How Hackers Used Opay, Moniepoint To Divert My Funds – Oshiomhole

Senator Adams Oshiomhole, representing Edo North, has called on lawmakers to strengthen oversight of financial service providers that operate outside the traditional banking system.

Addressing his colleagues, he pointed out that many digital financial platforms lack adequate regulation, leaving them vulnerable to exploitation by cybercriminals.

Oshiomhole gave this charge on Thursday while contributing to debate on a bill seeking to amend the Banks and Other Financial Institutions Act. The proposed amendment aims to enhance the registration, supervision, and classification of major financial institutions, including popular fintech firms that do not function like conventional banks.

During his remarks, he narrated a personal encounter with fraud, revealing that his bank account had recently been compromised. He said the attackers moved the stolen funds exclusively through alternative financial services. According to him, “When they hacked into my account, I found that all the institutions used were OPAY and Moniepoint; none of the registered banks were used.”

He further argued that many of these platforms operate with little visibility. In his words, “They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.” He warned that if such companies eventually fold up, the responsibility to protect affected citizens would fall on government.

Oshiomhole also emphasized that traditional banks have identifiable leadership structures, unlike several digital operators. “For example, I know all the directors of First Bank, of Access Bank, of Zenith Bank. I don’t know the directors of OPAY. I don’t know the directors of Moniepoint,” he said.

He noted that although the Central Bank can issue regulatory guidelines, only legislation enacted by the National Assembly can properly govern the sector. “So, I think we should support it. And I would encourage you to do a more detailed line inquiry to ensure that all the loopholes are captured, including the owners of these banks,” he added.

The bill, sponsored by Senator Tokunbo Abiru of Lagos East, was later approved for second reading following the deliberations.