The Nigerian Senate on Friday moved to regulate Opay, Palmpay, Moniepoint, following an alarm raised by Senator Adams Oshiomhole over account hacking
As a result to the development, the Senate begun moves to tighten regulatory oversight on major fintech platforms—Opay, Palmpay, and Moniepoint.
Oshiomhole in his revelations, wondered how cybercriminals gained unauthorized access to his bank account.
During plenary on Thursday, Oshiomhole lamented the growing sophistication of online scammers, narrating how fraudsters allegedly infiltrated his account and carried out unauthorized transactions.
He warned that millions of Nigerians using digital financial services remain vulnerable to similar attacks.
In response, the Senate resolved to summon regulatory agencies, including the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU), to provide clarity on the security compliance levels of the affected fintech firms.
Lawmakers, however, expressed concern that the rapid growth of digital banking had not been matched with adequate consumer protection frameworks, leaving users exposed to cyber fraud, identity theft, and unauthorized withdrawals.
The Senate is now considering new legislation that would mandate stricter KYC protocols, improved cybersecurity architecture, and heavier penalties for financial institutions found negligent in safeguarding customer data.
The development marks one of the strongest moves yet by the National Assembly to regulate Nigeria’s booming fintech sector, which currently serves tens of millions of users nationwide.
