor Know Your Customer (KYC) protocols in fintechs for tier-one accounts.
“Try as much as possible on your own to avoid any form of connivance and don’t be a channel for money laundering,” he advised.
The anti-graft boss further emphasized the importance of collaboration with stakeholders to strengthen internal controls.
“When we have stakeholders come in and want to be part of what we are doing, it gives us joy because no one man can fight corruption alone,” Olukoyede said.
He also reaffirmed the EFCC’s mandate, noting, “Our core mandate is enforcement and investigation of economic and financial crimes. We’re glad and wish to collaborate with you.”
In his remark, Eniolorunda acknowledged the challenges of rapid growth at Moniepoint, noting that while the company has expanded to become one of Nigeria’s largest payment service providers, some individuals have exploited its channels for criminal purposes.
He emphasized the need for strategic collaboration with the EFCC to strengthen KYC, anti-money laundering, and fund protection systems.
Eniolurunda explained that Moniepoint cannot combat fraud alone and highlighted the value of the EFCC’s expertise.
“There are intels that you see that we don’t see. There are many things that come across your desk every day that we don’t see. By working together, we can better fight these bad actors and prevent risks that could escalate into national security issues.”
According to him, the visit was an opportunity to establish a strategic partnership that would enhance fraud prevention efforts and strengthen the company’s systems for safer financial transactions.
