Senator Adams Oshiomhole has expressed deep concern over the growing use of fintech platforms in cyber-related financial crimes, following an incident in which his personal account was allegedly hacked.
Speaking on the matter, Oshiomhole revealed that the perpetrators carried out the fraudulent transactions using fintech banking services rather than traditional commercial banks.
“When they hacked into my account, I found out that the banks used were Opay and Moniepoint. None of the traditional banks were used,” he lamented.
The former Edo State governor noted that while he is familiar with the leadership of established financial institutions, the lack of similar access to or knowledge of the executives behind certain fast-growing fintech firms poses accountability challenges.
“I know all the directors of First Bank, Access Bank and Zenith Bank. I don’t know the directors of Opay or Moniepoint, and that is a very big problem,” he added.
Oshiomhole’s comments come amid increasing public scrutiny of digital banking platforms, which have gained widespread popularity due to their convenience and ease of access. However, security experts have warned that the rapid expansion of the fintech sector must be matched with robust regulatory oversight to curb misuse.
Regulatory agencies are yet to issue an official response to the senator’s concerns.
