Senate Targets Fintechs Amid Oshiomhole’s Hacking Ordeal

Nigeria’s Senate has escalated efforts to tighten regulations on major fintech firms including Opay, Palmpay, and Moniepoint, following the second reading of a bill to amend the Banks and Other Financial Institutions Act (BoFIA). Sponsored by Senator Abiru Mukhail Adetokumbo (APC, Lagos-East), the legislation targets systemically important institutions for mandatory registration, enhanced supervision, and accountability to safeguard billions in daily online transactions. ​

During debates, Senator Adams Oshiomhole (APC, Edo North) shared a personal ordeal where scammers infiltrated his bank account through a fintech platform, decrying opaque ownership structures that hinder traceability and justice. He joined calls for reform amid rising cyber fraud exploiting digital payment systems, which lack dedicated laws beyond Central Bank of Nigeria (CBN) guidelines. ​

The bill addresses broader concerns like foreign ownership—Opay’s ties to China have sparked national security fears—and poor regulatory coordination, with lawmakers noting ignored summons to firms like Moniepoint and Kuda. Senator Natasha Akpoti-Uduaghan highlighted revenue losses for digital creators due to unregulated platforms. ​

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Referred to the Senate Committee on Banking, Insurance, and Other Financial Institutions, the measure promises investor protection, operational safety, and accurate revenue tracking for fintechs like Paga, Kuda, Paystack, FairMoney, and PiggyVest. This push reflects ongoing scrutiny, including prior CBN fines on Opay and Moniepoint for compliance lapses.