The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on financial technology companies in Nigeria to strengthen their systems against fraud and criminal exploitation.

He made this appeal on Thursday, April 30, 2026, during an industry engagement meeting with chief executive officers of fintech firms at the Commission’s headquarters in Abuja.

Olukoyede commended the companies for expanding financial inclusion and driving innovation across the country, noting that their platforms have opened up global financial opportunities. However, he warned that these same advancements have also created avenues for fraudsters to carry out illicit activities.

He stressed the need for continuous engagement between the EFCC and fintech operators, explaining that the Commission is prepared to share intelligence on vulnerabilities being exploited by criminals and offer guidance on how to close such gaps while strengthening regulatory compliance.

The EFCC chairman also emphasised the importance of collaboration, urging fintech leaders to work closely with the Commission to build a more secure financial ecosystem. He highlighted the critical role of reputation in business growth, cautioning that a single compromised transaction could undermine years of progress.

According to him, safeguarding credibility should remain a top priority, as reputational damage can be difficult to reverse.

Olukoyede further encouraged stakeholders in the financial sector to operate in synergy to reinforce regulations and combat threats to the economy, including insecurity. He specifically warned fintech firms to tighten their systems against terrorism financing by strictly adhering to existing rules on reporting suspicious transactions.

He pointed out that digital payment channels, including point-of-sale systems, are sometimes exploited for ransom payments, underscoring the urgency of improving Know Your Customer (KYC) processes and adopting stronger safeguards.

The meeting also featured discussions on a range of operational and regulatory issues, with a focus on improving oversight, enhancing compliance, and preventing fraudulent activities within the fintech space.

The statement was issued by Dele Oyewale, Head of Media and Publicity, EFCC, on April 30, 2026.