EFCC Boss Tasks Fintechs to Guard Platforms Against Fraudsters
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has challenged financial technology companies across the country to be vigilant against fraudsters.
He also tasked them to insulate their networks from the manipulative antics of fraudsters.
He gave the charge in Abuja on Thursday while addressing chief executive officers (CEOs) of fintech companies at an industry engagement meeting held at the Commission’s corporate headquarters.
The EFCC boss, while applauding the executives for their strides in opening up the global financial space and virtual asset platforms for the country through measurable inclusion and innovation, cautioned them against fraudsters who are exploiting the same space to perpetrate criminal activities.
“The opportunities you have created have also given criminals the opportunity to perpetrate crimes. Over the years, we have discovered the need for us to meet from time to time, even in the interest of your business. We will also share with you insights we are privy to regarding your operations and services,areas that criminals are exploiting,and how to block those gaps and strengthen the regulatory regime around your business,” he said.
He called for stronger collaboration between the EFCC and fintech companies to foster a sound working relationship and effective intelligence sharing. He enjoined the executives to jealously guard the integrity and reputation of their businesses, stressing that a good reputation is critical to business growth.
“It has taken some of you years to get to where you are, and I tell you, one mishandled transaction can destroy what you have built over ten years. You must be conscious of your reputation; it is the most valuable asset you need to grow a business—not even money. Once a reputation is damaged, it is difficult to restore. We want to collaborate with you, work with you, and that is one of the ways to fulfil our mandate,” he said.
He further stated that every business player in the country should work in synergy with others to strengthen the regulatory regime and build resilience against threats to the economy, such as insecurity.
He particularly cautioned fintech companies to fortify their networks against terrorism financing by complying with extant regulations on suspicious transaction reporting.
“We have been complaining about insecurity in Nigeria. Of course, we are also vested with the power to investigate terrorism financing, and one of the areas we have seen these actors exploit is your space. We believe it is high time we addressed this. People pay ransom, and we have discovered that, in many cases, the ransom is collected through POS systems. So, what can we do to close this gap,whether through stricter KYC processes or other innovative measures?” he said.
Discussions were held on a wide range of operational and regulatory issues, all geared toward sanitizing the fintech operating environment and strengthening resilience against compromise and fraudulent activities.
